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Class 12AccountancyReconstitution - Admission of a PartnerReservesExpert
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A, B and C share profits and losses in the ratio 6:3:1. The General Reserve is ₹1,00,000 and the accumulated loss is ₹20,000. At the time of reconstitution, how much will be credited to B’s Capital Account?

Answer and explanation

Correct answer: ₹24,000

The accumulated loss must first be adjusted against the General Reserve, leaving a net amount of ₹1,00,000 − ₹20,000 = ₹80,000. This amount is distributed among the old partners in the ratio 6:3:1. B’s share is ₹80,000 × 3/10 = ₹24,000, so B’s Capital Account is credited with ₹24,000. Exam tip: Always calculate the net reserve after adjusting accumulated losses before applying the old profit-sharing ratio.

Related tags

General ReserveAccumulated LossOld Profit Sharing RatioPartner Capital AccountReconstitutionReservesReconstitution 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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