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X and Y were partners in a firm sharing profits and losses in the ratio of 2 : 1. Z was admitted for 1/3rd share in the profits. On the date of Z's admission, the Balance Sheet of X and Y showed General Reserve of RS.2,50,000 and a credit balance of RS.50,000 in Profit and Loss Account. Pass necessary Journal entries on the treatment of these items on Z's admission.

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Dr. General Reserve A/c by RS.2,50,000 and Profit and Loss A/c by RS.50,000, Cr. X's Capital A/c by RS.2,00,000 and Y's Capital A/c by RS.1,00,000.
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A and B are partners in a firm sharing profits and losses in the ratio of 2 : 3. C is admitted for 1/5 share in the profits of the firm. If C gets it wholly from A, the new profit sharing ratio after C's admission will be :

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Rajinder and Surinder are partners in a firm sharing profits in the ratio of 4:1. On April 15, 2017 they admit Narender as a new partner. On that date there was a balance of Rs. 20,000 in general reserve and a debit balance of Rs. 10,000 in the profit and loss account of the firm. Pass necessary journal entries regarding adjustment of a accumulate a profit or loss.

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.

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TS GREWAL-Admission of a Partner-EXERCISE
  1. At the time of admission of a partner C assets and liabilities of A an...

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  2. X and Y are partners in a firm sharing profit and losses in the ratio ...

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  3. X and Y were partners in a firm sharing profits and losses in the rati...

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  4. (a) X, Y and Z are partners sharing profits and losses in the ratio of...

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  5. X, Y and Z are equal partners with capitals of RS.1,500, RS.1,750 and ...

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  6. A and B are carruying on business in partnership and sharing profits a...

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  7. Following was the Balance Sheet of A and B who were sharing profits in...

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  8. Given below is the Balance Sheet of A and B, who are carrying partners...

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  9. Balance Sheet of J and K who share profits in the ratio of 3 : 2 is as...

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  10. Balance Sheet of Madhu and Vidhi who are sharing in profits in the rat...

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  11. Shyamlal and Sanjay were in partnership business sharing profits and l...

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  12. A, B and C are partners sharing profits and losses in the ratio of 3 :...

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  13. On 31st March, 2017, the Balance Sheet of Abhir Divay, who were sharin...

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  14. X and Y share profits in the ratio of 5 : 3. Their Balance Sheet as at...

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  15. X and Y are partners in a firm sharing profit in the ratio of 3 : 2. T...

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  16. Rajesh and Ravi are partners sharing profits in the ratio of 3 : 2. Th...

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  17. A and B are partners in a firm shaing profits in the ratio of 3 : 2. T...

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  18. Divay, Yasmin and Fatima are partners in a firm, sharing profits and l...

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  19. A and B are partners in a firm. The net profit of the firm is divided ...

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  20. Following is the Balance Sheet of the firm, Ashirvad, owned by A, B an...

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