Reconstitution of Partnership : Admission of a Partner — Practice Quiz
ICSE · Class 12 · Accountancy
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Quick Quiz: Reconstitution of Partnership : Admission of a Partner
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A new partner joins a firm and the existing partners agree to share future profits in the ratio 5:3:2. The old ratio of the existing partners was 3:2. What is the new profit sharing ratio of the old partners and the incoming partner?
A and B share profits in the ratio 3:2. C is admitted for 1/4 share, which C acquires equally from A and B. What is the new profit sharing ratio of A, B and C?
L and M share profits in the ratio 7:3. N is admitted for 3/7 share, taking 2/7 from L and 1/7 from M. What is the new profit sharing ratio of L, M and N?
A and B share profits in the ratio 5:3. C is admitted for 1/2 share, which is acquired in the ratio 2:1 from A and B. What is the sacrificing ratio of A and B?
Sample Questions
A firm has average profit of ₹5,00,000 and goodwill is valued at 2 years' purchase. What is the value of goodwill?
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₹10,00,000
Value of goodwill = Average profit × Number of years' purchase = ₹5,00,000 × 2 = ₹10,00,000.
The profits for four years are ₹3,50,000, ₹4,75,000, ₹6,70,000 and ₹7,45,000. Closing stock was overvalued by ₹15,000, and annual management cost of ₹56,250 must be deducted before goodwill valuation. If goodwill is valued at 2 years' purchase, what is the goodwill?
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₹10,00,000
Total profits = 3,50,000 + 4,75,000 + 6,70,000 + 7,45,000 - 15,000 = ₹22,25,000. Average profit = ₹22,25,000 / 4 = ₹5,56,250. Actual average profit = ₹5,56,250 - ₹56,250 = ₹5,00,000. Goodwill = ₹5,00,000 × 2 = ₹10,00,000.
A new partner brings ₹2,00,000 as capital and his share of goodwill is 4/10 of the total firm's goodwill. If the firm's goodwill is ₹70,000, what is the new partner's share of goodwill?
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₹28,000
New partner's share of goodwill = total goodwill × new partner's share = ₹70,000 × 4/10 = ₹28,000.
A and B have capitals of ₹13,000 and ₹9,000. C is admitted for 1/5 share and brings ₹8,000 as capital. What is the hidden goodwill of the firm?
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₹10,000
Total capital of the new firm = ₹8,000 × 5 = ₹40,000. Existing combined capital including C = ₹13,000 + ₹9,000 + ₹8,000 = ₹30,000. Hidden goodwill = ₹40,000 - ₹30,000 = ₹10,000.
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