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Admission of A Partner

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93 views6 pages

Admission of A Partner

admission

Uploaded by

rafiaparveen2020
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Admission of a Partner- Premium for Goodwill

A and B are partners in a firm sharing profits and losses in the


ratio of 3 : 2. They admit C into partnership for 1/5th share. C
brings ₹ 30,000 as capital and ₹ 10,000 as goodwill. At the time of
admission of C, goodwill appeared in the Balance Sheet of A and
B at ₹ 3,000. New profit- sharing ratio of the partners will be 5 :
3 : 2. Pass necessary Journal entries.

X and Y are partners in a firm sharing profits in the ratio of 3 : 2.


On 1st April, 2019, they admit Z as a partner for 1/4th share in
the profits. Z contributed following assets towards his capital and
for his share of goodwill:
Stock ₹ 60,000; Debtors ₹ 80,000; Land ₹ 1,00,000, Plant and
Machinery ₹ 40,000. On the date of admission of Z, the goodwill
of the firm was valued at ₹ 6,00,000. Pass necessary Journal
entries in the books of the firm on Z's admission.
A and B are partners in a business sharing profits and
losses in the ratio of 1/3rd and 2/3rd. On 1st April, 2019,
their capitals were ₹ 8,000 and ₹ 10,000 respectively.
On that date, they admit C in partnership and give him
1/4th share in the future profits. C brings ₹ 8,000 as his
capital and ₹ 6,000 as goodwill. The amount of goodwill
is withdrawn by the old partners in cash. Draft the
journal entries and show the Capital Accounts of all the
Partners. Calculate proportion in which partners would
share profits and losses in future.

A and B are partners sharing profits in the ratio


of 2 : 1. They admit C for 1/4th share in profits. C
brings in ₹ 30,000 for his capital and ₹ 8,000 out
of his share of ₹ 10,000 for goodwill. Before
admission, goodwill appeared in books at ₹
18,000. Give Journal entries to give effect to the
above arrangement.

A and B are partners sharing profits and losses in the


ratio of 3 : 2. They admit C as partner in the firm for
1/4th share in profits which he takes 1/6th from A and
1/12th from B. C brings in only 60% of his share of firm's
goodwill. Goodwill of the firm has been valued at ₹
1,00,000. Pass necessary journal entries to record this
arrangement.

A, B and C are in partnership sharing profits and losses


in the ratio of 5 : 4 : 1 respectively. Two new partners D
and E are admitted. The profits are now to be shared in
the ratio of 3 : 4 : 2 : 2 : 1 respectively. D is to pay ₹
90,000 for his share of Goodwill but E has insufficient
cash to pay for Goodwill. Both the new partners
introduced ₹ 1,20,000 each as their capital. You are
required to pass necessary Journal entries.

At the time of admission of a partner Suresh, assets and liabilities of


Ramesh and Naresh were revalued as follows:
a) A Provision for Doubtful Debts @ 10% was made on Sundry
Debtors (Sundry Debtors ₹ 50,000).
b) Creditors were written back by ₹ 5,000.
c) Building was appreciated by 20% (Books value of Building ₹
2,00,000).
d) Unrecorded Investments were valued at ₹ 15,000.
e) A provision of ₹ 2,000 was made for an Outstanding Bill for repairs.
f) Unrecorded Liability towards suppliers was ₹ 3,000.
Pass necessary Journal entries.

Ashok and Bhaskar are partners in a firm sharing profits in the ratio of
3 : 2. They admitted Chaman as a partner for 1/4th share of profits. At
the time of admission of Chaman, Sundry Debtors and Provision for
Doubtful Debts existed at ₹ 76,000 and ₹ 8,000 respectively. ₹ 6,000
of the debtors proved bad. A provision of 5% is to be created on
Sundry Debtors for Doubtful debts. Pass the necessary Journal entries.
X and Y are partners in a firm sharing profits in the ratio of 3 : 2. They
admitted Z as a partner and fixed new profit sharing ratio as 3 : 2 : 1.
At the time of admission of Z, Debtors and Provision for Doubtful Debts
existed at ₹ 50,000 and ₹ 5,000 respectively. All debtors are good.
Pass the necessary Journal entries.

X and Y are partners sharing profits in the ratio of 3 : 2. They admitted


Z as a partner for 1/4th share of profits. At the time of admission of Z,
Investments appeared at ₹ 80,000. Half of the investments to be taken
by X and Y in their profit sharing at book value. Remaining
investments were valued at ₹ 50,000. Pass the necessary Journal
entries.

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