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Standard XII

Accountancy

Partner's Capital Accounts

Yash and Chir...

Question

Yash and Chirag are partners in a firm sharing profits and losses in 3 : 2. Their capitals were ₹2,40,000 and ₹1,60,000 respectively. There was a balance of ₹1,20,000 in general reserve and revaluation gain amounted to ₹30,000. They admitted Neha for 1/5th share in profits and losses for which she brought ₹1,80,000 as capital. Calculate the amount of goodwill of the firm:

[2 marks]

₹5,50,000

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₹9,00,000

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₹1,20,000

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₹1,70,000

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Solution

The correct option is D ₹1,70,000

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Q. A, B and C were partners in a firm sharing profits and losses in the ratio of

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1, 00, 000

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Q. A and B are partners in a firm sharing profits and losses in the ratio 3 : 1. They admit C for 1/4th share on 31st March, 2014 when their Balance Sheet was as follows:


Liabilities		₹	Assets		₹
Employees Provident Fund		17,000	Cash		6,100
Workmen Compensation Reserve		6,000	Stock		15,000
Investment Fluctuation Reserve		4,100	Debtors	50,000
Capital's A/cs:			Less : Provision for Doubtful Debts	2,000	48,000
A	54,000
B	35,000	89,000	Investments		7,000
			Goodwill		40,000

		1,16,100			1,16,100

The following adjustments were agreed upon:
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(b) Bad debts amounted to ₹ 3,000.
(c) Market value of investment is ₹ 4,500.
(d) Liability on account of Workmen Compensation Reserve amounted to ₹ 2,000.
Prepare Revaluation Account and Partners' Capital Accounts.

Q. Madhu and Neha were partners in a firm sharing profits and losses in the ratio of

3 : 5

. Their fixed capitals were

R s . 4, 00, 000

and

R s . 6, 00, 000

respectively. On 1/1/2016, Tina was admitted as a new partner for

{\frac{1}{4}}^{t h}

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