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Class 12AccountancyReconstitution - Admission of a PartnerReservesEasy
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Despite the new partnership ratio of 2:2:1, in what ratio will the general reserve be distributed among the old partners if their old ratio was 3:2?

Answer and explanation

Correct answer: 3:2

General reserve represents accumulated profits of previous years. At the time of admission, it is distributed only among the old partners in their old profit-sharing ratio, so the ratio is 3:2. The new ratio of 2:2:1 applies to the future distribution of profits, not to the existing reserve. Exam tip: Use the old ratio for adjustments relating to past profits or losses.

Related tags

General ReserveOld RatioNew RatioAdmission Of PartnerReconstitutionReservesReconstitution 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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