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Class 12AccountancyReconstitution - Admission of a PartnerReservesEasy
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A, B and C are partners sharing profits in the old ratio of 1:2:3. At the time of reconstitution, the general reserve is ₹60,000. What amount will be credited to C’s account in the old ratio?

Answer and explanation

Correct answer: ₹30,000

The general reserve is distributed among the partners in their old profit-sharing ratio. The total ratio is 1+2+3 = 6, and C’s share is 3/6. Therefore, C’s amount = ₹60,000 × 3/6 = ₹30,000. ₹20,000 would result from incorrectly taking C’s share as 2/6. Exam tip: Use the old profit-sharing ratio when distributing an existing reserve.

Related tags

Partnership AccountsGeneral ReserveOld Profit Sharing RatioAdmission Of PartnerReconstitutionNumericalReservesReconstitution Admission Of A Partner
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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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