Practice Test


1) A and B are partners sharing profit and losses in the ratio 5:3 .they admitted C and agreed to give him 3/10th of the profit . What is the new ratio after C's admission


2) A and B are partners sharing profit and losses in the ratio 5:3 .they admitted C and agreed to give him 3/10th of the profit .if C acquires 1/5th share from A 1/10th from B ,new profit sharing ratio will be


3) A and B are partners sharing profit and losses in the ratio 3:2 .they admitted C and agreed to give him 1/4 the of the profit .C contributes Rs.15,000 as his capital Find the required capital of A and B if capital should be in the profit sharing ratio taking C's as base capital


4) A , B and C are partners sharing profit and losses in the ratio 6: 3:3 .they admitted D and agreed to give him 1/8 the of the profit .what is the new ratio


5) A and B are partners sharing profit and losses in the ratio 5:3 .they admitted C and agreed to give him 1/5 the of the profit .C contributes Rs.1,20,000 as his capital, and Rs.60,000 as goodwill. Find the required capital of A and B if capital should be in the profit sharing ratio taking C's as base capital


6) A and B are partners sharing profit and losses in the ratio 3:2 ( A's capital is Rs.30,000 & B's capital is Rs.15,000) They admitted H and agreed to give him 1/5 the of the profit .How much H should bring in towards his capital


7) O and P are partners sharing profit and losses in the ratio 3:2 .they admitted U as a new partner .U contributes Rs.25,000 as his capital, and Rs.10,000 as goodwill. New profit is 1:1:1. In what ratio will this amount will be shared among the old persons O & P


8) A and B are partners sharing profit and losses in the ratio 3:2 .they admitted C as a new partner .C contributes Rs.25,000 as his capital, and Rs.10,000 as goodwill. New profit is 1:1:1. C is able to bring Rs.30,000 only .How this will be treated in the books of the firm


9) A and B are partners sharing profit and losses in the ratio 3:2 .they admitted C as a new partner .C contributes Rs.25,000 as his capital, and Rs.10,000 as goodwill. New profit is 1:1:1. C is able to bring only his share .How this will be treated in the books of the firm


10) A and B are partners sharing profit and losses in the ratio 3:2 .they admitted C as a new partner .C contributes Rs.25,000 as his capital, and Rs.10,000 as goodwill. New profit is 1:1:1. C is able to bring only his share to compensate to A &B outside the firm. How this will be treated in the books of the firm


11) Profit or loss on revaluation is shared among the partner in the ratio


12) A and B are partners sharing profit and losses in the ratio 5:3 .They admitted C as a new partner .C would pay Rs.50,000 as his capital, and Rs.16,000 as goodwill. for 1/5th share of profit. Machinery would be appreciated by 10% (book value Rs.80,000) & building would be depreciated by 20% (Rs.2,00,000).unrecorded debtors of Rs.1,250 would be bought into the books now & a creditors amounting to Rs.2,750 died and need not pay anything to its estate .find the distribution of profit & loss on revaluation between A,B & C


13) A and B are partners sharing profit and losses in the ratio 5:3 , A's capital is Rs.50,000 & B's capital is Rs.30,000 ;Reserve fund Rs.15,000.They admitted C as a new partner .C contributes Rs.25,000 to the firm for 1/6 the share in the partnership from the existing partners A & B in the ratio of 3:2 for Rs.25,000,find closing capital of C


14) J and K are partners sharing profit and losses in the ratio 5:3 , J's capital is Rs.2,50,000 & K's capital is Rs.2,00,000 ;.They admitted O as a new partner .O contributes Rs.50,000 as his capital, and Rs.16,000 as goodwill for 1/5 the share in the profit , find the balance of capital account after admission of O


15) S & D share profit and losses equally. They admit C as an equal partner & assets were revalued as follows :Goodwill at Rs.30,000 (book value NIL). Stock at Rs.20,000 (book value Rs.12,000);machinery at Rs.60,000 (book value Rs.55,000) .C is to bring in Rs.20,000 as his capital & the necessary cash towards his shares of goodwill. Goodwill account will not remain in the books .Find the profit /loss on revaluation to be shared among S,D & C


