Home
Class 12
ACCOUNTS
X and Y are partners sharing profits in ...

X and Y are partners sharing profits in the ratio 5 : 3. They admitted Z for 1/5th profits, for which he paid Rs.60,000 against capital and Rs.30,000 against goodwill. Find the capital balance for each partner taking Z's capital as base capital.

A

Rs.1,50,000, Rs.60,000 and Rs.60,000

B

Rs.1,50,000, Rs.60,000 and Rs.90,000

C

Rs.1,50,000, Rs.90,000 and Rs.60,000

D

Rs.1,50,000, Rs.90,000 and Rs.90,000

Text Solution

Verified by Experts

Promotional Banner

Topper's Solved these Questions

  • ADMISSION OF A PARTNER

    DK GOEL|Exercise MCQ Calculation of Sacrificing Ratio :|8 Videos

  • ACCOUNTING TREATMENT OF GOODWILL

    DK GOEL|Exercise ILLUSTRATION 6.|1 Videos

  • CASH FLOW STATEMENT

    DK GOEL|Exercise MULTIPLE CHOICE QUESTIONS (SELECT THE BEST ALTERNATE):|44 Videos

Similar Questions

Explore conceptually related problems

X and Y are partners sharing profits in the ratio 2 : 3. They admitted Z for 1/5th share of profits, for which he paid Rs.1,20,000 against capital and Rs.60,000 as goodwill. Find the capital balances for each partner taking Z's capital as base capital.

A and B are partners in a firm sharing profits and losses in the ratio of 3 : 2. They admit C into partnership for 1/5th share. C brings RS.30,000 as capital and RS.10,000 as goodwill. At the time of admission of C, goodwill appeared in the Balance Sheet of A and B at RS.3,000. New profit-sharing ratio of the partners will be 5 : 3 : 2. Pass necessary Journal entries.

X and Y are partners sharing profits in the ratio of 4 : 3. Z is admitted for 1/5th share and he brings in Rs.1,40,000 as his share of goodwill in cash of which Rs.1,20,000 is credited to X and remaining amount to Y. New profit sharing ratio will be :

Verma and Sharma are partners in a firm sharing profits and losses in the ratio of 5 : 3. They admitted Ghosh as a new partner for 1/5th share of profits. Ghosh is to bring in RS.20,000 as capital and RS.4,000 as his share of goodwill premium. Give the necessary Journal entries: (a) When the amount of goodwill is retained in the business. (b) When the amount of goodwill is fully withdrawn. (c) When 50% of the amount of goodwill is withdrawn. (d) When goodwill is paid privately.

X and Y are partners sharing profits in the ratio of 3 : 1. Z is admitted as a partner for which he pays RS.30,000 for goodwill in cash. X, Y and Z decide to share the future profits in equal porportion. You are required to pass a single Journal entry to give effect to the above arrangement.

X and Y are partners sharing profits and losses in the ratio of 3 : 2. They admit Z into partnership with (1)/(5) th share in profits which he acquires equally from X and Y, Z brings in Rs.40,000 as goodwill in cash. Goodwill amount will be credited to :

Verma and Sharma are partners in a firm sharing profits and losses in the ratio of 5:3. They admitted Ghosh as a new partner for 1//5 share of profits. Ghosh is to bring in Rs. 20,000 as capital and Rs. 4,000 as his share of goodwill premium. Give the necessary journal entries: (a) When the amount of goodwill is retained in the business. (b) When the amount of goodwill is fully withdrawn. (c) When 50% of the amount of goodwill is withdrawn. (d) When goodwill is paid privately.

DK GOEL-ADMISSION OF A PARTNER -MCQ Treatment of Goodwill :
  1. When a new partner brings goodwill in Cash, it is credited to :

    Text Solution

    |

  2. If the incoming partner brings the amount of goodwill in Cash and also...

    Text Solution

    |

  3. If, at the time of admission, the revaluation A/c shows a profit, it s...

    Text Solution

    |

  4. Revaluation Account or Profit and Loss Adjustment A/c is a

    Text Solution

    |

  5. In case of admission of a partner, the entry for unrecorded investment...

    Text Solution

    |

  6. When the balance sheet is prepared after the new partnership agreement...

    Text Solution

    |

  7. Goodwill of a firm of A and B is valued at Rs. 30,000. Goodwill is app...

    Text Solution

    |

  8. A and B are partners of a partnership firm sharing profits in the rati...

    Text Solution

    |

  9. X and Y are partners sharing profits in the ratio 5 : 3. They admitted...

    Text Solution

    |

  10. Ramesh and Suresh are partners sharing profits in the ratio of 2 : 1 r...

    Text Solution

    |

  11. A and B are partners in a firm having a capital of ₹ 54,000 and ₹ 36,0...

    Text Solution

    |

  12. A and B are in partnership sharing profits in the ratio of 3 : 2. They...

    Text Solution

    |

  13. X and Y are partners sharing profits in the ratio of 4 : 3. Z is admit...

    Text Solution

    |

  14. A and B are partners sharing profits in the ratio of 2 : 3. Their Bala...

    Text Solution

    |

  15. A, B and C are partners sharing profits in ratio of 3 : 2 : 1. They ag...

    Text Solution

    |

  16. X and Y are partners sharing profits in the ratio 2 : 3. They admitted...

    Text Solution

    |

  17. A, B, C and D are partners. A and B share 2/3rd of profits equally and...

    Text Solution

    |

  18. Sacrificing ratio is used to distribute ………. In case of admisstion of ...

    Text Solution

    |

  19. X and Y are partners in a firm with capital of Rs.1,80,000 and Rs.2,00...

    Text Solution

    |

  20. A and B are partners profits and losses in the ratio of 5 : 3. On admi...

    Text Solution

    |