ADMISSION OF A PARTNER4.231(A) 4:3:5(C) 1:2:2() 2:2:1(D) 2:1:2HOTS61. A and B are partners sharing profits in the ratio of 2: 3. Their Balance Sheetshows Machinery at 2,00,000; Stock at 780,000 and Debtors at 1,60,000.Cis admitted and new profit sharing ratio is agreed at 6:9:5. Machinery isrevalued at 1,40,000 and a provision is made for doubtful debts @5%. A'sshare in loss on revaluation amount to 20,000. Revalued value of Stock willbe:6060.000(A) 62,000(B) 1,00,000(C) 60,000(D) 98,00062. A, B and C are partners sharing profits in ratio of 3:2:1. They agree to admitD into the firm. A, B and C agreed to give 1/3rd, 1/6th, 1/9th share of theirprofit. The share of profit of D will be:(A)1011(B)5412(C)5413(D)5463. Xand Y are partners sharing profits in the ratio 2:3. They admitted Z for 1/5thshare of profits, for which he paid 1,20,000 against capital and 60,000 asgoodwill. Find the capital balances for each partner taking Z's capital as basecapital.(A) 23,00,000, 1,20,000 and 1,20,000(B) 3,00,000, 1,20,000 and 1,80,000(C) 1,92,000, 2,88,000 and 1,20,000(D) 3,00,000, 1,80,000 and 1,80,00064. A, B, CandD are partners. A and B share 2/3rd of profits equally and C and Dshare remaining profits in the ratio of 3: 2. Find the profit sharing ratio of A,B, C and D.(A) 5:5:3:2(C) 2.5:2.5:8:6(B) 7:7:6:4(D) 3:9:8:3in case of admisstion of a65. Sacrificing ratio is used to distributepartner:(AL Reserves(B) Goodwillin Brofit and Loss Account

61. A and B are partners sharing profits in the ratio of 2:3. Their Balance St shows Machinery at 2,00,000; Stock at 80,000 and Debtors at 1,60, Cis admitted and new profit sharing ratio is agreed at 6:9:5. Machiner revalued at 1,40,000 and a provision is made for doubtful debts @5%. share in loss on revaluation amount to 20,000. Revalued value of Stock G0.000 be: (A) 262,000 (B) 1,00,000 (C) 260,000 (D) 98,000

61. A and B are partners sharing profits in the ratio of 2:3. Their Balance St shows Machinery at 2,00,000; Stock at 80,000 and Debtors at 1,60, Cis admitted and new profit sharing ratio is agreed at 6:9:5. Machiner revalued at 1,40,000 and a provision is made for doubtful debts @5%. share in loss on revaluation amount to 20,000. Revalued value of Stock G0.000 be: (A) 262,000 (B) 1,00,000 (C) 260,000 (D) 98,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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X and Y are partners sharing profits 6:4, respectively. Capital accounts as of October are 1, 2021 X-P 560,000, Y-P 480,000 They agree to admit Z as a new partner with an investment of P260,000 for a interest in the partnership and that the assets are fairly valued, what would be the capital of Y after the admission of Z? A. P 480,000 B. P 506,000 C. P 454,000 D. P325,000
X and Y are partners sharing profits 6:4, respectively. Capital accounts as of October are 1, 2021 X-P 560,000, Y-P 480,000 They agree to admit Z as a new partner with an investment of P260,000 for a interest in the partnership and that the assets are fairly valued, what would be the capital of Y after the admission of Z? A.P 480,000 B.P 506,000 C.P 454,000 D. P325,000
GWS and BCP organized the GB Partnership on January 1, 2018. The following entries were made in their capital accounts during 2018. Debit Credit GWS, Capital: January 1 April 1 October 1 P315,000 P105,000 175,000 Debit Credit ВСР, Саpital: January 1 March P413,000 1 September 1 November 1 52,500 105,000 94,500 Required: А. If the partnership profit for the year 2018 computed before salaries or interest is P217,000, determine its distribution between the partners under each of the following independent profit-sharing agreements: (1) Interest at 6% is allowed on average capital investments and the remainder of the profit is divided equally. (2) A salary of P126,000 is to be credited to BCP, 6% interest is allowed on each partner on his ending capital balance and the remainder of the profit in the ratio of 3:2. Salaries are allowed GWS and BCP in amounts of P119,000 and P133,000, respectively, and the remaining profit or resulting loss is divided in the ratio of average capital balance.…
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