16) W & G share profit and losses equally. They admit T as an equal partner & revalued :Goodwill at Rs.30,000 (book value NIL) .T is to bring in Rs.20,000 as his capital & the necessary cash towards his shares of goodwill. Goodwill account will not remain in the books .if profit on revaluation is Rs.13,000 . Find closing balance capital account


17) P & Q are partners sharing profit in the ratio of 2:1.R is admitted to the partnership w.e.f 1st April on the terms that he will bring in Rs.20,000 as his capital & for 1/4th shares he pays Rs.9,000 for goodwill ,half of which is to be withdrawn by P &Q .How much cash P&Q withdraw from the firm (if any).


18) P & Q are partners sharing profit in the ratio of 2:1.R is admitted to the partnership w.e.f 1st April on the terms that he will bring in Rs.20,000 as his capital & for 1/4th shares he pays Rs.9,000 for goodwill ,half of which is to be withdrawn by P &Q .profit on revaluation is Rs.6,000 & opening capital of P is Rs.40,000 & of Q is Rs.30,000.Find the closing balance of each capital


19) Which of the following asset is compulsory to revalue at the time of admission of the new partner


20) A person may be admitted as a partner with the consent of


21) A person may be admitted as a new partner


22) An incoming partner is liable for all the acts of the firm done


23) Which of the following is true ?


24) unless agreed otherwise ,it is presumed that


25) unless agreed otherwise ,it is presumed that


26) Goodwill brought in by incoming partner in cash for joining in a partnership firm is taken away by three old partners in their


27) profit & loss an revaluation of assets /liabilities is shared by the old partners in their


28) Accumulated profit & loss & Reserve are shared by the old partners in their


29) In case of revaluation account is prepared ,the asset & liabilities appear in the books of reconstituted firm at their


30) In case of revaluation account is not prepared, the asset & liabilities appear in the books of reconstituted firm at their


31) Revaluation account is debited


32) Partners capital account is debited


33) A and B are partners sharing profit and losses in the ratio 3:2 .they admitted C and agreed to give him 1/8th of the profit ..The new profit sharing ratio between A & B is 4:3 .The new profit sharing ratio & sacrificing ratio will be


34) A and B are partners sharing profit and losses in the ratio 3:2 .they admitted C and agreed to give him 1/4th of the profit .A & B share the profits equally ,new profit sharing ratio will be


35) A and B are partners sharing profit and losses in the ratio 3:2 .they admitted C who takes C who takes 2/7th from A & 1/7th from B .The new profit sharing ratio


36) A and B are partners sharing profit and losses in the ratio 5:3 .they admit C & the new profit sharing ratio is agreed at 4:2:1.The sacrificing ratio will be


37) A and B are partners sharing profit and losses in the ratio 3:2 .they admitted C and agreed to give him 1/5th share of the profit .A & B share the profits equally ,new profit sharing ratio will be


38) A and B are partners sharing profit and losses in the ratio 2:1.they admit C & decided to share the future profits in the ratio of 2:2:1.The gain or sacrificing ratio will be


39) A & B are partners sharing profits in the ratio of 2:1 .they admit C into partnership giving him 1/5 share in the profit which he acquired A & B in the ratio of 1:2 .the new profit sharing ratio will be


40) A , B & C are partners sharing profits in the ratio of 4:3:2 .D is admitted. Tthe new profit sharing ratio of A ,B ,C D will be 3:2:2:2 respectively .the sacrificing ratio will be


41) A & C are partners sharing profits in the ratio of 4:1.D is admitted for 1/4 share in profit. Which he acquires wholly from A .the new ratio will be


42) A ,B & C are partners sharing profits in the ratio of 3:2:1 .D is admitted .the new profit sharing ratio of A ,B ,C, D will be 3:3:2:2 respectively .the sacrificing ratio will be


43) A & B are partners sharing profits in the ratio of 7:3.A surrendered 1/7th of his share & B surrendered 1/3rd of his estate in favour of C , a new partner .the new profit sharing ratio & sacrificing ratio will be


