1. Revaluation Account or Profit and Loss Adjustment A/c is a

2. X and Y are partners in a firm sharing profits in the ratio of 5 : 3. They admitted Z as a new partner. The new profit sharing ratio will be 4 : 3 : 2. The firm’s goodwill on Z’s admission was valued at ₹1,26,000. But Z could not bring any amount of goodwill in Cash. Credit will be given to :

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

4. Goodwill of a firm of A and B is valued at ₹30,000. It is appearing in the books at ₹12,000. C is admitted for 1/4 share. What amount he is supposed to bring for goodwill?

5. A new partner may be admitted into a partnership :

6. When a new partner does not bring his share of goodwill in cash, the amount is debited to :

7. 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)

8. 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 :

9. 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 :

10. Treatment of Goodwill . 25. A and B are partners sharing profits and losses as 2 : 1. C is admitted and profit sharing ratio becomes 4 : 3 : 2. Goodwill is valued at ₹94,500. C brings required goodwill in cash. Goodwill amount will be Credited to :

11. 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 :

12. 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?

13. If the incoming partner brings the amount of goodwill in Cash and also a balance exists in goodwill account, then this goodwill account is written off among the old partners in

14. A and B are partners sharing profits and losses in the ratio of 5 : 3. On admission, C brings ₹70,000 as cash and ₹43,000 against Goodwill. New profit ratio between A, B and C is 7 : 5 : 4. The sacrificing ratio of A and B is: (CPT; Dec. 2012)

15. 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 :

16. 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 :

17. 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 :

18. A and B are partners in a firm sharing profits and losses in the ratio of 3 : 2. A new partner C is admitted. A surrenders 1/15th share of his profit in favour of C and B surrenders 2/15th of his share in favour of C. The new ratio will be :

19. X and Y are partners sharing profits in the ratio 2 : 3. They admitted Z for 1/5th share of profits, for which he paid ₹1,20,000 against capital and 760,000 as goodwill. Find the capital balances for each partner taking Z’s capital as base capital.

20. 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 :

21. X and Y are partners sharing profit in the ratio of 3 : 2. Z was admitted with 1/4 share in profits which he acquires equally from X and Y. The new ratio will be:

22. A and B are partners in a firm sharing profits and losses in the ratio of 2 : 3. C is admitted for 1/5 share in the profits of the firm. If C gets it wholly from A, the new profit sharing ratio after C’s admission will be :

23. Ramesh and Suresh are partners sharing profits in the ratio of 2 : 1 respectively. Ramesh Capital is ₹1,02,000 and Suresh Capital is ₹73,000. They admit Mahesh and agree to give him 1/5th share in future profit. Mahesh brings ₹14,000 as his share of goodwill. He agrees to contribute capital in the new profit sharing ratio. How much capital will be brought by Mahesh?

24. 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 :

25. 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 :