16. Anchal and Bindi are partners sharing profit and losses in ratio of 5:3. Cindy is admitted for 1/4th share. On the date of reconstitution, the debtors stood at ₹ 40,000, bill receivable stood at ₹ 10,000 and the provision for doubtful debts appeared at ₹ 4000. A bill receivable, of ₹ 10,000 which was discounted from the bank, earlier has been reported to be dishonored. The firm has sold, the debtor so arising to a debt collection agency at a loss of 40%. If bad debts now have arisen for ₹ 6,000 and firm decides to maintain provisions at same rate as before then amount of Provision to be debited to Revaluation Account would be:
a) ₹ 4,400
b) ₹ 4,000
c) ₹ 3,400
d) None of the above
17. Arman and Sharman share Profit & Loss equally. Their capitals were ₹1,20,000 and ₹ 80,000 respectively. There was also a balance of ₹ 50,000 in Contingency reserve and revaluation gain amounted to ₹ 25,000. They admit friend Tarun with 1/5 share. Tarun brings ₹90,000 as capital. Calculate the amount of goodwill brought by Tarun.
a) ₹85,000
b) ₹17,000
c) ₹20,000
d) None of the above
18. Anne and Bani are partners sharing profits in the ratio of 2:3. Their balance sheet shows machinery at ₹2,00,000; stock ₹80,000, and debtors at ₹1,60,000. Tinni is admitted and the new profit sharing ratio is 6:9:5. Machinery is revalued at ₹1,40,000 and a provision is made for doubtful debts @5%. Anne’s share in loss on revaluation amount to ₹20,000. Revalued value of stock will be:
a) ₹62,000
b) ₹1,00,000
c) ₹60,000
d) ₹98,000
19. At the time of admission of a partner, Employees Provident Fund is:
a) Distributed to partners in the old profit-sharing ratio
b) Distributed to partners in the new profit-sharing ratio
c) Adjusted through gaining ratio
d) None of the above
20. The firm of X, Y and Z with profit sharing ratio of 6:3:1, had the balance in General Reserve Account amounting ₹ 1,80,000. S joined as a new partner and the new profit-sharing ratio was decided to be 3:3:3:1. Partners decide to keep the General Reserve unchanged in the books of accounts. The effect will be:
a) X will be credited by ₹ 54,000
b) X will be debited by ₹ 54,000
c) X will be credited by ₹ 36.000
d) X will be credited by ₹ 18,000
Class 12 Accountancy MCQs Admission of Partner - Answers
- c) A new partner has to bring relatively higher capital as compared to the existing partners
- b) Accounting Standard - 26
- d) Nil
- c) 10:5:6
- d) 33:27:20
- a) ₹24,000.
- d) ₹3,00,000
- b) Debited to Revaluation Account.
- c) ₹7,500
- d) ₹30,000
- b) His Current A/c will be debited
- a) Premium for Goodwill
- a) Old partnership is dissolved
- b) ₹ 85,000
- c) 31:14:15
- c) ₹ 3,400
- b) ₹17,000
- d) ₹98,000
- d) None of the above
- a) X will be credited by ₹ 54,000
Adjustments on Admission of Partner