44) A & B share profit in the ratio of 3:2 , C is admitted A & B will in future get 2/6th & 3/6th share of profits .the share of c will be


45) Goodwill bought in by incoming partner in cash for joining in a partnership firm is taken away by the old partner in


46) A and B are partners sharing profit and losses in the ratio 5:3 .they admitted C as a new partner .C contributes Rs.1,40,000 as his capital, and Rs.96,000 as goodwill. New profit sharing ratio between A ,B & C is 7:5:4. find the sacrificing ratio as A :B


47) A and B are partners sharing profit and losses in the ratio 5:3 .they admitted C as a new partner. The New profit sharing ratio between A ,B & C is 25:15:9. the sacrificing ratio of A :B will be


48) A and B are partners sharing profit and losses in the ratio 1:2 . They admitted C and agreed to give him 1/5th share of the profit .A & B share the profits equally ,new profit sharing ratio will be


49) A , B & C are partners sharing profits in the ratio of 3:2:1 .D is admitted for 1/6th share in the profits .C would retain his original shares.the new ratio will be


50) P & T are partners sharing profit in the ratio of 2:1.R is admitted to the partnership w.e.f 1st April on the terms that he will bring in Rs.40,000 as his capital & for 1/4th shares he pays Rs.18,000 for goodwill ,half of which is to be withdrawn by P & Q withdrew from the firm


51) A and B are partners sharing profit and losses in the ratio 3:2 .they admitted C as a new partner .C contributes Rs.50,000 as his capital, and Rs.20,000 as goodwill. New profit is 1:1:1. C bought cash of capital & agreed to compensate A & B outside the firm .How this will be treated in the books of the firm.


52) A and B are partners sharing profit and losses in the ratio 3:2 .they admitted C as a new partner .C contributes Rs.50,000 as his capital, and Rs.20,000 as goodwill. New profit is 1:1:1. in what ratio will this amount be shared .by the old partners A & B


53) A and B are partners with their capital Rs.30,000 & Rs.20,000 respectively. they admitted C for 1/6th profit of the firm.The amount of C's share in the capital of the firm if he asked to bring in capital in proportion to his profit sharing ratio will be


54) X & Y partners sharing profits in the ratio of 4:3 .they admit Z as a partner for 1/3 rd share in the profits .On the date of Z's admission ,the B / S of X & Y showed a balance Rs.4,200 in profit & loss account shown on the asset side of B/S & a general reserve of Rs.42,000 .The final effect on X's capital account will be


55) A & B share profit and losses equally. They admit C as an equal partner & assets were revalued as follows :Goodwill at Rs.60,000 (book value NIL). Stock at Rs.40,000 (book value Rs.24,000);machinery at Rs.1,20,000 (book value Rs.1,10,000) .C is to bring in Rs.40,000 as his capital & the necessary cash towards his shares of goodwill. Goodwill account will not remain in the books .Find the profit /loss on revaluation to be shared among A, B & C


56) Balance sheet prepared after the new partnership agreement ,assets and liabilities are recorded at:


57) X and Y are partners sharing profit and losses in the ratio 5:3 .They admitted C as a new partner .C would pay Rs.1,00,000 as his capital, and Rs.32,000 as goodwill. for 1/5th share of profit. Machinery would be appreciated by 10% (book value Rs.1,60,000) & building would be depreciated by 20% (Rs.4,00,000).unrecorded debtors of Rs.2,500 would be bought into the books now & a creditors amounting to Rs.5,500 died and need not pay anything to its estate .find the distribution of profit & loss on revaluation between X,Y & C


58) A & B are partners sharing profits & losses in the ratio of 3:2 (A's capital is Rs.60,000 & B 's capital is Rs.30,000).They admitted C & agreed to give 1/5th share of profits to him .how much C should bring in towards his capital ?


