DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner

 Short Answer Questions

Question 1.

Solution 1           Below are the matters that need adjustments at the time of admission of a partner:-

(i) Adjustment of Accumulated Profit, Reserves and Losses.

(ii) Adjustment of Goodwill.

 

Question 2.      

Solution 2          

(i) For bringing goodwill in cash:

Bank A/c Dr.

To Premium for goodwill A/c

 

(ii) For distributing the amount of goodwill brought in by new partner;

Premium for goodwill A/c  Dr.

To Sacrificing Partner’s Capital A/c (in sacrificing ratio)

 

Question 3.     

Solution 3          

(i) For writing off the goodwill account already appearing in the book:

Old Partner’s Capital A/c Dr.

To Goodwill A/c

 

(ii) For bringing goodwill in cash:

Bank A/c Dr.

To Premium for goodwill A/c

 

(iii) For distributing the amount of goodwill brought in by new partner;

Premium for goodwill A/c  Dr.

To Sacrificing Partner’s Capital A/c (in sacrificing ratio)

 

Question 4.  

Solution 4        New Partner’s Current A/c  Dr. (with his share of goodwill)

To Sacrificing Partner’s Capital A/c (in sacrificing ratio)

 

Question 5.    

Solution 5           The value of goodwill is hidden in the question. In Such cases, The amount of goodwill is calculated on the basis of total capital of the firm and the profit sharing ratio of the partners.

For example: X and Y are partners with capitals of Rs. 30,000 and Rs. 20,000 respectively. They admit Z as a partner with 1/4th share. Z is to contribute Rs. 24,000 as his capital. In such a case, the total capital of the firm, based on Z’s share ought to be Rs. 24,000 × 4/1 = Rs. 96,000. But the combined capital of X, Y and Z becomes only Rs. 74,000 (Rs. 30,000 + Rs. 20,000 + Rs. 24,000). As such the value of total goodwill of the firm should be taken as Rs. 96,000 – Rs. 74,000 = Rs. 22,000.

 

Question 6. 

Solution 6           When a new partner is admitted, assets are revalued and liabilities are reassessed so that the gain or loss arising on account of such revaluation up to the date of admission of a new partner may be ascertained and adjusted in the Old partners’ Capital Account in their old profit-sharing ratio and the new partner should neither gain nor suffer because of change in the value of assets or amount of liabilities.

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner

 

Question 7. 

Solution 7         Sometimes the capital of the new partner is not given in the question. He may be required to bring in proportionate capital. In such cases the new partner’s capital will be calculated on the basis of the capitals of the old partners remaining after all adjustments and revaluation.

For example:- The capital of X and Y after all the adjustments and revaluations are Rs. 24,000 and Rs. 16,000 respectively. They admitted Z as a new partner with 1/5th share in the profits. Z’s Capital will be calculated as:

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-

 

Question 8.     

Solution 8         Puja must have given the argument that in the absence of Partnership deed partnership Act 1932 prevails, which have convinced Disha and Gayatri.

 

Question 9.   

Solution 9         Mohan and Naresh would have given the argument that General Reserve came into existence when Om was not a partner. Hence, it should be shared only by Mohan and Naresh in their old profit sharing ratio.

 

Question 10.   

Solution 10      Dushaynt would have given the argument that the liability belonged to the period when he was not a partner. Hence, it should be borne by old partners in their old profit sharing ratio.

 

            Numerical Questions

 

Question 1.(A)  

Solution .1 (A)         

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-

 

Question 1. (B)    

Solution .1  (B)

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-Q2

 

Question 2.  (A)   

Solution .2  (A)

 

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-Q4

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-Q4

 

Question 2. (B)   

Solution .2  (B)

 

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-Q5

 

Question 2. (C)    

Solution .2  (C)

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-Q6

 

Question 3.   

Solution .3

 

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-Q7

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-Q8

 

Question 4. (A)  

Solution .4  (A)

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-Q9

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-Q10

 

Question 4. (B)    

Solution .4 (B)

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-Q11

 

Question 5.  

Solution 5.     Profit Sharing ratio of A, B and C = 1 : 2 : 3. 
D’s Share = 1/6 

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-1

 

Question 6.   

Solution .6   

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-3

 

Question 7.  

Solution .7      

 DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-4

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-5

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-6

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-7

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-8

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-9

 

Question 8 A (new).  

Question 8. (A)  A and B are partners in a firm sharing profits in the ratio of 2:1. C joins the firm. A surrenders 1/4th of his share and B 1/5th of his share in favour of C. Find the new profit sharing ratio.

