Admission of Partner
I. Following QUESTIONS are of 1 Mark .
Calculation of New Profit Sharing Ratio
1. A and B are Partners sharing Profits and Losses in the ratio 3:1. C was admitted as a new Partner for 1/4th share. Calculate the new Profit sharing ratio.
2. A and B are Partners sharing Profits and Losses in the ratio 2:3. C was admitted as a new Partner for 1/5th share. Calculate the new Profit sharing ratio.
3. A, B and C are Partners sharing profits and losses in the ratio3:1:1. D is admitted as a new partner for 1/5th share and C retains his original share. Calculate the NPSR.
4. P, Q and R are Partners sharing profits and losses in the ratio 3:2:1. S is admitted as a new partner for 1/6th share and Q retains his original share. Calculate the NPSR.
5. A and B are Partners sharing Profits and Losses in the ratio 3:2. C was admitted as a new Partner for 1/4th share. A and B will share future profits in the ratio 2:1. Calculate the new Profit sharing ratio.
6. A and B are Partners sharing Profits and Losses in the ratio 5:3. C was admitted as a new Partner for 1/5th share. A and B will share future profits in the ratio 1:1. Calculate the new Profit sharing ratio.
7. A and B are Partners sharing Profits and Losses in the ratio 3:2. C was admitted for 3/7th share. which he acquires 2/7th from A and 1/7th from B. Calculate the new Profit sharing ratio.
8. M and N are Partners sharing Profits and Losses in the ratio 5:3. O was admitted for 1/5th share which he acquires 1/10th from M and 1/10th from N.. Calculate the new Profit sharing ratio.
9. X and Y are Partners sharing Profits and Losses in the ratio 3:2. Z was admitted as a new partner. X surrendered 1/5th of his share and Y surrendered 2/5th of his share in flavor of Z Calculate the new Profit sharing ratio.
10.X and Y are Partners sharing Profits and Losses in the ratio 4:3. Z was admitted as a new partner. X surrendered 1/4th of his share and Y surrendered
1/3rd of his share in flavor of Z Calculate the new Profit sharing ratio.
11.X and Y are Partners sharing Profits and Losses in the ratio 9:6. Z was admitted as a new partner. X surrendered 3/15th of his share and Y surrendered 6/15th of his share in flavor of Z Calculate the new Profit sharing ratio.
12.X and Y are Partners sharing Profits and Losses in the ratio 3:2. Z was admitted as a new partner. X gives 1/3rd of his share and Y gives 1/10th from his share Calculate the new Profit sharing ratio.
13.A, B ,C and D are Partners sharing profits and losses in the ratio 9:6:5:5 respectively. E joined the firm as a new partner for 20% share. A,B C and D would in future share profits among themselves as 3:4:2:1.Calculate the NPSR.
14. A and B are Partners sharing Profits and Losses in the ratio 3:1. C was admitted as a new Partner for 1/4th share. C acquired his share in the proportion 2:1. Calculate the new Profit sharing ratio.
15. A and B are Partners sharing Profits and Losses in the ratio 4.1 C was admitted as a new Partner for 1/5th share. C acquired his share in the proportion 3:2. Calculate the new Profit sharing ratio.
16. P, Q and R are Partners sharing profits and losses in the ratio 3:2:1. S is admitted as a new partner for 1/6th share and the new profit sharing ratio will be 4:3:3:2. Calculate the Sacrificing share
17.A and B are Partners sharing Profits and Losses in the ratio 4.3 C was admitted as a new Partner for 1/5th share. C acquired his share in the proportion 3:2. Calculate the new Profit sharing ratio.
18.Ajit, Baljit and Charanjit are partners sharing profits in 5 : 3 : 2 ratio . They admitted Ajit’s son Daljit for 1/8th of the share which he acquired entirely from his father Ajit. Calculate new profit sharing ratio.
19.Mohan and Sohan are partners sharing profits in the ration of 3 : 2. They admit Karan and give him 1/5th share. He gets it equally from Mohan and Sohan. Find out the new ratio.
20.Amar, Bharat and Charat are partners sharing profits in the ratio of 5 : 3 : 2. They admit Sheetal and give him 20 % share. He gets his share from the old partners in their old ratio of 5 : 3 : 2. Calculate the new ratio.
21. Anu , Beena and Leena are sharing profits in the ratio of 5 : 3 : 2 . They admit Disha and give her 1/8th share, which she gets from Anu, Beena and Lena in the ratio of 3: 2: 1. Calculate the new ratio.
22. X and Y share profits in the ratio of 3: 2. They admit Z with 3/7 share in profits. He gets this share as 1/7 from X and 2/7 from Y. Calculate the new ratio.
23. Lalit, Mohan and Narinder share profits in the ratio of 3: 2: 1. They admit Upendra with 1/8th share in future profits. Calculate the new ratio.
24. Ajit and Baljit are partners sharing profits in the ratio of 3: 2. They admit Surjit as a new partner.Ajit surrenders 1/4th of his share and Baljit sacrifices 1/5th of his share. Calculate the new ratio.
