Admission Questions

Sundry Creditors in the balance sheet are Rs. 58,000. Creditors were unrecorded to the extent of Rs. 1,000. Creditors to be shown in Balance sheet after admission of partner will be:

A provision for doubtful debts is to be created at 5% of debtors. Debtors in the balance sheet are Rs. 60,000. Provision for Doubtful debts to be shown in Revaluation Account:

A and B are partners sharing profits in the ratio of $5:4$. C is admitted as a partner and he acquires 25% of his share from A. B surrenders $\frac{1}{4}$ th from his share in favour of C. Calculate C's share in profit.

Match List - I with List - II.

Choose the correct answer from the options given below:

C brings in Rs. 60,000 as his share of goodwill for $\frac{1}{4}$ share in profit. A and B share profits in ratio $2:1$. A's share of goodwill brought in by C will be:

Plant and Machinery in the balance sheet is Rs. 1,00,000. Plant is to be appreciated to Rs. 1,20,000. Amount to be shown in Revaluation Account:

A and B are two partners sharing profits in the ratio of $2:1$. C will bring in Rs. 1,00,000 as capital and Rs. 60,000 as his share of goodwill for $\frac{1}{4}$ share in profit.Stock in the balance sheet is given as Rs. 40,000.Stock is found overvalued by Rs. 4,000.Value of stock to be shown in Balance sheet after admission will be:

At the time of admission of a partner, if nothing is specified then new partner acquires his share from old partners.