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  5. Admission of a Partner

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

  • question_answer
    Anita and Babita were partners sharing profits and losses in the ratio of 3:1. Savita was admitted for 1/5th share in the profits. Savita was unable to bring her share of goodwill premium in cash. The journal entry recorded for goodwill premium is given below :
    Date Particulars L.F. Debit Credit
    Savita's Current A/c. Dr. 24,000
    To Anita's Capital A/c 8,000
    To Babita's Capital A/c 16,000
    (Being adjustment of goodwill premium on Savita's Admission)
    The new profit sharing ratio of Anita, Babita and Savita, will be:

    A) 41 : 7 : 12  

    B) 13 : 12 : 10

    C) 3 : 1 : 1

    D) 5 : 3 : 2

    Correct Answer: A

    Solution :

    41 : 7 : 12


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