25. A, B and C are partners sharing profits as 5 : 3 : 2 . They admit D and give him 1/5th of the share. It is decided that C’s share will not change. Calculate new ratio.
26. Amar and Akbar share profits in the ratio of 3 ; 2. They admit Babar with 1/6th of the share. Calculate the new ratio and sacrificing ratio.
27. X & Y share profits in the ratio of 4: 1. They admit Z with 1/5th share, which he gets only from X. Calculate new ratio and sacrificing ratio.
28.Laxman and Mohan share profits in the ratio of 5: 2. They admit Sunder with 1/8TH share. Sunder gets it:
a) equally from Laxman and Mohan
b) In the ratio of 3: 1 from Laxman and Mohan respectively.
Calculate the sacrificing ratio in both the above cases.
29.Preeti and Ritu share in the ratio of 7: 3. The admit Anshu. Preeti gives 1/3rd of her share and Ritu give 1/4th of her share to Anshu. Calculate Sacrificing ratio.
30.Seeta and Geeta shared profits in the ratio of 3: 2. Rita was admitted with 1/5th share. It was agreed that Seeta and Geeta will share future profits in the ratio of 2: 1. Calculate the new ratio and the sacrificing ratio.
31.Mala and Shalu shared pforits in the ratio of 3: 2. They admitted Kamala and agreed that their ratio will be 5: 3: 2. Calculate the sacrificing ratio.
32.Akash and Prakash shared profits as 2 : 3 . They admit Sudesh as a new partner. Akash, Prakash and Sudesh decide to share their profits in the ratio of 3: 2: 2 respectively. Calculate the gain or sacrifice made by each of the old partners on the admission of Sudesh.
II. Following QUESTIONS are of 3 Marks.
Treatment of Goodwil
1) M and J are partners sharing profits in the ratio of 3:2. They admitted R as a new partner. The new profit sharing ratio between M, J and R will be 5:3:2. R brought `25,000 for his share of Goodwill. Pass the necessary journal entries for goodwill.
2) Piyush and Deepika are partners sharing profits in the ratio of 7:3. They admit Seema as a new partner paying `4,000 as premium for 1/5th share. The new profit being 5:3:2. Pass journal entries.
3) A and B are partner sharing profits in the ratio of 3:2. Goodwill appears in their books at `3,000. They admit C into partnership, C paying a premium of `1,000 for one-fourth share in profits. A and B as between themselves sharing profits as before.
4) A and B are partners sharing profits in the ratio of 3:2. They admit C as new partner. C pays a premium of `3,000 for 3/10 share of profits which he acquires from A and B in the ratio of 2:1. Goodwill account appears in the books at `2,000. Pass journal entries.
5) A , B and C are partners sharing profits in the ratio of 5:3:2. Goodwill is appearing in the books at `50,000. D is admitted to the partnership, the new profit sharing ratio between A, B,C and D being 3:3:2:2. Pass the journal entries for Goodwill if the new partner D brings `1,00,000 for capital and cash for his share of goodwill. The goodwill of the firm is valued at `1,20,000 and it is not to appear in the books after D’s admission.
6) A and B are partners sharing profits in the ratio of 2:1. They admit C for 1/4th share in profits. C brings `30,000 for his capital and `8,000 out of his share of `10,000 for goodwill. Before admission goodwill appeared in books at `18,000. Pass journal entries.
7) E and F were partners in a firm sharing in the ratio of 3:1. They admitted G as a new partner on 1.3.2005 for 1/3rd share. It was decided that E, F and G will share future profits equally. G brought `50,000 in cash and machinery worth `70,000 for his share of profit as premium for goodwill. Pass necessary journal entries.
8) A and B are partners in a firm sharing profits in the ratio of 3:2. They admit C into partnership for 1/5th share. C brings `30,000 as capital and `10,000 as premium for goodwill. New profit sharing ratio of partners shall be 5:3:2. Pass necessary journal entries.
9) A and B are partners in a firm sharing profits in the ratio of 3:2. They admit C into partnership. C is paying a premium of `1,000 for 1/4th share of the profits. A, B and C decided to share the future in the ratio of 3:3:2. Pass journal entries.
10)A and B are partners in a firm sharing profits equally. They admit C into partnership. C pays only `1,000 for premium, out of his share of premium of `1,800 for 1/4th share of profit. Give necessary journal entries if the new profit sharing ratio is 7:5:4.
11)A and B are partners in a firm sharing profits in the ratio of 3:2. They admit C into partnership for 1/5th share in profits. C brought in `80,000 as his share of capital and `24,000 as premium. The new profit sharing ratio of A, B and C will be 5:3:2. Pass journal entries.
12)A and B are partners in a firm sharing profits in the ratio of 5:3. They admit C into partnership for 3/10th share in profits which he takes 2/10 from A and 1/10th from B, C brings in `3,000 as premium in cash out of his share of `7,800. Goodwill does not appear in the books of A and B. Pass journal entries.
13)A and B are partners in a firm with capitals of `26,000 and `22,000. They admit C as a partner for 1/4th share in profits of the firm. C brings `26,000 as his share of goodwill. Pass journal entries.
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