Solution 8 (A)

 

 DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-10

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-11

 

Question 8. (B)  

Solution .8  (B)          

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-12

 

Question 8. (C) 

Solution .8 (C)         

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-13

 

Question 9. 

Solution .9

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-14

 

Question 10.  

Solution .10        

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-16

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-17

 

 

Question 11. 

Solution .11       

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-18

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-19

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-20

 

Question 12. 

Solution .12

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-21

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-22

 

Question 13.  (A)  

Solution .13   (A)

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-23

 

Question 13. (B)     

Solution .13 (B)       

 DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-24

 

Question 14. (A)  

Solution .14 (A)

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-25

 

Question 14. (B)    

Solution .14  (B)         

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-26

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-27

 

Question 15.   

Solution .15

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-28

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-29

 

Question 16. (A)   

Solution .16 (A)

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-30

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-31

 

Question 16. (B)  

Solution .16 (B)

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-32

 

Question 17.   

Solution .17

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-33

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-34

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-35

 

Question 18.  

Solution .18

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-36

 

Question 19. 

Solution .19

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-37

 

Question 20.  

Solution .20

 

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-38

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-39

 

Question 21. 

Solution .21       

(a) Goodwill is retained in the firm:-

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-40

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-41

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-42

 

Question 22. 

Solution .22

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-43

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-44

 

Question 23. 

Solution .23

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-45

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-46

 

Question 24. 

Solution .24

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-47

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-48

 

Question 25. 

Solution .25

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-49

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-50

 

Question 26.  

Solution .26

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-51

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-52

 

Question 27. 

Solution .27

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-53

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-54

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-55

 

Question 28. 

Solution .28

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-56

 

Question 29.  

Solution .29

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-57

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-58

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-59

 

Question 30.  

Solution .30

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-60

 

Question 31. 

Solution .31

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-61

 

 

Question 32. 

Solution .32

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-62

 

Question 33.

Solution .33

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-63

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-64

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-65

 

Question 34. 

Solution .34

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-66

 

Question 35.  

Solution .35

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-68

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-69

 

Question 36. 

Solution .36

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-70

 

Question 37. (A)  

Solution .37 (A)

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-71

 

Question 37. (B)  

Solution .37 (B)

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-72

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-73

 

Question 37. (C)   

Solution .37 (C)

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-74

 

Question 38.  

Solution .38

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-75

 

Question 39. 

Solution .39        

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-76

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-78

 

Question 40 (new). 

Solution (new). Profit of year 2014 = Rs. 50,000

Profit of year 2015 = Rs. 1,20,000 – Rs. 40,000 = Rs. 80,000
Profit of year 2016 = (Rs. 60,000) + Rs. 50,000 = (Rs. 10,000)
Profit of year 2017 = (Rs. 1,00,000) + (Rs. 1,50,000) = Rs. 50,000
Profit of year 2018 = Rs. 1,90,000
Total Profit = Rs. 50,000 + Rs. 80,000 – Rs. 10,000 + Rs. 50,000 + Rs. 1,90,000
Total Profit = Rs. 3,60,000
Average Profit = (Total Profit )/(Number of Years)
Average Profit = 3,60,000/5
Average Profit = Rs. 72,000
Net Assets = Assets - Liabilities
Net Assets = 7,00,000 – 2,20,000
Net Assets = 4,80,000
Capitalised Value = Average Profits × 100/(Normal rate of return)
Capitalised Value = Rs. 72000 × 100/12
Capitalised Value = Rs. 6,00,000

Calculation of Goodwill:-
Goodwill = Capitalised Value - Net Assets
Goodwill = Rs. 6,00,000 – Rs. 4,80,000
Goodwill = Rs. 1,20,000
a) C’s Goodwill = Rs. 1,20,000 × 1/4 = Rs. 30,000

Class 12 Chapter 4 Admission of a partner

Question 40.

Solution .40

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-79

 

Question 41.  

Solution .41

 

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-80

 

Question 42.  

Solution .42

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-81

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-N-83

 

Question 43. 

Solution .43

 

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-

 

Question 44. 

Solution .44

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-1

 

Question 45. 

Solution .45

Question 45.	A and B are partners sharing profits in the ratio 3:1. C is admitted as a partner with 2/9th share; A and B will in future get 4/9th and 3/9th share of profits. C pays Rs. 2,00,000 for goodwill. Pass the necessary journal entries. Solution .45

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-3

 

Question 46. 

Solution .46        

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-4

 

Question 47. 

Solution .47

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-5

 

Question 48.  

Solution .48

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-6

 

Question 49.   

Solution .49

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-7

 

Question 50.  

Solution .50

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-9

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-10

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-11

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-12

 

Question 51. 

