TS Grewal Solutions<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\nTS Grewal Accountancy Class 12 Solutions Chapter 4 Admission of a Partner<\/h2>\n
Question 1.<\/strong><\/span>
\nX, Y and Z are partners sharing profits and losses in the ratio of 5 : 3 : 2 . They admit A into partnership and give him 1\/5th share of profits. Find the new profit-sharing ratio.
\nSolution:<\/strong><\/span>
\n<\/p>\nQuestion 2.<\/strong><\/span>
\nRavi and Mukesh are sharing profits in the ratio of 7 : 3. They admit Ashok for 3\/7th share in the firm which he takes 2\/7th from Ravi and 1\/7th from Mukesh. Calculate new profit-sharing ratio.
\nSolution:<\/strong><\/span>
\n<\/p>\nQuestion 3.<\/strong><\/span>
\nA and B are partners sharing profits and losses in the proportion of 7 : 5 . They agree to admit C, their manager, into partnership who is to get 1\/6th share in the profits. He acquires this share as 1\/24th from A and 1\/8th from B. Calculate new profit-sharing ratio.
\nSolution:<\/strong><\/span>
\n<\/p>\nQuestion 4.<\/strong><\/span>
\nA, B and C were partners in a firm sharing profits in the ratio of 3 : 2 : 1. They admitted D as a new partner for 1\/8th share in the profits, which he acquired 1\/16th from C. Calculate the new profit-sharing ratio of A, B, C and D.
\nSolution:<\/strong><\/span>
\n<\/p>\nQuestion 5.<\/strong><\/span>
\nBharati and Astha were partners sharing profits in the ratio of 3 : 2. They admitted Dinkar as a new partner for 1\/5th share in the future profits of the firm which he got equally from Bharati and Astha. Calculate the new profit-sharing ratio of Bharati, Astha and Dinkar.
\nSolution:<\/strong><\/span>
\n<\/p>\nQuestion 6.<\/strong><\/span>
\nX and Y are partners in a firm sharing profits and losses in the ratio of 3 : 2. Z is admitted as partner with 1\/4 share in profit. Z acquires his share from X and Y in the ratio of 2 : 1. Calculate new profit-sharing ratio.
\nSolution:<\/strong><\/span>
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\n<\/p>\nQuestion 7.<\/strong><\/span>
\nR and S are partners sharing profits in the ratio of 5 : 3. T joins the firm as a new partner. R gives 1\/4th of his share and S gives 1\/5th of his share to the new partner. Find out new profit-sharing ratio.
\nSolution:<\/strong><\/span>
\n<\/p>\nQuestion 8.<\/strong><\/span>
\nKabir and Farid are partners in a firm sharing profits and losses in the ratio of 7 : 3. Kabir surrenders 2\/10th from his share and Farid surrenders 1\/10th from his share in favour of Jyoti; the new partner. Calculate new profit-sharing ratio and sacrificing ratio.
\nSolution:<\/strong><\/span>
\n<\/p>\nQuestion 9.<\/strong><\/span>
\nFind New Profit-sharing Ratio:
\n(i) R and T are partners in a firm sharing profits in the ratio of 3 : 2. S joins the firm. R surrenders 1\/4th of his share and T 1\/5th of his share in favour of S.
\n(ii) A and B are partners. They admit C for 1\/4th share. In future , the ratio between A and B would be 2 : 1.
\n(iii) A and B are partners sharing profits and losses in the ratio of 3 : 2 . They admit C for 1\/5th share in the profit. C acquires 1\/5th of his share from A and 4\/5th share from B.
\n(iv) X, Y and Z are partners in the ratio of 3 : 2 : 1. W joins the firm as a new partner for 1\/6th share in profits. Z would retain his original share.
\n(v) A and B are equal partners. They admit C and D as partners with 1\/5th and 1\/6th share respectively.
\n(vi) A and B are partners sharing profits\/losses in the ratio of 3 : 2. C is admitted for 1\/4th share. A and B decide to share equally in future.
\nSolution:<\/strong><\/span>
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\n<\/p>\nQuestion 10.<\/strong><\/span>
\nX and Y were partners sharing profits in the ratio of 3 : 2. They admitted P and Q as new partners X surrendered 1\/3rd of his share in favour of P and Y surrendered 1\/4th of his share in favour of Q. Calculate new profit-sharing ratio of X, Y , P and Q.
