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CBSE
Class 12 Accountancy
Reconstitution Of Partnership Firm: Admission Of A Partner
Quiz 1
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When there is no Goodwill Account in the books and goodwill is raised,…………….account will be debited :
0%
Partner’s Capital
0%
Goodwill
0%
Cash
0%
Reserve
Explanation
Goodwill
Goodwill is nothing more than probability that the old customer will resort to the old place. This definition of goodwill was given by:
0%
Spicer and Pegler
0%
ICAI
0%
Lord Elton
0%
AICPA
Explanation
Lord Elton
Goodwill is to be calculated at one and half year’ purchase of average profit of last 5 years. The firm earned profits during 3 years as ₹ 20,000 ₹ 18,000 and ₹ 9,000 and suffered losses of ₹ 2,000 and ₹5,000 in last 2 years. The amount of goodwill will be :
0%
₹ 12,000
0%
₹ 10,000
0%
₹ 15,000
0%
None of these
Explanation
₹ 12,000
The amount of goodwill is paid by new partner :
0%
for the payment of capital
0%
for sharing the profit
0%
for purchase of assets
0%
None of these
Explanation
for sharing the profit
At the time of admission of a new partners general reserve appearning in the old Balance Sheet is transferred to:
0%
All Partner’s Capital Accounts
0%
New Partner’s Capital Account
0%
Old Partners’. Capital Accounts
0%
None of these
Explanation
Old Partners’. Capital Accounts
Profit or Loss on Revaluation is borne by:
0%
Old Partners
0%
New Partners
0%
All Partners
0%
Only Two Partners
Explanation
Old Partners
Share of goodwill brought by new partner in case is shared by old partners in :
0%
Sacrificing Ratio
0%
Old Ratio
0%
New Ratio
0%
Equal Ratio
Explanation
Sacrificing Ratio
A, Band Care three partners sharing profits and losses in the ratio of 4:3:D is admitted for 1/10 share, the new ratio will be :
0%
10 : 7 : 7 :4
0%
5 : 3 : 2 : 1
0%
4 : 3 : 2 : 1
0%
None of these
Explanation
4 : 3 : 2 : 1
A and B are partners in a firm sharing profits in the ratio of 3:They admit C as a new partner for 1/3 rd share in the profits of the firm. The new profit sharing ratio of A, B and C would be :
0%
3 : 2 : 1
0%
3 : 2 : 2
0%
3 : 2 : 3
0%
6 : 4 : 5
Explanation
6 : 4 : 5
X and Y are partners sharing profits in the ratio of 1:They admit Z for 1/5 th share who contributed ₹25,000 for his share of goodwill. The total value of goodwill of the firm will be :
0%
₹ 2,50,000
0%
₹ 50,000
0%
₹ 1,00,000
0%
₹ 1,25,000
Explanation
₹ 1,00,000
A, B and C are partners in a firm. If D is admitted as a new partner, then:
0%
Old firm is dissolved
0%
Old firm and old partnership is dissolved
0%
Old Partnership is reconsitituted
0%
None of these
Explanation
Old Partnership is reconsitituted
In which ratio, the cash brought in for goodwill by the new partner is shared by the existing partners :
0%
Profit sharing ratio
0%
Capital ratio
0%
Sacrificing ratio
0%
None of these
Explanation
Sacrificing ratio
Sacrificing ratio is ascertained at the time of:
0%
Death of a partner
0%
Retirement of a partner
0%
Admission of a partner
0%
None of these
Explanation
Admission of a partner
If at the time of admission of new partner, Profit and Loss Account balance appears in the books, it will the transferred to:
0%
Profit & Loss Appropriation A/c
0%
All Partners’ Capital A/cs
0%
Old Partners’ Capital A/cs
0%
Revaluation A/c
Explanation
Old Partners’ Capital A/cs
State the ‘true’ statement:
0%
Profit & Loss Adjustment A/c is prepared for revaluated of assets and liabilities on the admission of a partner
0%
The new partner is liable for the past losses of the firm
0%
In case the new partner is unable to bring in cash for goodwill, Goodwill Account may be raised in the firm’s books as per AS-26
0%
When a partner is admitted, there is dissolution of firm
Explanation
Profit & Loss Adjustment A/c is prepared for revaluated of assets and liabilities on the admission of a partner
Excess of the credit side over the debit side of Revaluation account is:
0%
Profit
0%
Loss
0%
Gain
0%
Expense
Explanation
Profit
Balance sheet prepared after new partnership agreement, assets and liabilities are recorded at:
0%
Original Value
0%
Revalued Figure
0%
At Realisable Value
0%
Either of (a) or (b)
Explanation
Revalued Figure
Assets and Liabilities are shown at their revalued values in :
0%
New Balance Sheet
0%
Revaluation A/c
0%
All Partner’s Capital A/c’s
0%
Realisation A/c
Explanation
New Balance Sheet
Which of the following assets is compulsorily revalued at the time of admission of a new partner :
0%
stock
0%
Fixed Assets
0%
Investment
0%
Goodwill
Explanation
Goodwill
A and B are partners. C is admitted with 1/5 share. C brings 7 1,20,000 as his share towards capital. The total net worth of the firm is :
0%
₹ 1,00,000
0%
₹ 4,00,000
0%
₹ 1,20,000
0%
₹ 6,00,000
Explanation
₹ 6,00,000
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