59) P & Q are partners sharing profit in the ratio of 5:3.R is admitted to the partnership for 1/5th share of profits,for which he paid Rs.2,40,000 against capital & Rs.1,20,000 for goodwill .the capital balance for each partner taking Z's capital as base capital will be


60) R and K are partners sharing profit and losses in the ratio 5:3 , R's capital is Rs.5,00,000 & K's capital is Rs.4,00,000 ;.They admitted O as a new partner .O contributes Rs.1,00,000 as his capital, and Rs.32,000 as goodwill for 1/5 the share in the profit , find the balance of capital account after admission of O


61) A and B are partners sharing profit and losses in the ratio 3:2 , A's capital is Rs.1,00,000 & B's capital is Rs.60,000 ;Reserve fund Rs.30,000.They admitted C as a new partner .C contributes Rs.50,000 to the firm for 1/6 the share in the partnership from the existing partners A & B in the ratio of 3:2 for Rs.25,000,find closing capital of C will be


62) New partner may be admitted to partnership -


63) When a new partner is admitted into the firm the old Partner stands to -


64) Sacrificing ratio is


65) When at the time of admission of a new partner old partners profit ratio is not changed, the sacrificing ratio is ?


66) The proportion in which old partners make a sacrifice -


67) The account which shows changes in the values of assets -


68) Credit balance on Revaluation A/c


69) General reserve at the admission of a partner is transferred to -


70) At the time of admission, General reserve is distributed among the Partners in the -


71) Depreciation fund, at the time of admission of a Partner, is transferred of -


72) All accumulated losses are transferred to the Capital A/cs of the Partners in -


73) To which account is accumulated balance of P& L A/c and General Reserve A/c is transferred at the time of admission of a partner -


74) A,B,C and D are Partners sharing their profit and losses equally. They change their profit sharing ratio to 2:2:1:1. How much will C sacrifice -


75) X and Y are sharing profit and losses in the ratio of 3 :2. Z is admitted with 1/5th share in profit of the Firm which he gets from X. Find out the New Profit sharing ratio ?


76) A and B are Partner sharing profits in the ratio of 7:3. C is admitted as a new Partner. A surrenders 1/7th of his share and B surrender 1/3rd of his share in favour of C. The new profit sharing ratio will be -


77) X and Y share profits and losses in the ratio of 4:3. They admit Z in the firm with 3/7th share which he gets 2/7th from X and 1/7th from Y. The new profit sharing ratio will be -


78) A and B are Partners, sharing profits in the ratio of 5:3 . They admit C with 1/5th share in profits which he acquires equally from both A and B.
New profit sharing ratio will be -


79) A, B and C share profits and Losses in the ratio, of 3:2:1. D is admitted with 1/6th share which he gets entirely from A. New profit Sharing ratio will be -


80) R and S are Partners sharing profits in the ratio, of 5:3. T joins the Firm. R given 1/4th of his share and S gives 1/5th of his share to the new Partner. Find out the new profit sharing ratio -


81) A ,B,C are Partners sharing profit in the ratio of 3:2:1. They agree to admit D into the Firm. A,B C agreed to give 1/3rd,1/6th,1/9th share of their profit, The share of profit of D will be :


82) X and Y are Partners sharing profits equally. Z was admitted for 1/7th share. Calculate New profit Sharing Ratio -


83) A and B are Partners sharing profits and losses in ratio of 3:2. A's Capital is Rs. 30,000. B's Capital is Rs. 15,000. They admit C and agreed to give 1/5th share of profits to him. How much C should being in towards his Capital ?


84) If X brings Rs. 20,000 as Capital for 1/4th share of profit and the partners decide to adjust their Capital in accordance with their profit sharing ratio, What should be the total Capital of the Firm ?


85) Mr. X is admitted into a Partnership Firm for 1/4th share of profits. The Total Capital of the old partners stood at Rs.45,000 after carrying adjustment of Goodwill, revaluation of Assets and liabilities and transfer of Reserves and Surplus . What amount should be brought in by new Partners as his share of Capital at the time admission ?


