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Target Exam

CUET

Subject

Accountancy

Chapter

Admission of a Partner

Question:

Match the following list 1 with list 2.

LIST 1 LIST 2
A) Sacrificed share I) Old share- new share
B) Gained share II) New share- old share
C) Goodwill III) Total assets - Liabilities
D) Net asset of firm IV) AS-26

Choose the correct answer from the options given below.

Options:

A-I, B-II, C-III, D-IV

A-I, B-II, C-IV, D-III

A-II, B-I, C-IV, D-III

A-II, B-I, C-III, D-IV

Correct Answer:

A-I, B-II, C-IV, D-III

Explanation:

The correct answer is option 2- A-I, B-II, C-IV, D-III.

LIST 1 LIST 2
A) Sacrificed share I) Old share- new share
B) Gained share II) New share- old share
C) Goodwill IV) AS-26
D) Net asset of firm III) Total assets - Liabilities

 

*Sacrificed share- Sacrificing ratio is calculated at the time of admission of a new partner. It is the ratio in which any partner sacrifice their share of profit in favour of new partner. It is calculated by subtracting new share from old share.

* Gained share- Gaining ratio is calculated at the time of retirement or death of a partner. It is the ratio in which any partner gains share of profit due to result of sacrificed share in profits by partners of the firm. It is calculated by subtracting old share from new share.

* Goodwill is intangible asset which is accounted according to the accounting standard-26.

* Net assets of the firm can be calculated by subtracting liabilities of the firm from the total assets of the firm.

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