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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
    If the market value of investments is Rs. 1,47,000, then the share of Kirn, Mansi and Poorvi in the Investment Fluctuation Fund (IFF) will be:

    A) Rs. 5,250; Rs. 3,150; Rs. 2,100   

    B) Rs. 6,750; Rs. 4,050; Rs. 2,700

    C) Rs. 5,000; Rs. 5,000; Rs. 3,500  

    D) None of these

    Correct Answer: A

    Solution :

    [a] Rs. 5,250; Rs. 3,150; Rs. 2,100
    Hint: The appearance of investment fluctuation fund at Rs. 13,500 indicates that the market value of investments at the time of creation of fund was Rs. 1,36,500 (1,50,000 - 13,500), The market value is now Rs. 1,47,000. So, IFF will be shown in the books at Rs. 3,000 and Rs. 10,500 will be distributed among old partners in the old ratio of 5 : 3 :  2.


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