86) X and Y are sharing profits in the ratio of ratio 2:1, They admit Z into the Firm with 1/4th share in profits for which he brings Rs. 12,000 as his share of Capital. The adjusted Capital of Y will be -


87) Kala and Gore are Partners sharing profit and losses in the ratio of 3:2 They admit Savala into Firm giving him 1/4th share. If Savala brings in Rs.15,000 as his share of Capital the adjusted Capital of Kala should be -


88) C was admitted in a Firm with 1/4th share of the profits of the Firm. C contributes Rs.30,000 as his Capital. A and B are the old Partners with the profit sharing ratio as 3:2 . Find the required Capital of A and B , if Capital should be in profit sharing ratio taking C's Capital as base Capital ?


89) X and Y are Partners sharing profits in the ratio 5:3. They admitted Z for 1/5th profits, for which he paid Rs.6,00,000 against Capital and Rs.30,000 against Goodwill. Find the Capital balances for each partner taking Z's as base Capital.


90) A and B are in Partnership sharing profits and losses in the ratio of 3:2. The Capitals of A and B remaining after adjustment are Rs. 48,000 and 36,000 respectively. They admit 'C' as a third Partner who has to contribute sufficient Capital to acquire a 1/5th share of the total Capital of the new Firm equally from both the partners A and B. It is decided that the Capital of old partners should also be in their new profit sharing ratio. Calculate the amount of actual cash to be paid off or brought in the old Partners for this adjustment.


91) Amit and Anil are Partners of a partnership Firm sharing profits in the ratio of 5:3 with Capital of Rs.2,50,000 and Rs.2,00,000 respectively. Atul brought 50,000 as Capital and Rs.16,000 as Goodwill, for 1/5th profit. Find the balance of Capital A/c's after admission of atul.


92) The additional amount brought by amount by an incoming partner at the time of his admission is called -


93) A, B and C are equal Partners, They wanted to change the profit sharing ratio into 4:3:2. They raised the Goodwill to Rs.80,000 but want to write it off immediately. The effected accounts will be -


94) P and Q are in Partnership, Sharing profit and losses the ratio of 4:1. They admit R into the Firm and in the new Firm profit are shared equally. R pays a premium of Rs. 60,000. What is the old Partner's share in Premium


95) 'A and 'B' are Partners is business sharing of profit in the ratio of 5:3. They admit 'C' as a Partner with 1/4th share in the profits which he acquires 3/4th from 'A' and 1/4th from 'B'. He pays Rs.4,000 as his share of Goodwill. 'A' and 'B' will be credited by -


96) P and Q are Partners sharing Profits in the ratio of 2:1. R is admitted to the Partnership with effect from 1st April on the term that he will bring Rs.30,000 as his Capital for 1/4th share and pays Rs.18,000 for Goodwill, half of which is to be withdrawn by P and Q. How much cash can P and Q withdraw from the Firm (if any) ?


97) P and Q are Partners sharing profit in the ratio of 2:1. R is admitted to the partnership w.e.f 1st April on the term that he will bring Rs.30,000 as his Capital for 1/5th share and pay Rs.18,000 for Goodwill, half of which is to be withdrawn by P and Q. profit on revaluation is Rs.6,000.Opening Capital of P and Q is Rs.40,000 and Rs.30,000 respectively. Find the Closing balance.


98) Which of these Account is opened for revaluation of assets and liabilities at the time admission of a Partners into a Firm ?


99) Which of the following asset is compulsory to revalue at the time of admission of a new Partner?


100) The balance in the in the Investment Fund, after meeting the loss on revaluation of investments, at the time of admission will be transferred to -


101) A firm has unrecorded investment of Rs.50,000. Entry in the Firm's journal on admission of a Partners will be -


102) A and B Partners of a Firm sharing profits in the ratio of 3:2. C was admitted for 1/5th share of profit. Machinery would be appreciated by 10% ( Book value Rs.80,000) and Building would be depreciated by 20% (Rs.2,00,000). Unrecorded Debtors of Rs.1,250 would be brought to books. person to whom the Firm owes Rs.2750 died and the Firm needn't pay anything in respect of the aforesaid liability. What will be the profit/loss on revaluation ?


