CUET Accountancy: PartnershipAdmission. Free, no login required.

When a new partner brings his share of goodwill in cash, the amount is credited to:

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

R and S are partners in a firm sharing profits in the ratio of 5:3. They admitted B as a new partner for 1/7th share in the profit. The new profit sharing ratio will be 4:2:1. The sacrificing ratio of R and S is:

X, Y and Z are partners in a firm. If M is admitted as a new partner, what would be its implication?

L and M are partners sharing profits in the ratio 3:2. N is admitted as a partner for 1/5th of the share which is acquired from L. Goodwill of the firm is valued at Rs. 40,000 on N's admission. N will have to pay for Goodwill:

A and N are partners, sharing profits in the ratio 2:1. A's son Ashu was admitted as a partner for 1/4th share, half of which was gifted by A to her son. The remaining was contributed by N. The goodwill of the Firm is valued at 40,000. How much amount will be credited to the old partner's capital account for goodwill?

On the date of admission of a partner there was a balance of ₹ 45,000 in the account of machinery. It was found undervalued by 10%. The value of machinery will appear in the new Balance Sheet at:

If there is no claim against Workmen Compensation Reserve, it is __________ at the time of admission of a partner.

Kavita and Lalita are partners, sharing profits in the ratio of 2:1. They decide to admit Mohan for 1/4th share in profits with a guaranteed amount of ₹ 25,000. Both Kavita and Lalita undertake to meet the liability arising due to the guaranteed amount to Mohan in their respective profit sharing ratio. The firm earned profits of ₹ 76,000 for the year 2022-23. The deficiency borne by Kavita is:

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. Calculate the new profit sharing ratio of Anshu, Nitu and Jyoti.

Vikas and Rahul are partners who shared profits in the ratio of 2:3. They admitted Sunil as a partner for $\frac{3}{7}$ th share in future profits who brings Rs.37,500 as his share of Goodwill. Half of which is withdrawn by sacrificing partners. Record Journal entry for Goodwill withdrawn by Partners.

A and B are partners sharing profits in the ratio of 2:1. C is admitted for the 1/4th share of profits, who brings Rs.20,000 as capital. After all adjustments related to goodwill, revaluation of assets and reassessment of liabilities etc, Capital of A and B are Rs.45,000 and Rs.15,000 respectively. It is agreed that partners capitals should be according to the new profit sharing ratio.

Determine the new capital of B.

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:

If at the time of admission, some positive balance of Profit and Loss A/C appears in the books, it will be transferred to:

A, B and C are partners sharing profits in the ratio of 3:2:1. D is admitted into firm for $\frac{1}{4}$ th share of profit, which he gets $\frac{1}{8}$ from A and $\frac{1}{8}$ from B. Calculate new profit sharing ratio of all the partners.

Profits made on Revaluation of Assets and Reassessment of Liabilities is distributed among whom?

Calculate the Normal Rate of Return if normal profit is Rs.30,000, Assets Rs.5,30,000 and liabilities Rs.30,000, while calculating the value of goodwill of the firm at the time of admission of a partner.

A newly admitted partner has the right to -

Hidden Goodwill is :

At the time of admission, credit balance of Profit and Loss account appearing in books will be transferred to :

Match List - I with List - II.

Choose the correct answer from the options given below :

Match List - I with List - II.

Choose the correct answer from the options given below :

Read the following facts about admission of a partner.

A. A new partner acquires his share from the old partners that reduces the old partners share in profits.

B. The partner's capital must be adjusted so as to be proportionate to their new profit sharing ratio.

C. Assets and Liabilities may be revalued and reassessed on admission of a partner.

D. Adjustment for Reserves and Accumulated profits/loss is done.

E. Profit sharing ratio of existing partners may change on admission of a new partner.

Choose the correct answer from the options given below:

Identify the correct sequence where new partner is to bring proportionate capital.

A. Calculation of Capital Balance of old partners

B. Preparation of Revaluation A/c

C. Determination of Revaluation gain/loss

D. Presentation of Treatment of Goodwill

E. Calculation of Capital to be brought in by the new partner

Choose the correct answer from the options given below:

Match List I with List II

Choose the correct answer from the options given below:

While calculating Goodwill under super profit method, the sequence followed is :

(A) Calculation of Super profit

(B) Calculation of Capital Employed

(C) Calculation of Normal profit

(D) Calculation of Average profit

(E) Calculation of Goodwill

Choose the correct answer from the options given below :

If Average Capital Employed in a firm is Rs. 9,00,000 ; Average Profits Rs. 2,80,000 and Normal rate of return is 20%, then value of goodwill as per capitalisation of super profits is :