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
X and Y were partners for 6:4. They admitted Z and their ratio is 3:2:1. They are revaluvating the firm. Find revaluvation profit or loss according to the following adjustments.
Loss Rs. 500/-
Loss Rs. 1500/-
Profit Rs. 500/-
Profit Rs. 1500/-
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
A and B are partners sharing profits in the ratio of 3:2. They admit C for 1/6th share as new partner. Calculate sacrificing ratio of old partners ?
1:6
6:1
3:2
2:3
Legally,at the time of admission of new partner old partnership is
Dissolved
Revalued
Realised
Reconstituted
Calculate revaluvation profit or loss from the following details.
Profit 3000/-
Loss 2000/-
Profit 50000/-
Profit 68000/-
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
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
Admission of a partner is one of the modes of
Revaluvating the firm
Reconstituting the firm
Realising the firm
Re-establishing the firm
Revaluation a/c is credited with
Decrease in the value of assets
Creation of new liability
Increase in the value of assets
Increase in the value of liability