103) A, B and C are equal Partners in a Firm with Capital of Rs.16,800, Rs.12,600 respectively, Bills payable Rs.3,300, Creditors Rs.6,000, Cash Rs.600, Debtors Rs.10,800, Stock. Rs.11,400, Furniture Rs.2,400 and Building Rs.19,000. E admitted to the Firm and bring Rs.9,000 as Goodwill and Rs.15,000 as Capital.Half the Goodwill is withdrawn by old Partners, and Stock and Furniture is depreciated by 10%. A provision of 5% on Debtors is created and value of Building is Rs.27,000. Profit on revaluation will be -




104) MATCH THE PAIR :- Revaluation account is prepared at the time of:


105) __ A/c is debited when unrecorded liability is brought into business.


106) Excess of proportionate capital over actual capital represents ___.


107) The Proportion in which old partners make a sacrifice is called _______ ratio.


108) The ____ ratio is useful for making adjustment for goodwill among the old partners.


109) If any asset is taken over by partner from the firm _______ account will be debited.


110) In case of admission of a partner, the profit or loss on revaluation of assets and liabilities is shared by ____ partners.


111) _______ A/c is an account where changes in the value of the assets or liabilities on revaluation are recorded.


112) When the liabilities are reduced in value, Revaluation A/c is _____.


113) New Ratio= Balance ratio x __________.ratio


114) The Goodwill brought in by a new partner is shared by the old partners.


115) The Goodwill brought in by the new partner is shared by all partners.


116) Profit on revaluation account is distributed between the old partners on admission of a partner.


117) The new partner must pay his share of goodwill in cash only.


118) A new partner is admitted in the firm for getting additional capital and skill.


119) The Credit balance of revaluation account means loss on revaluation account.


120) When some portion of profit sharing ratio is given to new partner, the profit sharing ratio of old partners does not change.


121) Goodwill cannot be computed in terms of money.


122) New partner is entitled to get share in the general reserve of the existing partnership firm.


123) When new partner does not bring cash for goodwill, the goodwill is raised in the books of the new firm.


124) The credit balance of Revaluation A/c means profit on revaluation.


125) A new partner can be admitted with the consent of______


126) Scarifying ratio is different between________&______


127) Reserves created out of profit or balance in profit and loss account at the time of admission of a new partner must be transferred to the capital accounts of the old partners in the_______


128) To revalue assets & liabilities on a admission,retirement or death of partner______is opened.


129) Profit or loss revaluation is shared among the partners in_____ratio.


130) Sometimes,all the partners including the new partner may agree not to alter the book value of assets and liabilities even when they agree to revalue them.In order to record this______is opened.


131) The amount that the incoming partner pays for goodwill is known as_______


132) When required amount for premium for goodwill is brought in by new partner and this amount is immediately withdrawn by the old partner,then such premium for goodwill shared by old partner in________


133) When required amount for premium for goodwill is not brought in by new partner,goodwill account is raised in the books of the firm by debiting goodwill account and crediting partners capital account in______


134) When required amount for premium for goodwill is not brought in by new partner,goodwill account is raised in the books of the firm by debiting goodwill account and crediting partners capital account in old profit sharing ratio and written off in________if it is agreed not show goodwill in the books of the firm OR ALTERNATIVELY premium for goodwill should be adjusted through partners capital accounts partner's capital by debiting new partners share of goodwill to his account and crediting old partners capital account in_____


135) Sometimes the value of goodwill has to be inferred from the agreement of capital and profit sharing ratio among the partners,is known as_______


136) Guaranteed profit is generally given to____________


137) When a partner is given guarantee by the other partner,loss on such guarantee will be borne by_______


138) If a partner on his admission pays to the other partner an amount for goodwill(also known as premium) and it is agreed that the partnership would be for a fixed term,then,if the firm is dissolved before the expiry of such a term,the partner will be entitled to a refund of a ratable amount of the premium so paid.However,such a refund cannot be claimed______


139) A and B are partners sharing profits and losses in the ratio of 3:2.C is coming as a new partner for 1/3rd share.Calculate new profit sharing among A,B and C.


