Admission of New Partner- Test 4

In case memorandum Revaluation account is opened, the assets and liabilities appear in the new balance sheet at their revised values.

It is often desired to revalue the assets and liabilities at the time of admission of a partner.

All accumulated profits and losses are to be transferred to Revaluation account at the time of admission of a partner.

If the incoming partner is to bring his share of goodwill in cash the same is taken away by the old partners n their new profit sharing ratios

When memorandum revaluation account is prepared then all the assets and liabilities except cash appear in the balance-sheet at their old values.

Revaluation account and realisation accounts are same.

The loan from the spouse of a partner is treated like a loan from the partner himself herself.

On admission of a partner, the profit in the P & L adjustment A/c distributed among the old partners.

Goodwill brought in by a new partner is shared by the old partners in profit sharing ratio.

ON admission of a partner, reserve fund is credited to old partner’s Capital/current accounts in their capital proportion.

Employee of the firm can be admitted in the partnership firm.

Reserves are always transferred on admission of a partners.

X and Y are partners sharing profits in the ratio of 3:2. A is admitted as a partner entitled to 1/3 share of the profit. Tick the new profit-sharing of X, Y and A.

A and B share profits in the ratio of 1 : 4, Z is admitted as new partner entitled to 2/3 of the profits. The new profits sharing ratio will

A and B are partners sharing profits in the ratio of 4 : 3. C joins as a partner, the new ration among A, B and C being 7 : 4 : 3. What is the sacrificing ratio between A and B ?

A and B are equal partners in a firm. They admitted C on the following conditions :

C should bring Rs. 10,000 as capital and Rs. 5,000 as goodwill. In future A, B and C should share profits and losses in the ratio of 2 : 1 : 2. A and B will share the good will in the ratio of

A and B are partners in a firm sharing profits in the ratio of 3 : 2. They admit C as a new partner for 1/3 share in the profits of the firm. The new profit-sharing ratio of A, B and C is

A and B  were equal partners in the firm. They admitted C on the terms that he will bring Rs. 10,000 as capital and Rs.5,000 as goodwill. New profit sharing ratio between A, B and C will be 2 : 1 : 2. A and B will share the goodwill in the ratio of

X and Y are partners in the ratio of 2 : 1, Z join the firm for 1/4 share. The sacrifice ratio will be

A and B were sharing profits in the ratio of 1 : 2. On admission of C as new partner, the new profit sharing ratio of A and B are 1/3 and 1/4 respectively. Profit sharing ratio of C will be

A and B are partners in a firm sharing profits and losses in the ratio of 2 : 3 C a new partner is admitted for 1/4 shares. A and B old partners share C profit into their profit sharing ratio. The new profit sharing ratio of A, B and C would be

A and B are partners sharing profits and losses in proportion 2 : 1. They admits new partner C whom they give 1/5th share in profits. The new profit sharing ratio will be

X and Y are partners sharing profit in the ratio of 1 : 1. They admit Z for 1/5th share who contributed Rs.25,000 for his share of goodwill. The total value of the goodwill of the firm will be

A, B and C are three partners sharing profits and losses in the ratio of 4 : 3 : 2. D is admitted for 1/10 share. The new ratio will be

A and B are partners sharing profits and losses in the ratio of 3 : 1. They have agreed to admit C into the partnership firm. C is given 1/4th share of future profit which he acquires in the ratio of 2 : 1 from A and B. The new profit sharing ratio would be

A and B are partners sharing profits and losses in the ratio of 2 : 5. They admit C on the condition that he will bring goodwill in cash which is distributed between A and B. C’s share in future profits or losses is to be one-fourth. The new profit sharing ratio of A, B and C will be

A and B are sharing profits and losses in the ratio of 4 : 3. C is admitted into the  firm with 1/4 share in profits. The new profit sharing ratio of the partners between A, B and C is 3 : 3 : 2. The adjusted capitals of A and B will be in the ratio of ________ (4:3 / 3:3).

X and Y shared profits in the ratio of 7 : 3. Z was admitted as a partner. X surrendered 1/7th of his share and Y 1/3rd of his share in favour of Z. The new ratio of X, Y and Z will be

A, B and C are partners and decide to share profits and losses in the ratio of their capitals. The Capital on 1st Jan.2006 are Rs.10,000, Rs.15,000 and Rs.17,000 for A, B and C respectively. The current account balances on that date are Rs.2,000 (Cr., Rs.3,000) (Cr.) and Rs. 1,000 (Cr.) for A, B and C respectively. The profit sharing ratio for A, B and C will be

A and B are partners in a firm, sharing profits in the ratio 3 : 2 they admit X as partner of 1/3 share in the profits of the firm. The new profit sharing ratio of A, B and X is