Solution .51        

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-13

 

Question 52.  

Solution .52

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-14

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-15

 

Question 53.   

Solution .53

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-16

 

Question 54. 

Solution .54     

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-17

 

Question 55.  

Solution .55

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-18

 

Question 56. 

Solution .56     

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-19

 

Question 57. 

Solution .57

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-20

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-21

 

Question 58.   

Solution .58

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-23

 

Question 59. (A) 

Solution .59 (A)

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-26

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-27

 

Question 59. (B) 

Solution .59 (B)

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-28

 

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-29

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-30

 

Question 60. 

Solution .60

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-32

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-33

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-34

 

Question 61.  

Solution .61

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-35

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-36

 

Question 62.  

Solution .62

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-37

 

Question 63 (new). 

Solution 63 (new).

 Class 12 Chapter 4 Admission of a partner

Question 63. 

Solution .63

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-38

 

Question 64.  

Solution .64

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-40

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-41

 

Question 65. 

Solution .65

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-43

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-44

 

Question 66.  

Solution .66       

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--46

 

 

Question 67.  

Solution .67        

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--48

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--49

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--50

 

Question 68. (A) 

Solution .68 (A)        

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--51

 

Question 68. (B)  

Solution .68 (B)      

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--52

 

Question 69.

Solution .69       

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--53

 

Working Note:-

 

Calculation of Hidden Goodwill

Net Worth = Sundry Assets – Outside Liabilities

Net Worth = Rs. 15,00,000 – Rs. 5,00,000

Net Worth = Rs. 10,00,000

Net Worth = Rs. 10,00,000 + Rs. 5,00,000 = Rs. 15,00,000

Total Capital of the firm based on Ajay’s Capital = 5,00,000 ×5/ = Rs. 25,00,000

                                                           

Goodwill of the firm = Rs. 25,00,000 – Rs. 15,00,000 = Rs. 10,00,000

 

Hidden Goodwill = Goodwill of the firm – Showing in P & L

Hidden Goodwill = Rs. 10,00,000

Ajay’s Share of Goodwill = Rs. 10,00,000 ×1/5  = 2,00,000

 

Question 70.   

Solution .70        

 

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--54

 

Working Note:-

 

Calculation of Hidden Goodwill

Net Worth = Rs. 3,00,000 + Rs. 2,00,000 + Rs. 1,80,000 + Rs. 2,00,000

Net Worth = Rs. 8,80,000

Total Capital of the firm based on D’s Capital = 2,00,000 × 5/1  = Rs. 10,00,000 

Hidden Goodwill = Rs. 10,00,000 – Rs. 8,80,000 = Rs. 1,20,000 

D’s Share of Goodwill = Rs. 1,20,000 ×1/5  = 24,000

 

Question 71.  

Solution .71        

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--55

 

Question 72.   

Solution .72       

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--57

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--58

 

Question 73.  

Solution .73

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--60

 

Question 74 (new). 

Solution  (new). Calculation of Hidden Goodwill of the firm: 

Class 12 Chapter 4 Admission of a partner

Total Capital of the firm based on new partner’s capital: Rs. 1,50,000 × 10/1 = 15,00,000
Less: Net worth of the business:
Adjusted Capital of all the partners
(Capital + Workmen Compensation Reserve + Creditors)
A = 5,00,000 + (12,000) + (18,000) + 36,000 = 5,06,000
B = 4,00,000 + (6,000) + (9,000) + 18,000 = 4,03,000
C = 2,00,000 + (2,000) + (3,000) + 6,000 = 2,01,000
D = 1,50,000
Net worth of the business = Rs. 5,06,000 + Rs. 4,03,000 + Rs. 2,01,000 + Rs. 1,50,000 = 12,60,000
Hidden Goodwill = Rs. 15,00,000 – Rs. 12,60,000
Hidden Goodwill = Rs. 2,40,000
D’s Share of Goodwill = Rs. 2,40,000 × 1/10 = Rs. 24,000

Question 74.   

Solution .74        

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--62

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--63

 

Question 75. (A)  

Solution .75 (A)          

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--65

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--66

 

Question 75. (B)

Solution .75 (B)          

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--68

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--69

 

Question 76.  

Solution .76        

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--71

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--72

 

Question 77.  

Solution .77        

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--74

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--75

 

Question 78. 

Solution .78        

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--77

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--78

 

Question 79.  

Solution .79     

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--80

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--81

 

Question 80.  

Solution .80      

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--83

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--84

 

Question 81.

Solution .81

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--86

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--87

 

Question 82.   

Solution .82      

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--89

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--90

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--91

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--92

 

Question 83.  

