On the admission of a new partner :...

On the admission of a new partner :

Old firm is dissolved

Old partnership is dissolved

Both old partnership and firm are dissolved

Neither partnership nor firm is dissolved

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Given below is the Balance Sheet of A and B, who are carrying on partnership business as on March 31,2017. A and B share profits in the ratio of 2:1. C is admitted as a partner on the date of the balance sheet on the following terms: 1. C will bring in Rs 1,00,000 as his capital and Rs 60,000 as his share of goodwill for 1/4 share in profits. 2. Plant is to be appreciated to Rs 1,20,000 and the value of buildings is to be appreciated by 10%. 3. Stock is found overvalued by Rs 4,000. 4. A provision for doubtful debts is to be created at 5% of debtors. 5. Creditors were unrecorded to the extend of Rs 1,000. Record revaluation Account, partners’ capital accounts, and the Balance Sheet of the constituted firm after admission of the new partner.

Admission Of New Partner

DK GOEL-ADMISSION OF A PARTNER -MCQ Treatment of Goodwill :

On the admission of a new partner :
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A and B are partners sharing profits and losses as 2 : 1. C is admitte...
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X and Y are partners sharing profits and losses in the ratio of 3 : 2....
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A and B are partners sharing profits and losses in the ratio of 3 : 2....
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A and B are partners in a firm sharing profits in the ratio of 2 : 1. ...
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Partners A, B and C share the profits of a business in the ratio of 3 ...
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A and B are partners sharing profits and losses as 2 : 1. C and D are ...
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A and B are partners sharing profits and losses in 3 : 2. They admit C...
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A and B are partners sharing profits in the ratio of 7 : 5. C is admit...
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X and Y are partners in a firm sharing profits in the ratio of 5 : 3. ...
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A and B are partners sharing profits in the ratio of 3 : 2. They admit...
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P, Q and R share profits in the ratio of 5 : 3 : 2. S is entitled for ...
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When a new partner brings his share of goodwill in cash, the amount is...
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When a new partner does not not bring his share of goodwill in cash, t...
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If, at the time of admission, some profit and loss account balance app...
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If at the time of admission, there is some unrecorded liability, it wi...
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If the new partner brings his share of goodwill in cash, it will be sh...
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A and B share profits and losses equally. They have Rs.20,000 each as ...
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In the absence of an express agreement as to who will contribute to ne...
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When a new partner brings goodwill in Cash, it is credited to :
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If the incoming partner brings the amount of goodwill in Cash and also...
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