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Class 12AccountancyReconstitution - Admission of a PartnerReservesHard
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A firm's Contingency Reserve amounts to ₹96,000. A fixed liability of ₹56,000 is to be paid out of this reserve. The remaining reserve will be distributed among the old partners in the ratio of 6:4. What amount will the first partner receive?

Answer and explanation

Correct answer: ₹24,000

After paying the liability, the balance of the reserve is ₹96,000 − ₹56,000 = ₹40,000. The first partner's share in the old ratio of 6:4 is 6/10; therefore, it is ₹40,000 × 6/10 = ₹24,000. ₹40,000 represents the entire balance reserve, not the first partner's share. Exam tip: subtract the liability first and then apply the relevant fraction of the old ratio.

Related tags

Contingency ReserveAdmission Of PartnerOld RatioDistribution Of ReservesReservesReconstitution 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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