CUET Accountancy 2023 20 June Shift 2 PYQs - Free Mock Test (No Login)

Arrange the following actions in the correct chronological sequence in the context of the admission of a new partner.A. Finalizing terms for admission of a new partnerB. Calculation of sacrificing/gaining ratioC. Finalizing balance in partner's capital A/cD. Calculation of new profit-sharing ratioE. Valuation and adjustment of goodwillChoose the correct answer from the options given below:

If at the time of a partner's admission, a positive (credit) balance in the Profit and Loss Account appears in the books, it will be transferred directly to the:

$A$, $B$, and $C$ are partners sharing profits in the ratio of $3:2:1$. $D$ is admitted into the firm for a $\frac{1}{4}\text{th}$ share of profit, which he acquires as $\frac{1}{8}\text{th}$ from $A$ and $\frac{1}{8}\text{th}$ from $B$. Calculate the new profit-sharing ratio of all four partners.

Select the category of partner(s) who will compensate the deceased partner for their share of goodwill at the time of death.

Select the option from the following that is not considered a mode of reconstitution of a partnership firm.