10. Mona and Tina were partners in a firm sharing profits in the ratio of 3:2. Naina was admitted with /6th share in the profits of the fim. At the time of admission, Workmen's Compensation Reserve in the Balance Sheet was 32,000). The claim on account of workmen's compensation was 40,000, Excess of claim over the reserve will be a Credited to Revaluation Account. b) Debited to Revaluation Account e) Credited to Old Partner's Capital Account. d) Debited to Old Partner's Capital Account.
10. Mona and Tina were partners in a firm sharing profits in the ratio of 3:2. Naina was admitted with /6th share in the profits of the fim. At the time of admission, Workmen's Compensation Reserve in the Balance Sheet was 32,000). The claim on account of workmen's compensation was 40,000, Excess of claim over the reserve will be a Credited to Revaluation Account. b) Debited to Revaluation Account e) Credited to Old Partner's Capital Account. d) Debited to Old Partner's Capital Account.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
Question
Transcribed Image Text:Acc/XII/Practice Test/21-22/3
a) Deficiency of C 1,500 met by B.
b) Deficiency of 1,000 met by B
e) Deficiency of 4,000 met by B.
d) None of these.
10. Mona and Tina were partners in a firm sharing profits in the ratio of 3:2. Naina was
admitted with /6th share in the profits of the firm. At the time of admission,
Workmen's Compensation Reserve in the Balance Sheet was 32,000. The claim on
account of workmen's compensation was 40,000. Excess of claim over the reserve will
be
a) Credited to Revaluation Account.
b) Debited to Revaluation Account.
e) Credited to Old Partner's Capital Account.
d) Debited to Old Partner's Capital Account.
11. In the absence of partnership deed, a partner is entitled to an interest on the amount of
additional capital advanced by him to the firm at a rate of:
a) entitled for 6% p.a. on their additional capital, only when there are profits.
b) entitled for 10% p.a. on their additional capital
c) entitled for 12% p.a. on their additional capital
dy not entitled for any interest on their additional capitals
12. Unless agreed otherwise, it is presumed that
a) The new partner acquires his share in profit from all the old partners in their old
profit-sharing ratio.
b) The new partner acquires his share in profit from all the old partners equally.
c) The old partners continue to share the remaining profit equally.
d) None of the above.
13. The 'share of premium for goodwill' brought in by the incoming partner is credited to
the sacrificing partners' Capital/Current Accounts
a) in their Capital Ratio.
b) in their New Ratio.
c) in their Sacrificing Ratio.
d) equally.
14. Goodluck Itd invited applications for issuing 80,000 shares of 10 each at a premium of
5 per share. The amount was payable as follows:
On Application
On Allotment
On first and final call 3
Applications were received for 100000 shares and pro rata allotment was made to all
applicants. All calls were made and were duly received except allotment and first and
final call from Vidya who was allotted 3200 shares. Her shares were forfeited.
Amount credited to share forfeiture Account will be:
(including premium 3)
(including premium 2)
7.
a) 4000
b) 10,400
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