admission of partner

A and B are partners sharing profit in the ratio of 3 : 2. They admit C as a partner by giving him 1/3 share in future profits. The new ratio will be :

• 12 : 8 : 5

• 8: 12 : 5

• 5 : 5 : 12

• None of the Above

B and N are partners in a firm sharing profits in the ratio of 3 : 2. They admit S as a partner for l/4th share in the profits. S acquires his share from B and N in the ratio of 2 : 1. The new profit-sharing ratio will be :

• 2:1:4

• 19:26: 15

• 3:2:4

• 26 : 19 : 15

A and B are partners in a business sharing profits and losses in the ratio of 7 : 3 respectively. They admit C as a new partner. A sacrificed 1/7th share of his profit and B sacrificed 1/3rd of his share in favour of C. The new profit sharing ratio of A, B and C will be :

• 3 : 1 : 1

• 2 : 1 : 1

• 2 : 2 : 1

• None of the above

A, B, C, D are in partnership sharing profits and losses in the ratio of 9 : 6 : 5 : 5. E joins the partnership for 20% share. A. B, C and D would in future share profits among themselves as 3/10 : 4/10 : 2/10 : 1/10. The new profit sharing ratio will be:

• 3:4:2: 1:5

• 9:6:5:5:5

• 6 : 8 : 4 : 2 : 5

• 8 : 6 : 4 : 2 : 5

A and B are partners sharing profits and losses as 2 : 1. C is admitted and profit sharing ratio becomes 4 : 3 : 2. Goodwill is valued at ₹94,500. C brings required goodwill in cash. Goodwill amount will be Credited to :

• A -14,000 and B -7,000

• A -12,000 and B -9,000

• A -21,000

• A -94,500

A and B are partners in a firm sharing profits in the ratio of 2 : 1. C is admitted as a partner. A and B surrender 1/

2 of their respective share in favour of C. C is to bring his share of premium for goodwill in cash. The goodwill of the firm is estimated at 60,000. Credit will be given to :

• A -15,000; B -15,000

• A -40,000; B -20,000

• A -30,000; B -30,000

• A -20,000; B -10,000

Partners A, B and C share the profits of a business in the ratio of 3 : 2 : 1 respectively. They admit D who brings in ₹60,000 for his share of goodwill. A, B, C and D decide to share the profits respectively in the ratio of 5 : 3 : 2 : 2. Credit will be given to :

• A -6,000; B -6,000

• A -30,000; B -18,000; C -12,000

• A -30,000; B -20,000; C -10,000

• A -30,000; B -30,000

P, Q and R share profits in the ratio of 5 : 3 : 2. S is entitled for 1

5

th share in profits which he acquires equally from P, Q and R. Goodwill of the firm is to be valued at three year’s purchase of last four year’s profits which are ₹50,000; ₹60,000; (-) ₹30,000 and ₹40,000. S cannot bring his share of goodwill in cash. Credit will be given to :

• P -30,000; Q -30,000; R -30,000

• P -6,000; Q -6,000; R -6,000

• P -45,000; Q -27,000; R -18,000

• P -9,000; Q -9,000; R -9,000

If at the time of admission, some profit and loss account balance appears in the books, it will be transferred to :

• Profit & Loss Adjustment Account

• All partners’ Capital Accounts

• Old partners’ Capital Accounts

• Revaluation Account

A and B share profits and losses equally. They have 20,000 each as capital. They admit C as equal partner and goodwill was valued at 30,000. C is to bring in 30,000 as his capital and necessary cash towards his share of goodwill. Goodwill Account will not remain open in books. If profit on revaluation is 13,000, find the closing balance of the capital accounts.

• 31,500; 31,500; 30,000

• 31,500; 31,500; 20,000

• 26,500; 26,500; 30,000

• 20,000; 20,000; 30,000