X and Y are two partners sharing profits in the ratio of 2:1.Z admitted into the firm for \(\frac{1}{4}\) share of profit. The new profit sharing between X,Y and Z will be:
- 2:1:1
- 3:2:1
- 5:3:1
- 4:3:2
The Correct Option is A
Solution and Explanation
Top Questions on Partnership Accounts
- Simar, Tanvi and Umara were partners in a firm sharing profits and losses in the ratio of 5 : 6 : 9. On 31st March, 2024 their Balance Sheet was as follows:
Balance sheet of Simar, Tanvi and Umara as at 31st March, 2024
% [Balance Sheet Table - Simplified representation below] % Liabilities: Capitals (S:13L, T:12L, U:14L) = 39L; General Reserve = 7L; Trade Payables = 6L; Total = 52L % Assets: Fixed Assets = 25L; Stock = 10L; Debtors = 8L; Cash = 7L; P A/c (2023-24) = 2L; Total = 52L Liabilities: Capitals (S:13L, T:12L, U:14L) 39L, General Reserve 7L, Trade Payables 6L. Total 52L.
Assets: Fixed Assets 25L, Stock 10L, Debtors 8L, Cash 7L, Profit and Loss Account (2023-24) 2L. Total 52L.
\textbf{Umara died on 30th June, 2024. The partnership deed provided for the following on the death of a partner:- CBSE CLASS XII - 2025
- Accountancy
- Partnership Accounts
Bittu and Chintu were partners in a firm sharing profit and losses in the ratio of 4 : 3. Their Balance Sheet as at 31st March, 2024 was as follows:
On 1st April, 2024, Diya was admitted in the firm for \( \frac{1}{7} \)th share in the profits on the following terms:- (i) New profit sharing ratio between Bittu, Chintu and Diya was 3 : 3 : 1 .
- (ii) Fixed Assets were found to be overvalued by ₹ 1,40,000.
- (iii) Creditors were paid ₹ 4,20,000 in full settlement.
- (iv) Diya brought proportionate capital and ₹ 5,60,000 as her share of goodwill premium by cheque.
Prepare Revaluation Account and Partners' Capital Accounts.
- CBSE CLASS XII - 2025
- Accountancy
- Partnership Accounts
Rupal, Shanu and Trisha were partners in a firm sharing profits and losses in the ratio of 4:3:1. Their Balance Sheet as at 31st March, 2024 was as follows:
(i) Trisha's share of profit was entirely taken by Shanu.
(ii) Fixed assets were found to be undervalued by Rs 2,40,000.
(iii) Stock was revalued at Rs 2,00,000.
(iv) Goodwill of the firm was valued at Rs 8,00,000 on Trisha's retirement.
(v) The total capital of the new firm was fixed at Rs 16,00,000 which was adjusted according to the new profit sharing ratio of the partners. For this necessary cash was paid off or brought in by the partners as the case may be.
Prepare Revaluation Account and Partners' Capital Accounts.- CBSE CLASS XII - 2025
- Accountancy
- Partnership Accounts
- Aakash and Baadal entered into partnership on 1st October, 2023 with the capitals of Rs 80,00,000 and Rs 60,00,000 respectively. They decided to share profits and losses equally. Partners were entitled to interest on capital @ 10\% per annum as per the provisions of the partnership deed. Baadal is given a guarantee that his share of profit, after charging interest on capital will not be less than Rs 7,00,000 per annum. Any deficiency arising on that account shall be met by Aakash. The profit of the firm for the year ended 31st March, 2024 amounted to Rs 13,00,000. Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2024.
- CBSE CLASS XII - 2025
- Accountancy
- Partnership Accounts
- Anubha and Yuvika were partners in a firm sharing profits and losses in the ratio of 3 : 2. From 1st April 2024, they decided to share future profits and losses in the ratio of 2 : 3. On this date, their balance sheet showed a balance of Rs 50,000 in General Reserve and a debit balance of Rs 2,50,000 in Profit and Loss Account. Partners decided to write off Profit and Loss Account but decided not to distribute the General Reserve. Pass the necessary journal entries for the above transactions on the reconstitution of the firm. Show your workings clearly.
- CBSE CLASS XII - 2025
- Accountancy
- Partnership Accounts
Questions Asked in CUET PG exam
- Two bikes were sold for a total of Rs.1,50,000. One bike was sold at \(33\frac{1}{3}\)% loss and the other at 20% profit. The cost price of the first bike is equal to the selling price of the other bike. Find the overall loss.
- CUET (PG) - 2025
- Profit and Loss
Match List-I with List-II and choose the correct answer:
- CUET (PG) - 2025
- Indian Philosophy and Education
Match List-I with List-II:
- CUET (PG) - 2025
- Indian Philosophy and Education
Who said this sentence –
- CUET (PG) - 2025
- Hindu Literature
Match List-I with List-II and choose the correct answer:
