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Abhishek and Balkishan are partners sharing profits in the ratio of 2:1. Chandrika is admitted into the firm for 1/4 share of profits. Chandrika brings in Rs. 20,000 in respect of her capital. The capitals of the old partners Abhishek and Balkishan, after all adjustments relating to goodwill, revaluation of assets and liabilities, etc., are Rs.45,000 and Rs.15,000 respectively. Calculate the cash to be brought in or paid off by the old partners to adjust their capitals in new ratio.

Arrange the following steps in the correct sequence after admission of a new partner:

(A) Revaluation of Assets and Liabilities

(B) Calculation of New Profit Sharing Ratio and Sacrificing Ratio

(C) Preparation of Balance Sheet

(D) Distribution of Accumulated Profits and Reserves in the capital accounts

At the time of admission, if goodwill was raised but not written off then its impact will be:

At the time of admission, the new partner brings in additional amount in the form of goodwill. For what it is used for ?

Abhay and Sumant are partners sharing profit in the ratio of 2:1. Aakriti was admitted for 1/4 share, half of which was given by Abhay and the remaining was contributed by Sumant. The goodwill of the firm is valued at Rs. 40,000. How much of the goodwill will be credited to the old partner's capital account?

Match List-I with List-II

Choose the correct answer from the options given below:

Anurag and Manish are partners in a firm sharing profits in the ratio of 3:2. Their capitals were Rs. 1,00,000 and Rs. 80,000 respectively. They admitted Priya on Jan. 1, 2025 as a new partner for 1/5 share in the future profits. Priya brought Rs. 80,000 as her capital. Calculate Priya's share of Goodwill.

In a partnership, admission of a new partner is followed by retirement within two months but revaluation did not occur at either of the event. What is the most significant risk?

Vijay and Sanjay are partners in a firm sharing profits and losses in the ratio of 3:2. They admitted Ajay into partnership with 1/4 share in profits. Ajay brings in Rs. 30,000 for capital and the requisite amount of premium in cash. The goodwill of the firm is valued at Rs. 20,000. The new profit sharing ratio is 2:1:1. Give necessary journal entry for the adjustment of goodwill.

If, at the time of admission of a partner, any reserve and accumulated profits or losses exist in books of the firm, these should be transferred to:

Amit and Beena are partners in a firm sharing profits in the ratio of 3:2. They admit Chitra as a new partner. Amit sacrificed 1/4 of his share and Beena 1/3 of her share in favour of Chitra. The new profit sharing ratio of Amit, Beena and Chitra will be:

A partner is admitted and the following steps are to be followed while calculating his share of goodwill. Arrange them in a sequence.

(A) Calculate new partner's share of goodwill

(B) Calculate total capital of the newly constituted firm

(C) Calculate actual capital of all the partners

(D) Calculate goodwill of the firm

At the time of admission of new partner Vasu, old partners Paresh and Prabhat had debtors of Rs. 6,20,000 and a provision for doubtful debts of Rs. 20,000 in their books. As per terms of admission, assets were revalued, and it was found that debtors worh Rs. 15,000 had turned bad and hence should be written off. Which journal entry reflects the correct accounting treatment of the above situation?

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

Shubham and Gill are partners in a firm sharing profits in the ratio of 5:3. They admit Hardik as a new partner for 1/7 share in the profit. The new profit sharing ratio will be 4:2:1. What will be the sacrificing ratio of Shubham and Gill?

At the time of admission of a new partner, goodwill is adjusted because:

Ambar, Bimla and Tara are partners in a firm sharing profits in the ratio of 3:2:1. Adnan is admitted into the firm for 1/4 share in profits, which he gets as 1/8 from Ambar and 1/8 from Bimla. The total capital of the firm is agreed upon as Rs. 1,20,000 and Adnan is to bring in cash equivalent to 1/4 of this amount as his capital. The capitals of other partners are also to be adjusted in the ratio of their respective shares in profits. The capitals of Ambar, Bimla and Tara after all adjustments are Rs. 40,000, Rs. 35,000 and Rs. 30,000 respectively. Calculate the cash brought in or paid to each partner.

