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12th Standard English Medium Accountancy Subject Admission of a Partner Creative 5 Mark Questions with Solution Part - I

12th Standard English Medium Accountancy Subject Admission of a Partner Creative 5 Mark Questions with Solution Part - I

12th Standard

    Reg.No. :
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Accountancy

Time : 00:30:00 Hrs
Total Marks : 25
    5 x 5 = 25

  1. Sheela and Neela were sharing profits in the ratio of 4:3. Kamala was admitted with 1/5th share in profits of business. Calculated the New profit Ratio and the sacrificing ratio.

  2. Eswari and Ranikumari are partners sharing profits and losses in the ratio of 7:5. They agree to admit Chitra into partnership. Eswari surrenders \(\frac{1}{7}\) th of her share and Ranikumari \(\frac{1}{5}\) th of her share in the favour of Chitrao Calculate the New profit ratio and the sacrificing ratio.

  3. Kavitha and Radha are partners of a firm sharing profits and losses in the ratio of 4:3. They admit Deepa on 1.1.2019. On that date, their balance sheet showed debit balance of profit and loss account being accumulate loss
    Rs. 1,40,000 on the asset side of the balance sheet. Give the journal entry to transfer the accumulated loss on admission.

  4. Ragu and Sam are partners in a firm sharing profits and losses in the ratio of 3:2. Their balance sheet as on 31st March, 2017 is as follows:

    Liabilities Rs. Rs. Assets Rs. Rs.
    Capital Account:     Machinery   30,000
    Ragu 40,000   Furniture   10,000
    Sam 30,000 70,000 Stock   10,000
    Sundry creditors   30,000 Debtors 21,000  
          Less: Provision for
    doubtful debts    		 1,000 20,000
          Bank   30,000
        1,00,000     1,00,000

    Prakash is admitted on 1.4.2017 subject is the following conditions:
    (a) He has to bring a capital of Rs. 24,000
    (b) Machinery is valued at Rs.4,000
    (c) Furniture to be depreciated by Rs.3,000
    (d) Provision for doubtful debts should be increased to Rs. 3,000
    (e) Unrecorded trade receivables of Rs.1,000 would be brought into books now.
    Pass necessary journal entries and prepare revaluation account and capital account of partners after admission.

  5. Lakshmi and Saraswathi are partners of a firm sharing profits and losses in proportion to capital. Trial Balance sheet as on 31st March 2019 is as under

    Liabilities Rs. Rs. Assets Rs. Rs.
    Sundry creditors   60,000 Bank   12,000
    Bills payable   40,000 Sundry debtors A/c   40,000
    Capital Accounts:     Stock   40,000
    Lakshmi 60,000   Plant   90,000
    Saraswathi 40,000 1,000,000 Furniture   18,000
        2,00,000     2,00,000

    They decided to admit Sulochana into the partnership with effect from 1st April, 2005 on the following terms.
    (a) Sulochana shall bring in a capital Rs. 50,000 for \(\frac{1}{5}\)th share of profits.
    (b) Goodwill is to be valued at Rs. 40,000.
    (c) Plant and furniture was to be depreciated by 5%
    (d) Provision for doubtful debts be created at 1\(\frac{1}{2}\%\) on sundry debtors.
    Show revaluation account, capital accounts, bank account and Balance sheet of the reconstituted partnership.

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