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Class 12AccountancyReconstitution - Admission of a PartnerReservesMedium
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A and B share profits and losses in the ratio of 4:3. The General Reserve is ₹70,000 and the Advertisement Suspense Account has a balance of ₹21,000. At the time of admission of a new partner, what will be the net credit to B’s account?

Answer and explanation

Correct answer: ₹21,000

The General Reserve is credited to the old partners in their old ratio, so B’s credit is ₹70,000 × 3/7 = ₹30,000. The Advertisement Suspense Account represents an accumulated loss and is debited to the old partners in the same ratio, so B’s debit is ₹21,000 × 3/7 = ₹9,000. Therefore, B’s net credit is ₹30,000 − ₹9,000 = ₹21,000. Exam tip: calculate the credit for reserves and the debit for accumulated losses separately before finding the net amount.

Related tags

Net CreditGeneral ReserveAdvertisement SuspenseAdmission Of PartnerOld Profit Sharing RatioReservesReconstitution 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. 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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