Past Year Papers Chapter wise Solutions

Partnership-Admission

Amit and Kartik are partners sharing profits and losses equally. They decided to admit Saurabh for an equal share in the profits. For this purpose the goodwill of the firm was to be valued at four years’ purchase of super profits. The Balance Sheet of the firm on Saurabh’s admission...

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Asha and Aditi are partners in a firm sharing profits and losses in the ratio of 3 : 2. They admit Raghav as a partner for 1/4th share in the profits of the firm. Raghav brings Rs.  6,00,000 as his capital and his share of goodwill in cash. Goodwill of...

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Kabir and Farid are partners in a firm sharing profits in the ratio of 3:1 on 1-4-2019 they admitted Manik into partnership for 1/4th share in the profits of the firm. Manik brought his share of goodwill premium in cash. Goodwill of the firm was valued on the basis of...

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A, B and C were partners in a firm sharing profits in the ratio of 3 : 2 : 1. D was admitted into the firm with 1/4th share in profits, which he got 3/16th from A and 1/16th from B. The total capital of the firm as agreed upon...

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A and B are partners in a firm sharing profits and losses in the ratio of 2:1. On 1st April, 2017 they decided to admit C into partnership for 1/5th share in the profits. For this purpose, goodwill was valued at 80% of the average annual profits of the previous...

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Karan and Varun were partners in a firm sharing profits and losses in the ratio of 1 : 2. Their fixed capitals were Rs.  2,00,000 and Rs.  3,00,000 respectively. On 1st April, 2016 Kishore was admitted as a new partner for 1/4th share in the profits. Kishore brought Rs.  2,00,000...

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Ramesh, Mahesh and Suresh were partners in a firm sharing profits in the ratio of 3 : 3 : 2. Their respective fixed capitals were : Ramesh Rs.  5,00,000; Mahesh Rs.  4,00,000 and Suresh Rs.  3,00,000. They admitted Govind as a new partner for 1/5 th share in the profits....

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T and N were partners in a firm. On 31st March, 2018 they decided to admit M as a new partner. On 31st March, 2018 the Balance Sheet of T and N stood as follows: Balance Sheet of T and N as at 31.3.2018 Liabilities Amount (Rs.) Assets Amount (Rs.)...

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Chander and Damini were partners in a firm sharing profits and losses equally. On 31st March,  2017 their Balance Sheet was as follows: Balance Sheet of Chander and Damini as on 31.3.2017 Liabilities Amount (Rs.) Assets Amount (Rs.) Sundry Creditors 1,04,000 Cash at Bank 30,000 Capitals   Bills Receivable 45,000...

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Badal and Bijli were partners in a firm sharing profits in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2019 was as follows: Balance Sheet of Badal and Bijli as at 31st March, 2019 Liabilities Amount (Rs.) Assets Amount (Rs.) Capitals :   Building 1,50,000...

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Ashish and Nimish were partners in a firm sharing profits and losses in the ratio of 3:2. On 31st March, 2019 their Balance Sheet was as follows: Balance Sheet of Ashish and Nimish as at 31st March, 2019 Liabilities Amount (Rs.) Assets Amount (Rs.) Capitals :   Plant and Machinery...

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Raman and Aman were partners in a firm and were sharing profits in 3 : 1 ratio. On 31-3-2019 their balance sheet was as follows: Balance Sheet of Raman and Aman as on 31-3-2019 Liabilities Amount (Rs.) Assets Amount (Rs.) Provision for bad debts 7,000 Bank 24,000 Outstanding Expenses 18,000...

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Gautam and Yashica are partners in a firm, sharing profits and losses in 3:1 respectively. The balance sheet of the firm as on 31st March 2018 was as follows: Balance Sheet As at 31.3.2018 Liabilities Amount (Rs.) Assets Amount (Rs.) Sundry creditors 50,000 Furniture 60,000 Bills payable 30,000 Stock 1,40,000...

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On 31st March, 2019 the Balance Sheet of Madan and Mohan who share profits and losses in the ratio of 3 : 2 was as follows : Balance Sheet of Madan and Mohan as at 31st March, 2019 Liabilities Amount (Rs.) Assets Amount (Rs.) Creditors              28,000 Cash at Bank...

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Sanjana and Alok were partners in a firm sharing profits and losses in the ratio 3:2. On 31st March, 2018 their Balance Sheet was as follows: Balance Sheet of Sanjana and Alok as on 31-3-2018 Liabilities Amount (Rs. ) Assets Amount (Rs. ) Creditors 60,000 Cash 1,66,000 Workmen’s Compensation Fund...

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Leena and Rohit are partners in a firm sharing profits in the ratio of 3 : 2. On 31st March, 2018, their Balance Sheet was as follows : Balance Sheet of Leena and Rohit as at 31st March, 2018 Liabilities Amount (Rs.) Assets Amount (Rs.) Sundry Creditors 80,000 Cash 42,000...

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Raman and Rohit were partners in a firm sharing profits and losses in the ratio of 2 : 1. On 31st March, 2018, their Balance Sheet was as follows : Balance Sheet of Raman and Rohit as at 31st March, 2018 Liabilities Amount (Rs.) Assets Amount (Rs.) Capital:   Plant...

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A and B were partners sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2018, was as follows: Balance Sheet of A and B as at 31st March, 2018 Liabilities  Amount (Rs.)  Assets  Amount (Rs.)  Capital:   Cash                         8,000  ...

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Divya, Yasmin and Fatima are partners in a firm, sharing profits and losses in 11:7:2 respectively. The balance sheet of the firm as on 31st March 2018 was as follows: Balance Sheet As at 31.3.2018 Liabilities Amount (Rs.) Assets Amount (Rs.) Sundry Creditors 70,000 Factory Building 7,35,000 Public Deposits 1,19,000...

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On 31st March 2017, the Balance Sheet of Abhir and Divya, who were sharing profits in the ratio of 3 : 1 was as follows : Balance Sheet of Abhir and Divya as on 31st March 2017 Liabilities Amount (Rs.) Assets Amount (Rs.) Creditors 2,20,000 Cash at Bank 1,40,000 Employees’...

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P & K were partners in a firm. On March 31, 2017 their Balance Sheet was as follows: Balance Sheet as at March 31, 2017 Liabilities Amount (Rs.) Assets Amount (Rs.) Capitals:   Bank 18,000     P     3,00,000   Stock 19,000     K    2,00,000 5,00,000 Debtors ...

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Qadir and Rishab are partners sharing profits in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2016 is given below : Liabilities Amount (Rs.) Assets Amount (Rs.) Qadir’s Capital 11,40,000 Land & Building 5,60,000 Rishab’s Capital 7,00,000 Plant & Machinery 6,00,000 Workmen’s Compensation Reserve 60,000...

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W and R are partners in a firm sharing profits in the ratio of 3 : 2. Their Balance Sheet as on 31st March, 2016 was as follows : Balance Sheet of W and R as on 31-3-2016 Liabilities Amount (Rs.) Assets Amount (Rs.) Sundry Creditors 20,000 Cash 12,000 Provision...

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P and Q were partners in a firm sharing profits in 3:2 ratio. R was admitted as a new partner for 1/4th share in the profits on April 1, 2015. The Balance Sheet of the firm on March 31,2015 was as follows: Balance Sheet of P and Q as at...

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