\nSolution:<\/strong><\/span>
\n<\/p>\nQuestion 11.<\/strong><\/span>
\nRakesh and Suresh are sharing profits in the ratio of 4 : 3 . Zaheer joins and the new ratio among Rakesh, Suresh and Zaheer is 7 : 4 : 3. Find out the sacrificing ratio.
\nSolution:<\/strong><\/span>
\n<\/p>\nQuestion 12.<\/strong><\/span>
\nA, B and C are partners sharing profits in the ratio of 4 : 3 : 2. D is admitted for 1\/3rd share in future profits. What is the sacrificing ratio ?
\nSolution:<\/strong><\/span>
\n<\/p>\nQuestion 13.<\/strong><\/span>
\nA and B are partners sharing profits in the ratio of 3 : 2. C is admitted as a partner. The new profit-sharing ratio among A, B and C is 4 : 3 : 2 . Find out the sacrificing ratio ?
\nSolution:<\/strong><\/span>
\n<\/p>\nQuestion 14.<\/strong><\/span>
\nA, B, C and D are in partnership sharing profits and losses in the ratio of 36 : 24 : 20 : 20 respectively. E joins the partnership for 20 share and A, B, C and D in future would share profits among themselves as 3\/10 : 4\/10 : 2\/10 : 1\/10. Calculate new profit-sharing ratio after admission.
\nSolution:<\/strong><\/span>
\n<\/p>\nQuestion 15.<\/strong><\/span>
\nA, B and C are partners sharing profits in the ratio of 2 : 2 : 1. D is admitted as a new partner for 1\/6th share. C will retain his original share. Calculate the new profit-sharing ratio and sacrificing ratio.
\nSolution:<\/strong><\/span>
\n<\/p>\nQuestion 16.<\/strong><\/span>
\nA, B and C are partners sharing profits in the ratio of 2 : 2 : 1. D is admitted as a new partner for 1\/6th share. C will retain his original share. Calculate the new profit-sharing ratio and sacrificing ratio.
\nSolution:<\/strong><\/span>
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\n<\/p>\nQuestion 17.<\/strong><\/span>
\nA and B are in partnership sharing profits and losses as 3 : 2. C is admitted for 1\/4th share. Afterwards D enters for 20 paise in the rupee. Compute profit-sharing ratio of A, B, C and D after D admission.
\nSolution:<\/strong><\/span>
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\n<\/p>\nQuestion 18.<\/strong><\/span>
\nP and Q are partners sharing profits in the ratio of 3 : 2 . They admit R, a new partner who acquires 1\/5th of his share from P and 4\/25th share from Q. Calculate New Profit-sharing Ratio and sacrificing ratio.
\nSolution:<\/strong><\/span>
\n<\/p>\nQuestion 19.<\/strong><\/span>
\nA and B are partners sharing profits and losses in the ratio of 2 : 1 . They take C as a partner for 1\/5th share. The Goodwill Account appears in the books at its full value \u20b9 15,000. C is to pay proportionate amount as premium for goodwill which he pays to A and B privately. Pass necessary entries.
\nSolution:<\/strong><\/span>
\n<\/p>\nQuestion 20.<\/strong><\/span>
\nA and B are partners sharing profits and losses in the ratio of 2 : 5. They admit C on the condition that he will bring in \u20b9 14,000 as his share of goodwill in cash to be distributed between A and B. C’s share in the future profits or losses will be 1\/4th. What will be the new profit-sharing ratio and what amount of goodwill brought in by C will be received by A and B.
\nSolution:<\/strong><\/span>
\n<\/p>\nQuestion 21.<\/strong><\/span>
\nA and B are partners in a firm sharing profits and losses in the ratio of 3 : 2. A new partner C is admitted. A surrenders 1\/5th of his share and B surrenders 2\/5th of his share and B surrenders 2\/5th of his share in favour of C. For this purpose of C’s admission, goodwill of the firm is valued at \u20b9 75,000 and C brings in his share of goodwill in cash which is retained in the firm’s books. Journalise the above transactions.
