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    Admission of A Partner Worksheet

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    neeraj sharma
    The document contains several word problems involving the admission of new partners to partnerships. The problems cover calculating new profit sharing ratios, treating goodwill, revaluing assets and liabilities, and preparing revaluation accounts and new balance sheets reflecting the admission of the new partners.

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    © All Rights Reserved
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    Admission of A Partner Worksheet

    Uploaded by

    neeraj sharma
    132 views4 pages
    The document contains several word problems involving the admission of new partners to partnerships. The problems cover calculating new profit sharing ratios, treating goodwill, revaluing assets and liabilities, and preparing revaluation accounts and new balance sheets reflecting the admission of the new partners.

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    admission of a partner worksheet

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    The document contains several word problems involving the admission of new partners to partnerships. The problems cover calculating new profit sharing ratios, treating goodwill, revaluing assets and liabilities, and preparing revaluation accounts and new balance sheets reflecting the admission of the new partners.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    132 views4 pages

    Admission of A Partner Worksheet

    Uploaded by

    neeraj sharma
    The document contains several word problems involving the admission of new partners to partnerships. The problems cover calculating new profit sharing ratios, treating goodwill, revaluing assets and liabilities, and preparing revaluation accounts and new balance sheets reflecting the admission of the new partners.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    You are on page 1of 4

    ACCOUNTANCY WORKSHEET CLASS-XII

    ADMISSION OF A PARTNER

    1. A & B are partners sharing in the ratio of 3:2. C is admitted. C gets 3/20th from A
    and 1/20th from B. calculate new and sacrifice ratio.
    2. X & Y are partners share profits in the ratio of 5:3. Z the new partner gets 1/5 of
    X’s share and 1/3rd of Y’s share. Calculate new ratio.
    3. A, B and C are partners sharing in the ratio of 7:5:8. D was admitted to 1/4 th of
    the future profits. B sacrificed 1/5 th from his profit, while the balance was
    sacrificed by A and C in the ratio of 3:1. D brings Rs. 120000 as his capital but
    nothing for goodwill which was valued at Rs. 200000 for the firm. Calculate
    NPSR and SR and pass necessary journal entry for the treatment of goodwill.
    4. Neeraj and Prasun are partners in a firm sharing profits in the ratio of 3:2. On 1 st
    April 2023 they admitted Zulfi as a partner in the firm.The Balance Sheet of
    Neeraj and Prasun on that date stood as follows:

    LIABILITIES AMOUNT ASSETS AMOUNT


    Creditors 210000 Cash 140000
    Workmen 250000 Debtors 160000
    compensation
    fund
    General 160000 Stock 120000
    reserve
    Capitals: Machinery 100000

    Neeraj 100000 Building 280000


    Prasun 80000
    800000 800000
    It was agreed that:

    a) The value of building and stock be appreciated to 380000 and 160000


    respectively.
    b) The liability on account of workmen compensation fund was determined at Rs.
    230000
    c) Zulfi brought Rs. 100000 as his share of goodwill
    d) Zulfi was to bring further cash to make his capital equal to 20% of the combined
    capital on Neeraj and Parsun.
    e) The new profit sharing ratio was determined at 2/5, 2/5, 1/5 respectively.
    Prepare the Revaluation Account, Partners’ Capital Accounts and the Balance
    Sheet of the new firm.

    5. Tanu and Kanu are partners sharing profits in the ratio of 2 : 3. On 31 st March,
    2023 their Balance Sheet was :
    Liabilities A m o u n t Assets Amount
    (Rs.) (Rs.)
    Capitals A/cs Goodwill 20,000
    Tanu : Machinery 90,000
    30,000 Stock 14,000
    Kanu : Debtors 38,000
    40,000 70000 Cash 3,000
    General
    Reserve 14000
    Creditors 66000
    Bills Payable 15,000
    1,65,000 1,65,00
    0
    They decided to admit Manu into the partnership for on the following terms :
    a) Stock is to be revalued at Rs. 18,000.
    b) Machinery is to be depreciated by 15%.
    c) It is found that the creditors included a sum of Rs. 12,000 which was not to be
    paid.
    d) Outstanding rent is Rs. 1,900.
    e) Manu is to bring in Rs. 36,000 as his capital and share of goodwill Rs. 10,000
    for his 1/6th share in the profits of the firm.
    Prepare Revaluation and Partner’s Capital Account.

    6. X and Y are partners as they share profits in the proportion of 3:1 their
    balance sheet as at 31.03.23 as follows.
    BALANCE SHEET as at 31.03.23
    Liabilities Rs. Assets Rs.
    Ca p i t a l Land 1,65,000
    Account
    X 1,76,000 Furniture 24,200
    Y 1,45,200 Stock 1,32,000
    Creditors 91,300 Debtors 35,200
    Bills 28,600
    Receivable
    Cash 27,500
    4,12,500 4,12,500

    On the same date, Z is admitted into partnership for 1/5th share on the following terms
    i. Goodwill is to be valued at 3½ years purchase of average profits of last for year
    which was Rs. 20,000 Rs. 17,000 Rs. 9,000 (Loss) respectively.
    ii. Stock is fund to be overvalued by Rs. 2,000 Furniture is reduced and Land to be
    appreciated by 10% each, a provision for Bad Debts @ 12% is to be created on
    Debtors and a Provision of Discount of Creditors @ 4% is to be created.
    iii. A liability to the extent of Rs. 1,500 should be created for a claim against the firm
    for damages.
    iv. An item of Rs. 1,000 included in Creditors is not likely to be claimed, and hence it
    should be written off.
    Prepare Revaluation Account, Partners: Capital Accounts and Balance Sheet of the
    new firm if Z is to contribute proportionate capital and goodwill. The capital of
    partners is to be in profit sharing ratio by opening current Accounts.

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