Partnership

Admission

Medium

common

Sudip and Sudipth are partners in a firm sharing profits in the ratio 2:1. Subhodh is admitted into the firm with 1/5 share in profits. He brings in Rs. 3,60,000 as capital and capitals of Sudip and Sudipth are to be adjusted in the profit sharing ratio. New capital of Sudip and Sudipth will be:

Rs. 6,00,000 and Rs. 6,00,000 respectively

Rs. 4,80,000 and Rs. 9,60,000 respectively

Rs. 9,60,000 and Rs.4,80,000 respectively

Rs.9,00,000 and Rs. 9,00,000 respectively

✅ Correct Option: 3

Subhodh's $\text{Rs.}3{,}60{,}000$ buys $\frac{1}{5}$ share, so total capital $=3{,}60{,}000\times5=\text{Rs.}18{,}00{,}000$ .

The remaining $\frac{4}{5}$ is split $2:1$ , giving Sudip $\frac{8}{15}$ and Sudipth $\frac{4}{15}$ .

Sudip $=18{,}00{,}000\times\frac{8}{15}=\text{Rs.}9{,}60{,}000$ ; Sudipth $=\text{Rs.}4{,}80{,}000$ .

2025: 27 May Shift 1

On the admission of a new partner increase in the value of assets is debited to:

2026: 11 May Shift 2

Match the LIST-I with LIST-II

LIST-I		LIST-II
A. Increase in the value of each asset will be shown	I.	it indicates net gain, which will be transferred to the capital accounts of the old partners in old ratio.
B. If the closing balance of revaluation account shows a credit balance then	II.	it indicates net loss which will be transferred to the capital accounts of the old partners in old ratio.
C. Decrease in the value of each asset will be shown	III.	on credit side of Revaluation account
D. If the closing balance of revaluation account shows a debit balance then	IV.	on debit side of Revaluation account

Choose the correct answer from the options given below:

2025: 31 May Shift 1

Anshu and Nitu are partners sharing profits in the ratio of 3:2. They admitted Jyoti as a new partner for 3/10 share which she acquired 2/10 from Anshu and 1/10 from Nitu. The new profit sharing ratio of Anshu, Nitu and Jyoti.

2025: 14 May Shift 1

Arrange the following steps for calculating Goodwill under Capitalisation of Average Profits Method in correct sequence-

(A) Ascertain the actual firm's capital (net assets) by deducting outside liabilities from the total assets.

(B) Compute the value of goodwill by deducting net assets from the capitalised value of average profits.

(D) Capitalize the average profits on the basis of the normal rate of return to ascertain the capitalised value of average profits.

Choose the correct answer from the options given below:

2023: 20 June Shift 2

Arrange the following statements in proper sequence in context of admission of partner.

A. Finalising terms for admission of new partner

B. Calculation of sacrificing/ gaining ratio

C. Finalising balance in partner's capital A/c

D. Calculation of new profit sharing ratio

E. Valuation and adjustment of goodwill

Choose the correct answer from the options given below:

2025: 3 June Shift 1

The journal entries are as under

Incoming partners' current A/c. Dr.

To Sacrificing partners capital A/c.

What statement among the following is TRUE for the above entry?

Sudip and Sudipth are partners in a firm sharing profits in the ratio 2:1. Subhodh is admitted into the firm with 1/5 share in profits. He brings in Rs. 3,60,000 as capital and capitals of Sudip and Sudipth are to be adjusted in the profit sharing ratio. New capital of Sudip and Sudipth will be:

Solution

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