\nSolution:<\/strong><\/span>
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\n<\/p>\nQuestion 22.<\/strong><\/span>
\nGive Journal entries to record the following arrangements in the books of the firm:
\n(a) B and C are partners sharing profits in the ratio of 3 : 2. D is admitted paying a premium (goodwill) of \u20b9 2,000 for 1\/4th share of the profits, shares shares of B and C remain as before.
\n(b) B and C are partners sharing profits in the ratio of 3 : 2. D is admitted paying a premium of \u20b9 2,100 for 1\/4th share of profits which he acquires 1\/6th from B and 1\/12th from C.
\nSolution:<\/strong><\/span>
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\n<\/p>\nQuestion 23.<\/strong><\/span>
\nB and C are in Partnership sharing profits and losses as 3 : 1. They admit D into the firm, D paying a premium of \u20b9 15,000 for 1\/3rd share of the profits. As between themselves, B and C agree to share the future profits and losses equally. Draft journal entries showing appropriations of the premium money.
\nSolution:<\/strong><\/span>
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\n<\/p>\nQuestion 24.<\/strong><\/span>
\nM and J are partners in a firm sharing profits in the ratio of 3 : 2. They admit R as a new partner. The new profit-sharing ratio between M, J and R will be 5 : 3 : 2. R brought in \u20b9 25,000 for his share of premium for goodwill. Pass necessary journal entries for the treatment of goodwill.
\nSolution:<\/strong><\/span>
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\n<\/p>\nQuestion 25.<\/strong><\/span>
\nA and B are in partnership sharing profitsand losses in the ratio of 5 : 3. C is admitted as a partner who pays \u20b9 40,000 as capital and the necessary amount of goodwill which is valued at \u20b9 60,000 for the firm. His share of profits will be 1\/5th which he takes 1\/10th from A and 1\/10th from B.
\nGive journal entries and also calculate future profit-sharing ratio of the partners.
\nSolution:<\/strong><\/span>
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\n<\/p>\nQuestion 26.<\/strong><\/span>
\nA and B are partners sharing profits and losses in the proportion of 7 : 5. They agree to admit C, their Manager, into partnership who is to get 1\/6th share in the business. C brings in \u20b9 10,000 for his capital and \u20b9 3,600 for the 1\/6th share of goodwill which he acquires 1\/24th from A and 1\/8th from B. Their profits for the first year of the new partnership amount to \u20b9 24,000. Pass necessary journal entries in connection with C’s admission and apportion the profits between the partners.
\nSolution:<\/strong><\/span>
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\n<\/p>\nQuestion 27.<\/strong><\/span>
\nX and Y are partners sharing profits in the ratio of 3 : 1. Z is admitted as a partner for which he pays \u20b9 30,000 for goodwill in cash. X, Y and Z decided to share the future profits in equal proportion. You are required to pass a single journal entry to give effect to the above arrangement.
\nSolution:<\/strong><\/span>
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\n<\/p>\nQuestion 28.<\/strong><\/span>
\nA 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 in \u20b9 30,000 as capital and \u20b9 10,000 as goodwill. At the time of admission of C, goodwill appears in the Balance Sheet of A and B at \u20b9 3,000. The new profit-sharing ratio of the partners will be 5 : 3 : 2. Pass necessary journal entries.
\nSolution:<\/strong><\/span>
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\n<\/p>\nQuestion 29.<\/strong><\/span>
\nAnu and Bhagwan were partners in a firm sharing profits in the ratio of 3 : 1. Goodwill appeared in the books at \u20b9 4,40,000. Raja was admitted to the partnership. The new profit-sharing ratio among Anu, Bhagwan and Raja was 2 : 2 : 1.
\nRaja brought \u20b9 1,00,000 for his capital and necessary cash for his goodwill premium. The goodwill of the firm was valued at \u20b9 2,50,000.
\nRecord necessary journal entries in the books of the firm for the above transactions.
