Arrange the following steps in correct order for calculation of Proportionate Capital of New Partner. (A) Balancing the capital account of old partners (B) Calculation of Gain/Loss on Revaluation and transferring to Capital Account (C) Transferring Accumulated Profit to Capital account (D) Calculation of Proportionate Capital for New Partner (E) Adjustment for Goodwill in Partner's capital account Choose the correct answer from the options given below:

Question

Arrange the following steps in correct order for calculation of Proportionate Capital of New Partner. (A) Balancing the capital account of old partners  (B) Calculation of Gain/Loss on Revaluation and transferring to Capital Account  (C) Transferring Accumulated Profit to Capital account  (D) Calculation of Proportionate Capital for New Partner  (E) Adjustment for Goodwill in Partner's capital account  Choose the correct answer from the options given below:

cdquestions Admin · Accepted Answer

The correct option is (C) :(B), (E), (C), (A), (D)

Answer

(D), (C), (A), (E), (B)

Answer

(D), (A), (C), (E), (B)

Answer

(B), (E), (C), (A), (D)

Answer

(D),(C),(A),(B),(E)

LIST I		LIST II
A	Only Capital A/c exist	I	Credited to partner's capital account
B	Capital account balance remain unchanged	II	Debited to Partner's Capital Account
C	Fresh/additional capital brought in by partner	III	Fixed Capital Account
D	Permanent withdrawal	IV	Fluctuating Capital Account

List-I (Name of account to be debited or credited, when shares are forfeited)	List-II (Amount to be debited or credited)
(A) Share Capital Account	(I) Debited with amount not received
(B) Share Forfeited Account	(II) Credited with amount not received
(C) Calls-in-arrears Account	(III) Credited with amount received towards share capital
(D) Securities Premium Account	(IV) Debited with amount called up

The Correct Option is C

Solution and Explanation

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