Partnership

Admission

Medium

common

Priya, Rama and Sona are partners in a firm sharing profits and losses equally. They decided to share the profits 3:3:2 w.e.f. April 1, 2025. Calculate gain or sacrifice of partners.

Priya : Rama : Sona = 1/24 (gain) : 1/24 (gain) : 2/24 (sacrifice)

Priya : Rama : Sona = 1/24 (sacrifice) : 1/24 (sacrifice) : 2/24 (gain)

Priya : Rama : Sona = 2/24 (sacrifice) : 1/24(gain) : 1/24(gain)

Priya : Rama : Sona = 1/24 (gain) : 2/24 (sacrifice) : 1/24(gain)

✅ Correct Option: 1

Sacrifice equals old share minus new share. Priya: $1/3 - 3/8 = -1/24$ , a gain. Rama: same, gain of $1/24$ . Sona: $1/3 - 2/8 = 2/24$ , a sacrifice. Total gain equals total sacrifice.

2026: 24 May Shift 1

Match List-I with List-II

List-I	List-II
(A) Amalgamation of partnership firms	(I) Meaning of Goodwill
(B) Nature of Business	(II) Treatment of goodwill
(C) The present value of a firm's anticipated excess earnings	(III) Factor affecting goodwill
(D) When the new Partner brings goodwill in cash	(IV) Need for valuation of goodwill

Choose the correct answer from the options given below:

2025: 22 May Shift 2

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

2026: 11 May Shift 1

Anu and Shipra are partners in a firm sharing profits in the ratio of 3:2. They admit Kriti as a new partner. Anu sacrificed 1/4 of her share and Shipra 1/3 of her share in favour of Kriti. Calculate the new profit sharing ratio of Anu, Shipra and Kriti.

2026: 13 May Shift 1

Anil and Bharat are partners in a firm with capitals of Rs. 18,00,000 and Rs. 12,00,000 respectively. Normal rate of return is 15% and goodwill calculated at 2 years' purchase of super profits is valued at Rs. 6,00,000. The average profits of the firm would be:

2026: 19 May Shift 1

A and B are partners. The net assets of the firm, including fictitious assets of Rs. 5,000, are Rs. 105,000. The total external liabilities of the firm are Rs. 20,000. The normal rate of return is 10% and the average profit of the firm is Rs. 12,000. The value of goodwill as per capitalization of super profit method will be :

2025: 15 May Shift 2

In line with what is prescribed by the Accounting Standard, goodwill appearing in the balance sheet is written off at the time of

Priya, Rama and Sona are partners in a firm sharing profits and losses equally. They decided to share the profits 3:3:2 w.e.f. April 1, 2025. Calculate gain or sacrifice of partners.

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