\nSolution:<\/strong><\/span>
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\n<\/p>\nQuestion 30.<\/strong><\/span>
\nX and Y are partners in a firm sharing profits in the ratio of 3 : 2. On 1st April, 2018, they admit Z as a new partner for 1\/4th share in the profits. Z contributed following assets towards his capital and for his share of goodwill:
\nStock \u20b9 60,000; Debtors \u20b9 80,000; Land \u20b9 1,00,000; Plant and Machinery; \u20b9 40,000. On the date of admission of Z, the goodwill of the firm was valued at \u20b9 6,00,000. Pass necessary journal entries in the books of the firm on Z’s admission.
\nSolution:<\/strong><\/span>
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\n<\/p>\nQuestion 31.<\/strong><\/span>
\nA and B are partners in a business sharing profits and losses in the ratio of 1\/3rd and 2\/3rd. On 1st April, 2018, their capitals are \u20b9 8,000 and \u20b9 10,000 respectively. On that date, they admit C in partnership and give him 1\/4th share in the future profits. C brings in \u20b9 8,000 as his capital and \u20b9 6,000 as goodwill. The amount of goodwill is immediately withdrawn by the old partners in cash. Draft the journal entries and show the Capital Accounts of all the Partners. Calculate proportion in which partners would share profits and losses in future.
\nSolution:<\/strong><\/span>
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\n<\/p>\nQuestion 32.<\/strong><\/span>
\nA and B were partners in a firm sharing profits and losses in the ratio of 3 : 2. They admitted C as a new partner for 3\/7th share in the profit and the new profit-sharing ratio will be 2 : 2 : 3. C brought \u20b9 2,00,000 as his capital and \u20b9 1,50,000 as premium for goodwill. Half of their share of premium was withdrawn by A and B from the firm. Calculate sacrificing ratio and pass necessary journal entries for the above transactions in the books of the firm.
\nSolution:<\/strong><\/span>
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\nQuestion 33.<\/strong><\/span>
\nA and B are partners sharing profits in the ratio of 2 : 1. They admit C for 1\/4th share in profits C brings in \u20b9 30,000 for his capital and \u20b9 8,000 out of his share \u20b9 10,000 for goodwill. Before admission, goodwill appeared in books at \u20b9 18,000. Give journal entries to give effect to the above arrangements.
\nSolution:<\/strong><\/span>
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\n<\/p>\nQuestion 34.<\/strong><\/span>
\nA and B are partners sharing profits in the ratio of 3 : 2 . They admit C into the firm for 1\/4th share in profits which he takes 1\/6th from A and 1\/12th from B. C brings in only 60% of his share of firm’s goodwill. Goodwill of the firm has been valued at \u20b9 1,00,000. Pass necessary journal entries to record this arrangement.
\nSolution:<\/strong><\/span>
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\n<\/p>\nQuestion 35.<\/strong><\/span>
\nOn the admission of Rao, it was agreed that the goodwill of Murty and Shah should be valued at\u00a0\u20b9 30,000. Rao is to get 1\/4th share of profits. Previously Murty and Shah shared profits in the ratio of 3 : 2. Rao cannot bring in any cash. Give journal entries in the books of Murty and Shah when:
\n(a) there is no Goodwill Account and
\n(b) Goodwill appears in the books at \u20b9 10,000.
\nSolution:<\/strong><\/span>
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\n<\/p>\nQuestion 36.<\/strong><\/span>
\nA and B are partners sharing profits in the ratio of 3 : 2. Their books show goodwill at \u20b9 2,000. C is admitted with 1\/4th share of profits and brings in \u20b9 10,000 as his capital but is not able to bring in cash for his share of goodwill \u20b9 3,000. Draft journal entries.
\nSolution:<\/strong><\/span>
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\n<\/p>\nQuestion 37.<\/strong><\/span>
\nA, B and C are in partnership sharing profits and losses in the ratio of 5 : 4 : 1 respectively. Two new partners D and E are admitted. The profits are now to be shared in the ratio of 3 : 4 : 2 : 2 : 1 respectively. D is to pay \u20b9 90,000 for his share of Goodwill but E has insufficient cash to pay for Goodwill. Both the new partners introduced \u20b9 1,20,000 each as their capital. You are required to pass necessary journal entries.
