Related InterviewSolutions

• In which account increase in the value of asset is credited on the admission of a partner.
• X and Y are partners sharing profits in the ratio of 3 : 2. They admitted P and Q as new partners. X surrendered 1/3rd of his share in favour of P and Y surrenderd 1/4th of his share in favour of Q. Calculate new profit-sharing ratio of X,Y,P and Q.
• When a new partner brings cash for goodwill the amount is credited to theA. Premium for Goodwill Account.B. Capital Account of the new partner.C. Cash Account.D. None of the above.
• State with reason whether at the time of admission of a partner, partnership is dissolved or partnership firm is dissolved.
• A, B and C are partners sharing profits in the ratio of 4 : 3 : 2. D is admitted for 1/3rd share in future profis. What is the sacrificing ratio?
• When A and B sharing profits and loses in the ratio of 3 : 2, admit C as a partner giving him 1/5th share of profits. This will be given by A and BA. equally.B. in the ratio of their profits.C. in the ratio of their capitals.D. None of the above.
• Ravi and Mukesh are sharing profits in the ratio of 7 : 3. They admit Ashok for 3/7 share in the firm which he takes 2/7th from Ravi and 1/7th from Mukesh. Calculate new profit-shareing ratio.
• Kabir and Farid are partners in a firm sharing profits and losses in the ratio of 7 : 3. Kabir surrenders 2/10th from his share and Farid surrenders 1/10th from his share in fovour of Jyoti, the new partner. Calculate new profit-sharing ratio and sacring ratio and sacrificing ratio.
• X, Y and Z are partners sharing profits and losses in the ratio of 5 : 3 : 2. They admit A into partnership and give him 1/5th share of profits. Find the new profit-sharing ratio.
• X and Y are partners sharing profits and losses in the of 3 : 2. They admit Z into partnership. X gives 1/3rd of his share while Y gives 1/10th from his share to Z. Calculate new profit-sharing ratio and sacrificing ratio.