Choose the correct answer from the options given below:

Navya and Nitya are partners sharing profits in the ratio 3 : 2, with capitals of ₹1,00,000 and ₹50,000 respectively. Hardik is admitted for a 1/5 share in profits, and is to bring in capital proportionate to his share, based on the combined capital of the firm after his admission. The amount Hardik will contribute as capital is:

The books of a business showed that the firm's capital employed on December 31, 2025 was Rs. 7,00,000 and the profits for the last five years were: 2021-Rs. 80,000; 2022-Rs. 85,000; 2023-Rs. 75,000; 2024- Rs. 80,000; 2025-Rs. 75,000. What will be the value of goodwill based on 3 years' purchase of the super profits of the business, given that the normal rate of return is 10%?

At the time of admission of a new partner, general reserve appearing in the old balance sheet is transferred to:

The term Number of Years' Purchase means:

Arrange the steps in order to find out the value of goodwill based on Super Profit Method.

A. Calculate the super profit by deducting normal profit from the average profits

B. Calculate the normal profit on the firm's capital on the basis of the normal rate of return

C. Calculate the average profit

D. Calculate goodwill by multiplying the super profits by the given number of years' purchase

Choose the correct sequence from the options given below:

Ram and Sita are partners in a firm sharing profits in the ratio of 4:1. On April 15, 2025 they admit Naarad as a new partner. On that date, there was a balance of Rs. 25,000 in general reserve and a debit balance of Rs. 10,000 in the profit and loss account of the firm. The journal entry regarding the adjustment of a profit or loss will be:

Ajay, Bijoy and Payal are partners in a firm sharing profits in the ratio of 3:2:1. Sunil is admitted into the firm for 1/4 share in profits, which he gets as 1/8 from Ajay and 1/8 from Bijoy. The total capital of the firm is agreed upon as Rs. 1,20,000 and Sunil is to bring in cash equivalent to 1/4 of this amount as his capital. The new profit sharing ratio of Ajay, Bijoy, Payal and Sunil will be:

In case of admission of a new partner, Match List-I with List-II.

Choose the correct answer from the options given below:

Arrange the following steps in the correct accounting sequence when hidden goodwill is adjusted through capital accounts:

A. Calculate the actual total capital of all the partners including the new partner.

B. Calculate the firm's total capital on the basis of new partners share

C. Determine the difference between the two capitals.

D. Determine new profit sharing ratio

Choose the correct answer from the options given below:

Navya and Nitya are partners sharing profits in the ratio of 3:2 with capitals of Rs. 1,00,000 and Rs. 50,000 respectively. Hardik is admitted for 1/5 share in profits. The amount that Hardik will contribute as capital is ________

In admission of a partner, arrange the following in a sequence for adjustment of capital:

A. Calculate required capitals of old partners

B. Calculate firm's new capital

C. Calculate new profit sharing ratio

D. Find out the cash to be brought in or withdrawn by old partners after all adjustments

Choose the correct answer from the options given below:

A, B and T are partners in a firm sharing profits in the ratio of 3:2:1. Z is admitted into the firm for 1/4 share in profits, which he gets as, 1/8 from A and 1/8 from B. The total capital of the firm is agreed upon as Rs. 1,20,000 and Z is to bring in cash equivalent to 1/4 of this amount as his capital. The capitals of other partners are also to be adjusted in the ratio of their respective shares in profits. The capitals of A, B and T after all adjustments, are Rs. 40,000, Rs. 35,000 and Rs. 30,000 respectively. Calculate the cash brought in or paid to each partner.

Dhoni and Kohli share profits in the ratio of 3:2. Gill was admitted as a partner for 1/5 share. New profit sharing ratio, if Gill acquires 3/20 from Dhoni and 1/20 from Kohli, would be: