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
What is the name of consideration paid by new partner to the old partner for the right to participate in the division of future profits ?
Good will
Capital
Capital reserve
None of these
Legally,at the time of admission of new partner old partnership is
Dissolved
Revalued
Realised
Reconstituted
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
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
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
Right acquired by new partner at the time of admission ?
Right to get a share of Accumulated reserves and Undistributed profit.
Right to share the assets and future profits of the partnership firm.
Right to get the share of goodwill of the partnership firm.
Right to get equal share of assets and liabilities and profit and loss of the existing partnership firm.
Admission of a partner is one of the modes of
Revaluvating the firm
Reconstituting the firm
Realising the firm
Re-establishing the firm
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
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
