X and Y are sharing profits and losses in the ratio of 3 : 2. Z is admitted with 1/5th share in profits of the firm which he gets from X. Find out the New profit sharing ratio ?
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Incorrect
Question 2 of 30
2. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A and B are partners sharing profits and losses in the ratio of 3 : 2. A’s Capital is Rs.60,000 and B’s Capital is Rs.30,000. They admit C for 1/5th share of profits. How much C should bring in towards his capital ?
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Incorrect
Question 3 of 30
3. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A and B are partner sharing profits and losses in the ratio 5 : 3. On admission, C brings Rs.70,000 cash and Rs.48,000 against goodwill. New profit sharing ratio between A, B, C is 7 : 5 : 4. The sacrificing ratio among A and B is :
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Incorrect
Question 4 of 30
4. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
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.1,20,000 against capital and Rs.60,000 as goodwill. Find the capital balances for each partner taking Z’s capital as base capital :
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Question 5 of 30
5. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
General Revenue at time of admission of a new partner is transferred to :
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Incorrect
Question 6 of 30
6. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A and B are partners sharing profits in the ratio of 7 : 3. C is admitted as a new partner. ‘A’ surrenders 1/7 of his share and ‘B’ surrender 1/3rd of his share in favour of C. The new profit sharing ratio will be :
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Incorrect
Question 7 of 30
7. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
The balance of memorandum revaluation account, is transferred to the capital accounts of the partners in :
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Incorrect
Question 8 of 30
8. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
X and Y share profits and losses in the ratio of 4 : 3. They admit Z in the firm with 3/7 share which he gets 2/7 from X and 1/7 from Y. The new profit sharing ratio will be :
Correct
Incorrect
Question 9 of 30
9. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A and B are partners, sharing profits in the ratio of 5 : 3. They admit with 1/5 share in profits, which he acquires equally from both 1/10 from A and 1/10 from B. New profit sharing ratio will be :
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Incorrect
Question 10 of 30
10. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A firm has an unrecorded investment of Rs.5,000. Entry in the firm’s journal on admission of a partners will :
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Incorrect
Question 11 of 30
11. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A, B, and C share Profits and Losses in the ratio,of 3 : 2 : 1.D is admitted with 1/6 share which he gets entirely from A. New ratio will be :
Correct
Incorrect
Question 12 of 30
12. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A, B, C are partners sharing profits in the ratio of 4 : 3 : 2. D is admitted for 2/9th share of profits and brings Rs.30,000 as capital and 10,000 for his share of goodwill. The new profit sharing ratio between partners will be 3 : 2 : 2 : 2. Goodwill amount will be credited in the capital accounts of :
Correct
Incorrect
Question 13 of 30
13. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A and B are 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 bought to books and Creditors of Rs.2,750 died and needn’t to pay anything. What will be the profit/loss on revaluation ?
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Incorrect
Question 14 of 30
14. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Amit and Anil are partners sharing profits in the ratio of 5 : 3 with capital of Rs.2,50,000 and Rs.2,00,000. Atul was admitted and would pay Rs.50,000 as capital and Rs.16,000 as goodwill for 1/5th profit. Find the balance of capital accounts after admission of Atul :
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Incorrect
Question 15 of 30
15. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
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 Z. The amount of goodwill will be credited to :
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Incorrect
Question 16 of 30
16. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
When Balance Sheet prepared after the new partnership agreement, Assets and Liabilities are recorded at :
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Incorrect
Question 17 of 30
17. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
R and S are partners sharing profits in the ratio of 5 : 3. T joins the firm. R gives 1/4th of his share and S gives, 1/5th of his share to the new partner. Find out new ratio :
Correct
Incorrect
Question 18 of 30
18. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A, B, C are equal partners, they wanted to change the profit sharing ratio into 4 : 3 : 2. They raised the goodwill to Rs.90,000 but want to write it off immediately. The effected accounts will be :
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Incorrect
Question 19 of 30
19. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A, B, C are partners sharing profits in ratio of 3 : 2 : 1. They agree to admit D into the firm. A, B and C agreed to give 1/3rd. 1/6th, 1/9th share of their profit. The share of profit of D will be :
Correct
Incorrect
Question 20 of 30
20. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
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 ?
Correct
Incorrect
Question 21 of 30
21. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Reserve appearing in the Balance sheet will be divided among partners during admission in _______ ratio.
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Incorrect
Question 22 of 30
22. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
X and Y are partners sharing profits equally. Z was admitted for 1/7th share. Calculate New Profit Sharing Ratio.
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Incorrect
Question 23 of 30
23. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A and B share profits equally. They admit C with 1/7th share. The new profit sharing ratio of A and B is
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Incorrect
Question 24 of 30
24. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A and B are partners C is admitted with 1/5th share C brings Rs.1,20,000 as his share towards capital. The total net worth of the firm is :
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Incorrect
Question 25 of 30
25. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A and B share profits in the ratio of 3 : 2. A’s capital is Rs.48,000 B’s capital is Rs.32,000. C is admitted for 1/5th share in profits. What is the amount of capital which C should bring ?
Correct
Incorrect
Question 26 of 30
26. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A and B share profits in the ratio of 3:4. C was admitted for 1/5th share. Calculate the new profit sharing ratio.
Correct
Incorrect
Question 27 of 30
27. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A and B carry on business and share profits and losses in the ratio of 3 : 2. Their respective capitals are Rs.1,20,000 and Rs.54,000. C is admitted for 1/3rd share in profit and brings Rs.75,000 as his share of capital. Capitals of A and B to be adjusted according to C’s share. Calculate the amount refunded to A.
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Incorrect
Question 28 of 30
28. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
On account of admission, the assets are revalued and liabilities are reassesssed in _______ A/c.
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Question 29 of 30
29. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
The opening balance of Partner’s Capital Account is credited with :
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Question 30 of 30
30. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
X and Y shares profit/loss in the ratio of 5 : 3. Z admitted as partner for 1/5, which he is taking equally from old partners. New profit sharing ratio is :