List of top Accountancy Questions on Reconstitution of Partnership

A and B are partners sharing profits in the ratio of 2:1. C is admitted into the firm for 1/4 share of profits. C brings in Rs. 20,000 in respect of his capital. The capitals of old partners A and B, after all adjustments relating to goodwill, revaluation of assets and liabilities, etc., are Rs. 45,000 and Rs. 15,000 respectively. It is agreed that partners' capitals should be according to the new profit sharing ratio. Determine the new profit sharing ratio.
A, B and C are partners in a firm. If D is admitted as a new partner, what will be its effect?
Arrange the admission procedure in correct sequence: (A) Giving share to the new partner.
(B) Treatment of Goodwill.
(C) Calculating new profit sharing ratio and sacrificing ratio.
(D) Preparation of Revaluation A/c.
(E) Preparing Partner's Capital A/c and Balance Sheet.
Which of the following events does not result in reconstitution?
Which of the following would affect the Revaluation Account at the time of reconstitution of a partnership firm?
On the date of admission of a partner, there was a balance of ₹45,000 in the account of machinery. It was found undervalued by 10%. The value of machinery will appear in the new Balance Sheet at
A, B, and C are partners sharing profits in the ratio of 3:3:4. They decide to share future profits equally. The sacrifice or gain of partners are
Anshu and Nitu are partners sharing profits in the ratio of 3:2. They admitted Jyoti as a new partner for 3/10 share. Jyoti acquired 2/10 from Anshu and 1/10 from Nitu. Calculate the new profit sharing ratio of Anshu , Nitu and Jyoti
The journal entry for treatment of goodwill, when a new partner brings his share of goodwill in cash and one of the old partners gains, involves the following
(A) Gaining Partner’s Capital Account is debited
(B) Premium for Goodwill Account is debited
(C) Sacrificing Partner’s Capital Account is credited
(D) Gaining Partner’s Capital Account is credited
The adjustment required for overvaluation of closing stock, while calculating adjusted profit for calculating goodwill is:
(A) reduction from concerned years profit.
(B) reduction from next years profit.
(C) addition to next years profit.
(D) addition to previous years profit.
Choose the correct answer from the options given below :
If there is no claim against Workmen Compensation Reserve, it is __________ at the time of admission of a partner
Fill in the blanks with the correct answer from the option given below
Kavita and Lalita are partners sharing profits in the ratio of 2:1. They decide to admit Mohan for 1/4th share in future profits with a guaranteed amount of ₹25,000.Both Kavita and Lalita undertake to meet liability arising due to gauranteed amount to Mohan in their respective profit sharing ratio. The firm earned profits of ₹76,000 for the year 2022-23. The deficiency borne by Kavita is
Which of the following would affect the Revaluation Account at the time of admission of a partner?
(A) Increase in assets
(B) Drawings against capital
(C) Recording of unrecorded assets
(D) Decrease in liabilities
If a share of 100 on which 80 was called up and 70 paid up was forfeited, state the amount with which the share capital account will be debited:
A, B and C were partners in a firm sharing profits and losses in the ratio of \( \frac{1}{2} : \frac{1}{3} : \frac{1}{4} \). D was admitted in the firm for \( \frac{1}{6} \) share. C would retain his original share. The new profit sharing ratio will be:
Pawan, a partner, was appointed to look after the process of disSolution of the firm, for which he was allowed a remuneration of Rs.75,000. Pawan agreed to bear the disSolution expenses. Actual disSolution expenses Rs.60,000 were paid by Pawan. Pawan’s capital account will be credited by:
On disSolution of a partnership firm, if realisation expenses are paid by the firm on behalf of a partner, then such expenses are debited to which of the following account:
Ridhima and Kavita were partners sharing profits and losses in the ratio of 3 : 2. Their fixed capitals were Rs.1,50,000 and Rs.2,00,000 respectively. The partnership deed provides for interest on capital @ 8% p.a. The net profit of the firm for the year ended 31st March, 2023 amounted to Rs.21,000.
The amount of interest on capital credited to the capital accounts of Ridhima and Kavita will be:

Assertion (A): In partnership firm, the private assets of the partners can also be used to pay off the firm's debts. 
Reason (R): The liability of the partners for acts of the firm is limited. 
Choose the correct option from the following:

A partnership firm has 45 partners. It wants to admit 7 more partners into partnership. Only ____ more partners can be admitted in the partnership firm according to Companies Act, 2013.