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Class 12AccountancyReconstitution - Admission of a PartnerReservesEasy
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X and Y are partners sharing profits in the old ratio of 4:1. The firm's reserve fund is ₹25,000. On reconstitution of the partnership, what share of the reserve fund will Y receive?

Answer and explanation

Correct answer: ₹5,000

The reserve fund is distributed among the old partners in their old profit-sharing ratio. The total ratio is 4 + 1 = 5, so Y’s share is 1/5. Therefore, Y receives ₹25,000 × 1/5 = ₹5,000. Exam tip: For reserves, use the old profit-sharing ratio, not the new ratio.

Related tags

Reserve FundOld Profit Sharing RatioAdmission Of PartnerPartner ShareEasy NumericalReservesReconstitution Admission Of A PartnerAccountancy
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10 more MCQs
  1. 1At the time of admission of a new partner to whom is general reserve given?
  2. 2At the time of admission how is credit balance of Profit and Loss Account treated?
  3. 3At the time of admission what does debit balance of Profit and Loss Account show?
  4. 4A and B share profits in the old ratio of 3:2. At the time of admission of a new partner, the general reserve is ₹50,000. How much will A receive from the general reserve?
  5. 5Why does the new partner not receive a share of the old General Reserve?
  6. 6Which is the correct journal entry for distributing general reserve?
  7. 7Which entry is made for writing off debit balance of Profit and Loss Account?
  8. 8Profit and Loss Account has credit balance ₹30000. A and B share in 2:1. How much will be credited to B?
  9. 9A firm's Profit and Loss Account has a debit balance of ₹18,000. Partners A and B share profits and losses in the old ratio of 5:4. What amount will be debited to A's Capital Account?
  10. 10At admission of a new partner in which ratio are accumulated profits distributed?
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