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Class 12AccountancyReconstitution - Admission of a PartnerReservesExpert
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A, B and C share profits in the ratio 5:5:2. The balance of General Reserve is ₹108,000, and Advertisement Suspense has a debit balance of ₹36,000. After adjusting these items, what net amount will be credited to C’s account?

Answer and explanation

Correct answer: ₹12,000

General Reserve is credited to all partners in the old profit-sharing ratio, whereas the debit balance of Advertisement Suspense is debited in the same ratio. Thus, the net amount is ₹108,000 − ₹36,000 = ₹72,000. C’s share is 2/12, so C’s net credit is ₹72,000 × 2/12 = ₹12,000. Exam tip: First find the net reserve adjustment, then apply each partner’s old profit-sharing fraction.

Related tags

General ReserveAdvertisement SuspenseOld Profit Sharing RatioPartner ReconstitutionReservesReconstitution 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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