Nim and Mini were partners of a firm sharing profits and loss in the ratio 5:3. On 1st April 2012, the firm's books showed general reserve at Rs. 80000/- and profit and loss a/c showing a debit balance of Rs. 50000/-. On the above date they admitted Nimish into partnership in the ratio 5:3:2. What amount of reserve and profit will the partners receive ?
65000:39000:26000
81250:48750:0
65000:65000:0
43333:43333:43334
Which of the following is not correct in the adjustment of goodwill according to the point of view of accounting ?
Memorandum Revaluvation Method
Reserve Revaluvation Method
Premium Method
Revaluvation Method
Legally,at the time of admission of new partner old partnership is
Dissolved
Revalued
Realised
Reconstituted
In which section of the Indian partnership Act says, a new partner can be admitted only with the consent of all the existing partners.
32(1), 1930
30(1), 1932
31(1), 1932
31(1), 1931
At the time of admission of a new partner,Creation of new liability is
Written off
Debited to Revaluvation a/c
Transfered to old partner capital a/c
Adjusted with undistributed profits or accumulated reserves
Goodwill does not appear as an asset in the balance sheet means it is not yet recorded in the books and remains as
liability
cash
silent asset
reserve
In the following Journal entries which one is not correct for the capital treatment of a new partner Mr. X ?
Cash a/c Dr. xx
To Mr. X a/c xx
Furniture a/c Dr. xx
Mr. X a/c Dr. xx
To Cash a/c xx
Stock a/c Dr. xx
At the time of admission Accumulated Reserves and Undistributed profits and loss are transfered to the capital accounts of
Old partners in their sacrificing ratio
Old partners in their new ratio
All partners in their new ratio
Old partners in their old profit sharing ratio
At the time of admission decrease in value of liability is debited to
Revaluvation a/c
Liability a/c
Old partners capital a/c
P and L adjustment a/c
From the following which is not needed at the time of admission of a new partner ?
Revaluvation of assets and liabilities
Distribution of undistributed profits and accumulated reserves to the old partner.
Calculation of gaining ratio
Treatment of goodwill
