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Class 12AccountancyReconstitution - Admission of a PartnerReservesMedium
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At the time of admission of a new partner, the General Reserve is ₹30,000. If the old partners share profits in the ratio 2:1, how much will the second old partner, ‘B’, receive from the General Reserve?

Answer and explanation

Correct answer: ₹10,000

On the admission of a new partner, the General Reserve is distributed among the old partners in their old profit-sharing ratio. B’s share is 1/(2+1) = 1/3. Therefore, B receives ₹30,000 × 1/3 = ₹10,000. Exam tip: Use the old partners’ ratio for distributing reserves, not the new partner’s ratio.

Related tags

General ReserveAdmission Of PartnerProfit Sharing RatioPartnership AccountsReservesReconstitution Admission Of A PartnerAccountancyClass 12 Mcq
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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. 5X 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?
  6. 6Why does the new partner not receive a share of the old General Reserve?
  7. 7Which is the correct journal entry for distributing general reserve?
  8. 8Which entry is made for writing off debit balance of Profit and Loss Account?
  9. 9Profit and Loss Account has credit balance ₹30000. A and B share in 2:1. How much will be credited to B?
  10. 10A 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?
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