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12th Class Accountancy Admission of a Partner Question Bank MCQs - Reconstitution Of a Partnership Firm : Admission of a Partner

  • question_answer
    A and B are partners sharing profits in the ratio of 2 : 3 Their balance sheet shows machinery at Rs. 2,00,000; stock at Rs.  80,000 and debtors at Rs. 1,60,000. C is admitted and new profit sharing ratio is agreed at 6 :9 : 5. Machinery is revalued at Rs. 1,40,000 and a provision is made for doubtful debts @5%.A's share in loss on revaluation amount to Rs. 20,000. Revalued value of stock will be:

    A) Rs. 62,000

    B) Rs. 1,00,000

    C) Rs. 60,000         

    D) Rs. 98,000

    Correct Answer: D

    Solution :

    [d] Rs. 98,000
    Hint: Dr.                   Revaluation Account              Cr.
    Particulars Amt.(Rs.) Particulars Amt.(Rs.)
    To Provision for Doubtful Debts (1,60,000 \[\times \] 5%) To Machinery 8,000 60,000 By Stock By Loss on Revaluation: A   20,000 B  30,000 18,000 50,000
      68,000   68,000
    B's share in loss = 20,000  5/2\[\times \]3/5 = Rs. 30,000
    Revaluation value of stock = 80,000 + 18,000 =  Rs. 98,000
     


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