\nSolution:<\/strong><\/span>
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\n<\/p>\nQuestion 38.<\/strong><\/span>
\nMohan and Sohan were partners in a firm sharing profits and losses in the ratio of 3 : 2. They admitted Ram for 1\/4th share on 1st April, 2018. It was agreed that goodwill of the firm will be valued at 3 years purchase of the average profit of last 4 years which were \u20b9 50,000 for 2014-15, \u20b9 60,000 for 2015-16, \u20b9 90,000 for 2016-17 and \u20b9 70,000 for 2017-18. Ram did not bring his share of goodwill premium in cash. Record the necessary journal entries in the books of the firm on Ram’s admission when:
\n(a) Goodwill appears in the books at \u20b9 2,02,500.
\n(b) Goodwill appears in the books at \u20b9 2,500.
\n(c) Goodwill appears in the books at \u20b9 2,02,000.
\nSolution:<\/strong><\/span>
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\n<\/p>\nQuestion 39.<\/strong><\/span>
\nAnil and Sunil are partners in a firm with fixed capitals of \u20b9 3,20,000 and \u20b9 2,40,000 respectively. They admitted Charu as a new partner for 1\/4th share in the profits of the firm on 1st April, 2012. Charu brought \u20b9 3,20,000 as her share of capital.
\nCalculate value of goodwill and record necessary journal entries.
\nSolution:<\/strong><\/span>
\n<\/p>\nQuestion 40.<\/strong><\/span>
\nA and B are partners in a firm with capital of \u20b9 60,000 and \u20b9 1,20,000 respectively. They decide to admit C into the partnership for 1\/4th share in the future profits. C is to bring in a sum of \u20b9 70,000 as his capital. Calculate amount of goodwill.
\nSolution:<\/strong><\/span>
\n<\/p>\nQuestion 41.<\/strong><\/span>
\nBhuwan and Shivam were partners in a firm sharing profits in the ratio of 3 : 2. Their capitals were \u20b9 50,000 and \u20b9 75,000 respectively. They admitted Atul on 1st April, 2018 as a new partner for 1\/4th share in the future profits. Atul brought \u20b9 75,000 as his capital. Calculate the value of goodwill of the firm and record necessary journal entries for the above transactions on Atul’s admission.
\nSolution:<\/strong><\/span>
\n<\/p>\nQuestion 42.<\/strong><\/span>
\nX and Y are partners with capitals of \u20b9 50,000 each. They admit Z as a partner with 1\/4th share in the profits of the firm. Z brings in \u20b9 80,000 as his share of capital. The Profit and Loss Account showed a credit balance of \u20b9 40,000 as on date of admission of Z. Give necessary journal entries to record the goodwill.
\nSolution:<\/strong><\/span>
\n<\/p>\nQuestion 43.<\/strong><\/span>
\nAsin and Shreyas are partners in a firm. They admit Ajay as a new partner with 1\/5th share in the profits of the firm. Ajay brings \u20b9 5,00,000 as his share of capital. The value of the total assets of the firm was \u20b9 15,00,000 and outside liabilities were valued at \u20b9 5,00,000 on that date. Give necessary journal entry to record goodwill at the time of Ajay’s admission. Also show your workings.
\nSolution:<\/strong><\/span>
\n<\/p>\nQuestion 44.<\/strong><\/span>
\nVerma 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 \u20b9 20,000 as capital and \u20b9 4,000 as his share of goodwill premium. Give the necessary journal entries:
\n(a) When the amount of goodwill is retained in the business.
\n(b) When the amount of goodwill is fully withdrawn.
\n(c) When 50% of the amount of goodwill is withdrawn.
\n(d) When goodwill is paid privately.
\nSolution:<\/strong><\/span>
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\n<\/p>\nQuestion 45.<\/strong><\/span>
\nDisha and Divya are partners in a firm sharing profits in the ratio of 3 : 2 respectively. The fixed capital of Disha is \u20b9 4,80,000 and of Divya is \u20b9 3,00,000. On 1st April, 2018 they admitted Hina as a new partner for 1\/5th share in future profits. Hina brought \u20b9 3,00,000 as her capital. Calculate value of goodwill of the firm and record necessary journal entries on Hina’s admission.
\nSolution:<\/strong><\/span>
\n<\/p>\nQuestion 46.<\/strong><\/span>