1. Partners A, B and C share the profits of a business in the ratio of 3 : 2 : 1 respectively. They admit D who brings in ₹60,000 for his share of goodwill. A, B, C and D decide to share the profits respectively in the ratio of 5 : 3 : 2 : 2. Credit will be given to :

2. B and N are partners in a firm sharing profits in the ratio of 3 : 2. They admit S as a partner for l/4th share in the profits. S acquires his share from B and N in the ratio of 2 : 1. The new profit-sharing ratio will be :

3. A and B are partners sharing profits and losses in the ratio of 7 : 5. They agree to admit C, their manager, into partnership who is to get 1/6th share in the profits. He acquires this share as 1/24th from A and 1/8th from B, The new profit sharing ratio will be :

4. A and B are partners in a firm sharing profits in the ratio of 2 : 1. C is admitted as a partner. A and B surrender \(\frac{1}{2}\) of their respective share in favour of C. C is to bring his share of premium for goodwill in cash. The goodwill of the firm is estimated at ? 60,000. Credit will be given to :

5. A and B are partners sharing profits in the ratio of 2 : 3. Their Balance Sheet shows Machinery at ₹2,00,000; Stock at ₹80,000 and Debtors at ₹1,60,000. C is admitted and new profit sharing ratio is agreed at 6 : 9 : 5. Machinery is revalued at ₹1,40,000 and a provision is made for doubtful debts @5%. A’s share in loss on revaluation amount to ₹20,000. Revalued value of Stock will be :

6. P, Q and R share profits in the ratio of 5 : 3 : 2. S is entitled for \(\frac{1}{5}\)th share in profits which he acquires equally from P, Q and R. Goodwill of the firm is to be valued at three year’s purchase of last four year’s profits which are ₹50,000; ₹60,000; (-) ₹30,000 and ₹40,000. S cannot bring his share of goodwill in cash. Credit will be given to :

7. If at the time of admission, some profit and loss account balance appears in the books, it will be transferred to :

8. On the admission of a new partner :

9. X and 7 are partners sharing profits and losses in the ratio of 3 : 2. They admit Z into partnership with \(\frac{1}{5}\)th share in profits which he acquires equally from A and Y. Z brings in ₹40,000 as goodwill in cash. Goodwill amount will be credited to :

10. Sacrificing ratio is used to distribute in case of admisstion of a partner :

11. In the absence of an express agreement as to who will contribute to new partners’ share of profi t, it is implied that the old partners will contribute :

12. A and B are partners sharing profits and losses in the ratio of 5 : 4. C is admitted for \(\frac{1}{5}\)th share. A and B decide to share equally in future. Sacrificin. ratio will be :

13. When the balance sheet is prepared after the new partnership agreement, the assets and liabilities are recorded at:

14. X and Y are partners in a firm with capital of ₹1,80,000 and ₹2,00,000. Z was admitted for 1/3rd share in profits and brings ₹3,40,000 as capital, calculate the amount of goodwill: (CPT; June 2012)

15. A and B are partners of a partnership firm sharing profits in the ratio of 3 : 2 respectively. C was admitted for 1/5th share of profit. Machinery would be appreciated by 10% (book value ₹80,000) and building would be depreciated by 20% (₹2,00,000). Unrecorded debtors of ₹1,250 would be brought into books now and a creditor amounting to ₹2,750 died and need not pay anything on this account. What will be profit/loss on revaluation?

16. A and B are partners sharing profits and losses in 3 : 2. They admit C into partnership for \(\frac{3}{30}\)th share in the profits. A surrenders \(\frac{1}{3}\)rd of his share and B surrenders \(\frac{1}{4}\)th of his share in favour of C. Goodwill of the firm is valued at ₹3,00,000 but C is unable to bring his share of goodwill in cash. Credit will be given to :

17. When a new partner brings his share of goodwill in cash, the amount is debited to:

18. A and B are partners sharing profits in the ratio of 4 : 3. They admitted C as a new partner who gets 1/5th share of profit, entirely from A. The new profit sharing ratio will be :

19. A and B are in partnership sharing profits and losses as 3 : 2. C is admitted for 1/4th share. Afterwards, D enters for 20 paisa in the rupee. The new profit sharing ratio after D’s admission will be :

20. A and B are partners in a business sharing profits and losses in the ratio of 7 : 3 respectively. They admit C as a new partner. A sacrificed 1/7th share of his profit and B sacrificed 1/3rd of his share in favour of C. The new profit sharing ratio of A, B and C will be : (C.S. Foundation, June, 2013)

21. A and B are partners sharing profits and losses as 2 : 1. C and D are admitted and profit sharing ratio becomes 3 : 2 : 4 : 1. Goodwill is valued at ?90,000. C and D bring required goodwill in Cash. Credit will be given to :

22. A, B and C are partners sharing in the ratio of 5 : 4 : 3. They admit D for \(\frac{1}{7}\)th share. It is agreed that B would retain his original share. Sacrificing ratio will be :

23. A and B are partners in a firm having capital balances of ₹54,000 and ?36,000 respectively. They admit C in partnership for 1/3rd share and C is to bring proportionate amount of capital. The capital amount of C would be :

24. A and B share profits in the ratio of 3 : 2. They agreed to admit C on the condition that A will sacrifice \(\frac{3}{25}\)th of his share of profit in favour of C and B will sacrifice \(\frac{1}{25}\)th of his profits in favour of C. The new profit sharing ratio will be :

25. P and Q are partners sharing profits in the ratio of 9 : 7. R is admitted as a partner with \(\frac{9}{20}\)th share in the profits, which he takes \(\frac{1}{5}\)th from P and \(\frac{1}{4}\)th from Q Sacrificing ratio will be :