140) H and M are partners in a firm sharing profits and losses in the ratio of 2:5.They admit K as a new partner who will get 1/6th share in the profits of the firm.Calculate new profit sharing ratio H,M and K.


141) R and S are in partnership sharing profits and losses in the ratio of 3:2.They take T as a new partner.Calculate the new profit sharing ratio.If T purchases 1/10th share from R.


142) R and S are in partnership sharing profits and losses at the ratio of 3:2.They take T as a new partner.Calculate the new profit sharing ratio.If R & S agree to sacrifice 1/10th share to T in the ratio of 2:3.


143) R and S are in partnership sharing profits and losses in the ratio of 3:2.They take T as a new partner.Calculate the new profit sharing ratio.If T simply gets 1/10th share of profit.


144) A and B are equal partners.They admit C and D as partners with 1/5th and 1/6th share respectively.What is the sharing ratio of all partners ?


145) N and Z are partners sharing profits and losses in the ratio of 5:3. They admitted C and agreed to give him 3/10th of the profit. What is new ratio after C's admission ?


146) A and B are partners sharing profits in the ratio of 5:3,they admitted C giving him 3/10th share of profit.If C acquires 1/5 from A and 1/10 from B, new profit sharing ratio will be :


147) A,B & C are partners sharing profits and losses in the ratio of 6:3:3,they agreed to take D into partnership for 1/8th share of profits.Find the new profit sharing ratio


148) A and B are partners sharing profits and losses in the ratio of 3:2.C is coming as a new partner for 1/3rd share.Calculate scarifying ratio between A and B.


149) A and B are partners sharing profits and losses in the ratio of 5:3.C is coming as a new partner for 1/6th share.Calculate scarifying ratio between A and B.


150) X and Y are partners sharing profits and losses in the ratio of 5:3.Z is coming as a new partner.New profit sharing ratio among X,Y & Z will be 3:2:1.calculate scarifying ratio between X and Y.


151) X and Y are partners sharing profit and losses in the ratio of 11:7.Z is coming as a new partner.New profit sharing ratio among X,Y & Z will be 11:9:5.Calculate scarifying ratio between X and Y.


152) N and D are in partnership sharing profits and losses equally.They agreed to take G as a partner.New profit sharing ratio of N,D and G becomes 4:2:3.Sacrificing ratio is______


153) A and B are equal partners.They take C as a third partner for 1/3rd profit.Sacrificing ratio is______


154) A,B & c are equal partners.They decided to take D as a partner.The new profit sharing ratio is 3:3:2:2.Sacrificing ratio is_____


155) A and B are partnership sharing profit and losses in the ratio of 3.2.C is coming as a new partner who pays Rs.25,000 as premium for goodwill.The profit sharing ratio among A,B and C is equal.Premium money is retained in business which of the following journal entry is correct for sharing premium for goodwill ?


156) A and B are partners in a firm sharing profits and losses in the ratio of 3:2.C joins the for 1/3rd share,and is to pay Rs.20,000 as premium for goodwill but cannot pay anything,As between A and B,they decided to share profits and losses equally.Required journal entry________


157) A and B are partners in a firm sharing profits and losses in the ratio of 3:2.C joins the firm for 1/3rd share,and is to pay Rs.40,000 as premium for goodwill but cannot pay anything,As between A and B,they decided to share profits and losses equally.Goodwill already appearing in balance sheet is 1,00,000.Required journal entry______


158) N and Z are partners in a firm sharing profits and losses in the ratio of 3:2. S joins the for 1/3rd share, and is to pay Rs.5,000 as premium for goodwill but cannot pay anything, As between N and Z, they decided to share profits and losses equally. It was agreed that goodwill has to be adjusted through partner's capital account.Required journal entry_____


159) H and M are partners in a firm sharing profits and losses in the ratio of 3:2.Their capitals are Rs.60,000 and Rs.40,000 repectively.They admit k as new partner who will get 1/6th share in the profits of the firm.K breing in Rs.25,000 as his capital.It was agreed that goodwill has to be adjusted through partner's capital account.Required journal entry______


160) A,B & C are in partnership sharing profits and losses in the ratio of 2:2:1.They want to admit D into Partnership with 1/5share. D bring in Rs.30,000 as capital and Rs.10,000 as premium for goodwill.If premium money is retained in business which of the following journal entry is correct for sharing premium for goodwill ?


