Question : X and Y are partners sharing profit and losses in the ratio of 2: 1. They admit Z into partnership with 1/4th share in profits which he acquires equally from X and Y. Z brings in Rs. 1,65,000 as capital and Rs. 30,000 as goodwill in cash. Partners capital account will be credited with _____ and new profit sharing between partners will be............

Option 1: X's credited with Rs 20,000 and Y with Rs 10,000, NPSR 13: 5: 6

Option 2: X's credited with Rs 15,000 and Y with Rs 15,000, NPSR is 3: 2: 1

Option 3: X's credited with Rs 15,000 and Y with Rs 15,000, NPSR is 13: 5: 6

Option 4: None of the above

Question : X, Y and Z are partners in a firm in 3:2:1. Z is Guaranteed that he will get a minimum of Rs 20,000 as his share of Profit every year. The firm's profit was Rs 90,000 Partners will get.

Option 1: X Rs 40,000, Y Rs 30,000, Z Rs 20,000

Option 2: X Rs 42,500, Y Rs 27,500, Z Rs 20,000

Option 3: X Rs 45,000, Y Rs 30,000, Z Rs 15,000

Option 4: X Rs 42,000, Y Rs 28,000, Z Rs 20,000

Question :

X, Y and Z are partners in a firm sharing profits arid losses in the ratio of 1: 2: 3. Z retires and his Capital Account after making all adjustments of reserve and gain (profit) on revaluation exists at Rs. 3,60,000. X and Y agreed to pay him Rs. 4,50,000 in full settlement of his claim. X and Y decided to share future profits in the ratio of 1: 3. By what amount X and Y will be debited/credited?

Option 1: X debited Rs 75,000 and Y debited Rs 15,000

Option 2: X credited Rs 75,000 and Y credited Rs 15,000

Option 3: Debiting X by Rs 15,000 and Y debiting Rs 75,000

Option 4: Credited X by Rs 15,000 and Y credited By Rs 75,000

Question : X and Y are partners sharing profit and losses in the ratio of 4:1. They agreed to admit Z into partnership for 1/3 rd share in profit. It was agreed that X, Y and Z would share future profit equally in future. Z brought Rs 50,000 as goodwill for his 1/3rd share in profits. Choose the necessary journal entry that will be recorded for the treatment in the books of the firm.

Option 1: Debiting Z with Rs 50,000 and crediting X and Y with Rs 20,000 and Rs 30,000

Option 2: Bank account debiting Rs 50,000 and crediting Z's capital account with Rs 50,000

Option 3: Debiting Z with Rs 50,000 and Debiting Y with Rs 20,000 and crediting X with Rs 70,000

Option 4: Both 2 and 3

Question : X, Y and Z were partners sharing profits and losses in the ratio of 4: 3: 2. Y retired on 1st April, 2020. On that date capitals of X, Y and Z after all adjustments stood at Rs. 19,650; Rs. 19,800 and Rs. 9,150 respectively. Total capital of the firm as newly constituted is fixed at Rs. 28,000 between X and Z in the proportion of 5/8th and 3/8th after passing entries in their accounts for adjustments. Amount to be paid or to be brought by the continuing partners is

Option 1: X debited by Rs 2,150, Z credited by Rs 1,350

Option 2: X credited by Rs 2,150 Z debited by Rs 1,350

Option 3: X debited by Rs 2,150 Z debited by Rs 1,350

Option 4: X credited Rs 2,150 and Y credited Rs 1,350