Solution .83       

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--93

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--94

 

Question 84.  

Solution .84       

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--95

 

Question 85.   

Solution .85       

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--96

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--97

 

Question 86.  

Solution .86        

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--98

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner--99

New Ratio of A, B and C = 

(2) A’s Capital should be Rs. 70,000 whereas his existing capital is only Rs. 66,000. He will be bring Rs. 70,000 – Rs. 66,600 = Rs. 3,400 

(3) B’s Capital should be Rs. 30,000 whereas his existing capital is only Rs. 43,800. He will be bring Rs. 43,800 – Rs. 30,000 = Rs. 13,800 will be refunded.

 

Question 87.  

Solution .87

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-1

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-2

 

Question 88.  

Solution .88

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-4

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-5

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-6

 

Question 89. (A)   

Solution .89 (A)     

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-8

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-9

 

Question 89. (B)   

Solution .89 (B)

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-11

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-12

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-13

 

Question 89.  (C) 

Solution .89 (C)   

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-15

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-16

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-17

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-18

 

Question 90. (A)

Solution .90 (A)          

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-20

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-21

 

Question 90. (B)

Solution .90  (B)          

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-23

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-24

 

Question 91.  

Solution .91       

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-25

 

Question 92.  

Solution .92       

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-26

 

Question 93. 

Solution .93        

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-27

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-28

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-29

 

Question 94. 

Solution .94        

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-30

 

Question 95. 

Solution .95        

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-31

 

Question 96.

Solution .96

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-32

 

Question 97.  

Solution .97       

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-33

Question 98. 

Solution .98        

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-34

 

Question 99.  

Solution .99      

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-35

 

Question 100. 

Solution .100     

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-36

 

Question 101. 

Solution .101 

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-37

 

Question 102 (new). 

Solution .102

2016-17

90,000

2017-18

1,30,000

2018-19

86,000

During the year 2018-19 there was a loss of Rs. 20,000 due to fire which was not accounted for while calculating the profit. 
Calculate the value of goodwill and pass the necessary journal entries for the treatment of goodwill

 Class 12 Chapter 4 Admission of a partner

Working Note:-
Calculation of Average Profit:-
Average Profit = (90,000 + 1,30,000 + 86,000)/3
Average Profit = (90,000 + 1,30,000 + 86,000)/3
Average Profit = 3,06,000/3
Average Profit = Rs. 1,02,000

Calculation of Goodwill:-
Goodwill of the firm = Average Profits × Number of Years’ Purchase
Goodwill of the firm = Rs. 1,02,000 × 2
Goodwill of the firm = Rs. 2,04,000

Manik’s Goodwill = Rs. 2,04,000 × 1/4 = Rs. 51,000

 

Question 102.  

Solution .102    

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-38

 

Question 103. 

Solution .103 

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-39

 

Question 104.

Solution .104    

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-40

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-41

 

Question 105. 

Solution .105     

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-42

 

Question 106. 

Solution .106          

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-43

 

Question 107. 

Solution .107

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-44

 

Question 108.  

Solution .108

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-45

 

 

Question 109. 

Solution .109    

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-46

 

 

Question 110.

Solution .110

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-47

 

Question 111.

Solution .111     

 DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-48

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-49

 

Question 112. 

Solution .112    

 

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-50

 

Question 113.   

Solution .113

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-51

 

Question 114. 

Solution .114    

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-52

 

Question 115. 

Solution .115   

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-53

 

Question 116.  

Solution .116     

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-54

 

Question 117. 

Solution .117    

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-56

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-57

 

Question 118.  

Solution .118     

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-59

 

Question 119.  

Solution .119     

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-61

 

Question 120.

Solution .120     

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-63

Working Note:-

 

Calculation of Goodwill :-

Super Profit = Average Profit – Normal Profit

Super Profit = Rs. 2,20,000 – Rs. 1,40,000

Super Profit = Rs. 80,000

 

Goodwill = Super profit × No. of Year Purchases

Goodwill = Rs. 80,000 × 4

Goodwill = Rs. 3,20,000

 

C’s Share = Rs. 3,20,000 × 1/4 = Rs. 80,000

 

Question 121. 

Solution .121    

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-66

 

Question 122 (new). 

Solutio122 (new). 

Class 12 Chapter 4 Admission of a partner

Class 12 Chapter 4 Admission of a partner

 

Question 122.  

Solution .122    

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-68

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-69

 

Question 123. 

Solution .123       

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-71

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-72

 

Question 124. 

Solution .124    

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-74

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-75

Question 125.  

Solution .125

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-77

DK Goel Solutions Class 12 Accountancy Chapter 4 Admission of a Partner-78