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Arrange the sequence of following important adjustments which require attention at the time of admission of a new partner.

(A) Valuation and adjustment of goodwill

(B) Balance sheet of Reconstituted firm

(C) Adjustment of partners' capital

(D) New profit sharing ratio and Sacrificing ratio

Choose the correct answer from the options given below:

The General Reserve of Rs. 90,000 is appearing in balance sheet at the time of the change in profit sharing ratio among existing partners. The General Reserve would be transferred among:

Dinesh, Ramesh and Suresh are partners in a firm sharing profits and losses in the ratio of 3:3:2. They decided to share the profits equally w.e.f. April 1, 2025. On that date, sundry debtors of Rs. 60,000 and stock of Rs. 1,20,000 appeared in the balance sheet. A provision of 5% on sundry debtors be made for doubtful debts. The value of stock be reduced to Rs. 1,12,000. The gain or loss on revaluation would be:

A newly admitted partner acquires two main rights in the firm. Which of the following right is included in them?

Match List-I with List-II

Choose the correct answer from the options given below:

Kapil, Rahul and Virat are partners in a firm sharing profits in the ratio of 3:2:1. They decide to share future profits equally w.e.f April 1, 2025. Calculate the gaining/sacrificing share of partners.

The ratio in which the old partners agree to sacrifice their share of profit in favour of the incoming partner is called sacrificing ratio. Identify the correct statements regarding sacrificing ratio.

(A) Sacrifice by a Partner = New Share of Profit – Old Share of Profit

(B) This ratio is calculated for all the partners i.e. old and incoming

(C) The ratio is normally clearly given as agreed among the partners, which could be the old ratio, equal sacrifice, or a specified ratio

(D) Sacrifice by a Partner = Old Share of Profit – New Share of Profit

Choose the correct answer from the options given below:

Match List-I with List-II

Choose the correct answer from the options given below:

At the time of reconstitution of a partnership firm, investment worth Rs. 1,500 (not mentioned in the balance sheet) is to be taken into account. The journal entry for this would be:

Anil and Uday are partners sharing profits equally. Arvind is admitted as a new partner. He brings Rs. 1,00,000 only out of his share of goodwill of Rs. 1,50,000. In this situation the journal entries will be:

Rajni and Ravi are partners in a firm sharing profits in the ratio of 4:1. On April 15, 2025 they admit Meera as a new partner. On that date, there was a balance of Rs. 20,000 in the General Reserve and a credit balance of Rs. 30,000 in the Profit And Loss Account of the Firm. Necessary Journal Entry for this would be:

At the time of admission of a new partner, if Profit and Loss Account debit balance exist in the books, then which of the following entry will be done in order to distribute it?

Harish and Munish are partners in a firm sharing profits and losses in the ratio of 3:2. Rakesh is admitted into partnership for 1/3 share in profits. He brings in Rs. 50,000 as capital, but not in a position to bring any amount for his share of goodwill which has been valued at Rs. 15,000. Give necessary journal entry for recording goodwill, when there is no goodwill appearing in the books of the firm.

X and Y are partners in a firm sharing profits in the ratio of 3:2. They admitted Z as a new partner for 1/4 share. The new profit sharing ratio between X and Y will be 2:1. Calculate their sacrificing ratio.

According to the Partnership Act 1932, a new partner can be admitted into the firm only with the consent of .............., unless otherwise agreed upon.

If nothing is specified as to how does the new partner acquire his share from the old partners; it may be assumed that he gets it from them:

Aman and Naman are partners. They admitted Jyoti as a new partner for 3/10 share which she acquired 2/10 from Aman and 1/10 from Naman. The new profit sharing ratio of Aman, Naman and Jyoti is 4:3:3. Find the old ratio between Aman and Naman.

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 :

In case of admission of a partner, if a new partner is unable to bring the goodwill amount, then his/her goodwill premium will be taken from _________.

Which of the following is not a factor affecting goodwill value of the firm ?

P, Q and S are partners in a firm sharing profit and losses in the ratio of 3:2:1. They agreed to admit R as a partner with 1/6th share in profits of the firm. The following Journal entries were passed on his admission. Arrange them in sequence

(A)

(B)

(C)

(D)

Find the correct sequence :

Hema and Nema are partners in a firm sharing profits in the ratio of 3:2. Their capitals were Rs. 80,000 and Rs. 50,000 respectively. They admitted Sama on Jan. 1, 2025 as a new partner for 1/4 share in the future profits. Sama brought Rs. 60,000 as his capital. Calculate the value of goodwill of the firm

Mohit and Rohan share profits and losses in the ratio of 3:1. They admit Rahul and Meena as partners with 1/4 share each in the profits with a guarantee that Rahul's share of profit shall be at least Rs. 60,000. Any deficiency in the share will be borne by Mohit and Rohan in their profit sharing ratio. The net profit of the firm for the year ending March 31, 2025 was Rs. 2,00,000. Find the share in deficiency borne by Mohit.

Which of the following is incorrect ?

In which of the following case valuation of goodwill is not required ?

Jitesh, Kamal and Lakhan are partners, sharing profits in the ratio of 3:2:1. Farhan is admitted in the firm for 1/6th share in profits. Lakhan would retain his original share. The new profit sharing ratio between Jitesh, Kamal, Lakhan and Farhan will be:

Akash and Nitesh are partner's sharing profits in the ratio of 2:1. Kamlesh was admitted for 1/4 share, of which 1/8 was gifted by Akash. The remaining was contributed by Nitesh. The goodwill of the firm is valued at Rs. 1,60,000. How much amount of premium for goodwill will be credited to Nitesh's Capital Account?

Rohit and Shobit are partners in a firm sharing profits in the ratio of 4:1. On April 15, 2025 they admit Nobit as a new partner. On that date, there was a balance of Rs. 80,000 in general reserve and a debit balance of Rs. 40,000 in the profit and loss account of the firm. Regarding adjustment of general reserve:

At the time of admission of new partner Vansh, old partners Shikha and Sheetal had debtors of Rs. 6,20,000 in their books. As per terms of admission, assets were revalued, and it was found that debtors worth Rs. 15,000 had turned bad and hence should be written off. Which journal entry reflects the correct accounting treatment of the above situation?

Mahesh and Ramesh share profits and losses in the ratio of 2:1. They admit Rahul as a new partner with 1/4 share in profits with a guarantee that his share of profit shall be at least Rs. 25,000. The net profit of the firm for the year ending March 31, 2025 was Rs. 80,000. What amount will be borne by Mahesh for the deficiency of Rahul's guaranteed profit?