161) A & B are equal partners.They wanted to take C as a third partner and for this purpose goodwill was valued at Rs.1,20,000.The journal entry for adjustment of value of goodwill through partners capital accounts will be_______


162) A,B & C are equal partners.They decided to take D who brought in Rs.36,000 as goodwill.The new profit sharing ratio is 3:3:2:2. The journal entry for goodwill will be_______


163) A,B and C are equal partners.D is admitted to the firm for one-fourth share.D brings Rs.20,000 capital and Rs.5,000 being half of the premium for good will.The value of goodwill of the firm is_______


164) A and B are partners with capitals of Rs.14,000 and Rs.28,000 respectively and sharing profits equally.They admitted C as third partner with 1/4 profits of the firm on the payment of Rs.16,800.The amount of hidden goodwill is_______


165) X and Y share profits and losses in the ratio of 2:1.They take Z as a partner and the new profit sharing ratio becomes 3:2:1.Z breing Rs.4,500 as premium for goodwill.The full value of goodwill will be_____


166) A and B are partners sharing the profit in the ratio of 3:2.They take C as the new partner,Who is supposed to bring Rs.25,000 against capital and Rs.10,000 against goodwill.New profit sharing ratio is 1:1:1.C is able to bring Rs.30,000 only.How this will be treated in the books of the firm


167) A and B shares profit and loss equally.They admit C as an equal partner and assets were revaued as follow:Stock at Rs.20,000(book value Rs.12,000)Machinery at Rs.60,000 (book value Rs.55,000)Find the profits/loss on revaluation to be shared among A,B and C.


168) A and B shares profit and loss equally.They admit C as an equal partner and assets were revalued as follow:Stock at Rs.10,000(book value Rs.12,000)Machinery at Rs.50,000 (book value Rs.55,000) Building would be appreciated by 10% (book value Rs.15,000) find the profit/loss on revaluation to be shared among A and B.


169) A and B are partners sharing profit in the ratio of 5:3. C was admitted on the following terms. New profit sharing ratio will be 7:5:3.Machinery would be appreciated by 10%(book value Rs.1,80,000)Building would be depreciated by 6%(book value Rs.1,50,000) To create provision for bad debts 5% on debtors of Rs.40,000.Find the distribution of profit/loss on revaluation between A & B.


170) C was admitted in a firm with 1/4th share of the profits of the firm.C contributes Rs.37,500 as his capital,A and B are other partners with the profit sharing ratio as 3:2.Find the required capital of A and B, If capital should be in profit sharing ratio taking C's as base capital:


171) X and Y are partners sharing profits in the ratio 5:3 They admitted Z for 1/5th share of profits,for which he paid Rs.72,000 against capital and Rs.36,000 against goodwill,Find the capital balances for each partner taking Z's capital as base capital


172) A and B are partners sharing the profit in the ratio of 3:2 They take C as the new partner, who brings in Rs.25,000 against capital and Rs.10,000 against goodwill. New profit sharing ratio is 1:1:1. In what ratio this amount will be shared among the old partners A & B.


173) A and B are partners sharing the profit in the ratio of 3:2 They take C as the new partner who is supposed to bring Rs.25,000 against capital and Rs.10,000 against goodwill. new profit sharing ratio is 1:1:1. C brought cash for his share capital and agreed to compensate to A and B outside the firm. How this will be treated in the books of the firm.


174) X and Y are partners sharing profits in the ratio of 3:1 They admit Z as a partner who pays Rs. 4,000 as goodwill the new profit sharing ratio being 2:1 1 among X,Y and Z respectively. The amount of goodwill will be credited to: