CBSE-CLASS-XII SERIES Accountancy
Admission Of A Partner
15 previous year questions.
Volume: 15 Ques
Yield: Medium
High-Yield Trend
15
2025 Chapter Questions 15 MCQs
01
PYQ 2025
easy
accountancy ID: cbse-cla
Rani, Maharani and Laxmi were partners in a firm sharing profits and losses in the ratio of 3 : 3 : 2. On 1stApril, 2024 they admitted Reena as a new partner for share in the profits of the firm. Reena acquired her share from Rani and Maharani in the ratio of 3 : 2. The new profit sharing ratio between Rani, Maharani, Laxmi and Reena will be :
1
51 : 59 : 40 : 50
2
51 : 59 : 50 : 40
3
59 : 51 : 50 : 40
4
40 : 51 : 59 : 50
02
PYQ 2025
hard
accountancy ID: cbse-cla
Alok, Sameer and Tushar were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 2. With effect from 1st April, 2024, they decided to share future profits and losses in the ratio of 3 : 2 : 4. Their Balance Sheet as at 31st March, 2024 showed the following: (i) Advertisement Suspense Account \u20b9 90,000.
(ii) Credit Balance of \u20b9 2,70,000 in Profit and Loss Account.
Goodwill of the firm was valued at \u20b9 4,50,000 and revaluation of assets and liabilities resulted in a loss of \u20b9 1,80,000. Partners did not want to distribute the amount of Advertisement Suspense Account and the Profit and Loss Account. They also decided that revalued values of assets and liabilities were not to be recorded in the books. Pass a single adjustment entry to give effect to the above. Also show your workings clearly.
(ii) Credit Balance of \u20b9 2,70,000 in Profit and Loss Account.
Goodwill of the firm was valued at \u20b9 4,50,000 and revaluation of assets and liabilities resulted in a loss of \u20b9 1,80,000. Partners did not want to distribute the amount of Advertisement Suspense Account and the Profit and Loss Account. They also decided that revalued values of assets and liabilities were not to be recorded in the books. Pass a single adjustment entry to give effect to the above. Also show your workings clearly.
03
PYQ 2025
hard
accountancy ID: cbse-cla
Atharv and Anmol were partners in a firm sharing profits and losses in the ratio of 5 : 2. Their Balance Sheet as at 31st March, 2024 was as follows:
Surya was admitted for share in profits. Terms:
New ratio: Atharv, Anmol, Surya = 4 : 1 : 2
Fixed Assets decreased 10%
Stock sold ₹ 4,20,000
Surya brings ₹ 3,00,000 capital, ₹ 2,00,000 goodwill
Capital adjusted to Surya's capital Prepare Revaluation A/c and Capital A/cs.
Balance Sheet of Atharv and Anmol as at 31st March, 2024
| Liabilities | Amount (₹) | Assets | Amount (₹) |
|---|---|---|---|
| Capitals: | Fixed Assets | 14,00,000 | |
| Atharv | 8,00,000 | Stock | 4,90,000 |
| Anmol | 4,00,000 | Debtors | 5,60,000 |
| General Reserve | 3,50,000 | Cash | 10,000 |
| Creditors | 9,10,000 | ||
| Total | 24,60,000 | Total | 24,60,000 |
New ratio: Atharv, Anmol, Surya = 4 : 1 : 2
Fixed Assets decreased 10%
Stock sold ₹ 4,20,000
Surya brings ₹ 3,00,000 capital, ₹ 2,00,000 goodwill
Capital adjusted to Surya's capital Prepare Revaluation A/c and Capital A/cs.
04
PYQ 2025
hard
accountancy ID: cbse-cla
Kishore and Ranjan were partners in a firm sharing profits and losses in the ratio of 3 : 2. On 1stApril, 2024, their Balance Sheet was as follows :
Balance Sheet of Kishore and Ranjan as at 1stApril, 2024
On the above date, Singh was admitted as a new partner on the following terms :
(i) Singh will bring as his capital and as his share of goodwill premium.
(ii) The value of stock will be reduced by 10% and Land and Building will be appreciated by 10%.
(iii) Furniture will be revalued at .
(iv) A provision for doubtful debts will be created on sundry debtors at 5%.
(v) Investments worth not mentioned in the Balance Sheet will be taken into account.
(vi) A creditor of is not likely to claim his money and is to be written off.
Pass necessary journal entries for the above transactions in the books of the firm on Singh's admission.
Balance Sheet of Kishore and Ranjan as at 1stApril, 2024
| Liabilities | Amount (₹) | Assets | Amount (₹) |
|---|---|---|---|
| Sundry Creditors | 1,80,000 | Cash in hand | 30,000 |
| General Reserve | 20,000 | Debtors | 1,20,000 |
| Capitals: | Kishore – 6,00,000 | Stock | 1,50,000 |
| Ranjan – 4,00,000 | Furniture | 1,00,000 | |
| Land and Building | 8,00,000 | ||
| Total | 12,00,000 | Total | 12,00,000 |
(i) Singh will bring as his capital and as his share of goodwill premium.
(ii) The value of stock will be reduced by 10% and Land and Building will be appreciated by 10%.
(iii) Furniture will be revalued at .
(iv) A provision for doubtful debts will be created on sundry debtors at 5%.
(v) Investments worth not mentioned in the Balance Sheet will be taken into account.
(vi) A creditor of is not likely to claim his money and is to be written off.
Pass necessary journal entries for the above transactions in the books of the firm on Singh's admission.
05
PYQ 2025
easy
accountancy ID: cbse-cla
Vinay and Pankaj were partners in a firm sharing profits and losses in the ratio of 3 : 2. The following is the extract of their Balance Sheet as at 31st March, 2024 : Balance Sheet of Vinay and Pankaj as at 31st March, 2024
On 1st April, 2024, Parth was admitted as a new partner for share in the profits of the firm on the following terms:
Market value of investments was \u20b9 13,00,000.
Claim on account of Workmen Compensation was estimated at \u20b9 9,00,000.
Pass necessary journal entries for treatment of Investment Fluctuation Fund and Workmen Compensation Fund on the date of Parth\u2019s admission.
| Liabilities | Amount (₹) | Assets | Amount (₹) |
|---|---|---|---|
| Investment Fluctuation Fund | 6,00,000 | Investments | 15,00,000 |
| Workmen Compensation Fund | 8,00,000 |
Market value of investments was \u20b9 13,00,000.
Claim on account of Workmen Compensation was estimated at \u20b9 9,00,000.
Pass necessary journal entries for treatment of Investment Fluctuation Fund and Workmen Compensation Fund on the date of Parth\u2019s admission.
06
PYQ 2025
hard
accountancy ID: cbse-cla
Nita, Vidur and Mita were partners in a firm sharing profits and losses in the ratio of 3 : 4 : 1. On 1st April 2024, they decided to admit Samir as a new partner. The new profit sharing ratio between Nita, Vidur, Mita and Samir will now be 1 : 1 : 1 : 1. The balance sheet of Nita, Vidur and Mita before Samir’s admission showed machinery at ₹ 6,00,000. On the date of admission, it was found that the machinery is overvalued by 20%. The value of machinery shown in the new Balance Sheet after Samir’s admission will be :
1
₹ 7,50,000
2
₹ 4,80,000
3
₹ 7,20,000
4
₹ 5,00,000
07
PYQ 2025
hard
accountancy ID: cbse-cla
Moksh and Pran were partners in a firm sharing profits and losses in the ratio of 1 : 2. Their capitals were ₹ 5,00,000 and ₹ 3,00,000 respectively. They admitted Tushar as a new partner on 1st April, 2024 for 1/4th share in future profits. Tushar brought ₹ 4,00,000 as his share of capital. The goodwill of the firm on Tushar’s admission will be :
1
₹ 16,00,000
2
₹ 4,00,000
3
₹ 8,00,000
4
₹ 12,00,000
08
PYQ 2025
hard
accountancy ID: cbse-cla
Aryan and Adya were partners in a firm sharing profits and losses in the ratio of 3 : 1. Their Balance Sheet on 31st March, 2024 was as follows :
Balance Sheet (Before Dev's Admission)
| Liabilities | Amount (₹) | Assets | Amount (₹) |
|---|---|---|---|
| Capital: Aryan | 3,20,000 | Machinery | 3,90,000 |
| Capital: Adya | 2,40,000 | Furniture | 80,000 |
| Workmen’s Compensation Reserve | 20,000 | Debtors | 90,000 |
| Bank Loan | 60,000 | Less: Provision for Doubtful Debts | (1,000) |
| Creditors | 48,000 | Net Debtors | 89,000 |
| Stock | 77,000 | ||
| Cash | 32,000 | ||
| Profit and Loss A/c | 20,000 | ||
| Total | ₹6,88,000 | Total | ₹6,88,000 |
Note:
- Dev was admitted on 1st April 2024 for 1/5th share in profits.
- Adjustments on admission included:
- Revaluation of Machinery
- Provision for Doubtful Debts created
- Goodwill brought in cash
- A liability of ₹3,500 was not likely to arise and to be written back
09
PYQ 2025
hard
accountancy ID: cbse-cla
John and Harry were partners in a firm sharing profits and losses in the ratio of 2 : 1. On 1stApril, 2023, they admitted Dinesh as a new partner for share in the profits of the firm with a guarantee that his share in the profits shall be at least . The net profit of the firm for the year ended 31stMarch, 2024 was . John’s share in the profits of the firm after giving the guaranteed amount of profit to Dinesh will be :
1
2
3
4
10
PYQ 2025
hard
accountancy ID: cbse-cla
Rakesh and Somesh were partners in a firm sharing profits and losses in the ratio of 2 : 3. Moksh was admitted as a new partner for share in the profits of the firm. Moksh brought as his share of capital and as his share of goodwill premium. The value of the firm’s goodwill was:
1
(₹~30,00,000\)
2
(₹~20,00,000\)
3
(₹~15,00,000\)
4
(₹~10,00,000\)
11
PYQ 2025
medium
accountancy ID: cbse-cla
Vishal and Pulkit were partners in a firm sharing profits and losses in the ratio of 7:3. Following is the extract of their Balance Sheet as on 31st March, 2024. Liabilities: Investment Fluctuation Fund ₹ 5,00,000
Workmen Compensation Fund ₹ 25,00,000 Assets: Investments ₹ 50,00,000 On 1st April, 2024, Tarun was admitted for 1/10 share. (i) Market value of investments ₹ 44,00,000.
(ii) Claim for workmen compensation ₹ 25,00,000. Pass necessary journal entries.
Workmen Compensation Fund ₹ 25,00,000 Assets: Investments ₹ 50,00,000 On 1st April, 2024, Tarun was admitted for 1/10 share. (i) Market value of investments ₹ 44,00,000.
(ii) Claim for workmen compensation ₹ 25,00,000. Pass necessary journal entries.
12
PYQ 2025
medium
accountancy ID: cbse-cla
Sudhir and Balbir were partners in a firm sharing profits and losses in the ratio of 5 : 4. The following is the extract of their Balance Sheet as at 31st March, 2024:
Balance Sheet of Sudhir and Balbir as at 31\textsuperscript{st March, 2024}
On 1st April, 2024, Sushant was admitted as a new partner for th share in the profits of the firm on the following terms:
(i) Market value of investments was ₹ 60,00,000.
(ii) Claim on account of Workmen Compensation was estimated at ₹ 41,00,000.
Pass necessary journal entries for treatment of Investment Fluctuation Fund and Workmen Compensation Fund on the date of Sushant’s admission.
Balance Sheet of Sudhir and Balbir as at 31\textsuperscript{st March, 2024}
| Liabilities | Amount (₹) | Assets | Amount (₹) |
|---|---|---|---|
| Investment Fluctuation Fund | 15,00,000 | Investments | 75,00,000 |
| Workmen Compensation Fund | 50,00,000 |
On 1st April, 2024, Sushant was admitted as a new partner for th share in the profits of the firm on the following terms:
(i) Market value of investments was ₹ 60,00,000.
(ii) Claim on account of Workmen Compensation was estimated at ₹ 41,00,000.
Pass necessary journal entries for treatment of Investment Fluctuation Fund and Workmen Compensation Fund on the date of Sushant’s admission.
13
PYQ 2025
medium
accountancy ID: cbse-cla
Rajat and Samar were partners in a firm sharing profits and losses in the ratio of 5 : 3. Tarun was admitted as a new partner for share in the profits of the firm. Tarun brought as his share of capital and as his share of goodwill premium. The value of goodwill of the firm was:
1
₹~7,50,000
2
₹~12,50,000
3
₹~15,00,000
4
₹~20,00,000
14
PYQ 2025
medium
accountancy ID: cbse-cla
On 1st April, 2023, Bhanu and Dhruv were partners in a firm sharing profits and losses in the ratio of 3 : 2. On that date their capitals were ₹ 1,80,000 and ₹ 1,20,000 respectively. They admitted Rajat as a new partner with 1/4th share in the profits. Rajat brought ₹ 2,00,000 as his capital. The new profit sharing ratio was 2 : 1 : 1. Calculate the value of goodwill of the firm and record the necessary journal entry for adjustment of goodwill.
15
PYQ 2025
medium
accountancy ID: cbse-cla
When a partner brings capital at the time of admission, it is credited to:
1
Partner’s Capital Account
2
Partner’s Drawing Account
3
Partner’s Current Account
4
Revaluation Account
About Admission Of A Partner - CBSE-CLASS-XII
Admission Of A Partner is a vital chapter for CBSE-CLASS-XII aspirants. Mastering the concepts covered in this chapter is essential for securing a top rank.
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