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CBSE
Class 12 Accountancy
Reconstitution Of Partnership Firm: Admission Of A Partner
Quiz 2
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A and B share profits and losses in the ratio of 3:C was admitted for 1/5 th share. New profit sharing ratio will be:
0%
3 : 4 : 1
0%
12 : 16 : 7
0%
16 : 12 : 7
0%
None of these
Explanation
12 : 16 : 7
The opening balance of Partner’s Capital Account is credited with:
0%
Interest on Capital
0%
Interest on Drawings
0%
Drawings
0%
Share in loss
Explanation
Interest on Capital
Share of goodwill brought in cash by the new partner is called:
0%
Assets
0%
Profit
0%
Premium
0%
None of these
Explanation
Premium
If the incoming partner brings the amount of goodwill in cash and also a balance exists in Goodwill A/c, then the Goodwill A/c is written off among the old partners:
0%
In new profit-sharing ratio
0%
In old profit-sharing ratio
0%
In sacrificing ratio
0%
In gaining ratio
Explanation
In old profit-sharing ratio
A and B share profits and losses in the ratio of 3 : 1.C is admitted into partnership for 1/4 share. The sacrificing ratio of A and B is :
0%
Equal
0%
3 : 1
0%
2 : 1
0%
3 : 2
Explanation
3 : 1
A and B are partners sharing profites in the ratio of 3 :They admit C for 1/4 share in future profits. The new profit sharing ratio will be:
0%
A\(\frac {9}{16}\), B\(\frac {3}{16}\), C\(\frac {4}{16}\)
0%
A\(\frac {8}{16}\), B\(\frac {4}{16}\), C\(\frac {4}{16}\)
0%
A\(\frac {10}{10}\), B\(\frac {2}{16}\), C\(\frac {4}{16}\)
0%
A\(\frac {8}{16}\), B\(\frac {9}{16}\), C\(\frac {10}{16}\)
Explanation
A\(\frac {9}{16}\), B\(\frac {3}{16}\), C\(\frac {4}{16}\)
Formula of Sacrificing ratio is:
0%
New Ratio – Old Ratio
0%
Old Ratio – New Ratio
0%
Gain Ratio – Sacrificing Ratio
0%
New Ratio – Sacrificing Ratio .
Explanation
Old Ratio – New Ratio
The accumulated profits and reserves are transferred to:
0%
Realisation A/c
0%
Partner’s Capital A/cs
0%
Bank A/c
0%
Savings A/c
Explanation
Partner’s Capital A/cs
A, B and C are equal partners. D is admitted to the firm for non-ourth share. D brings ₹ 20,000 as capital and ₹ 5,000 being half of the premium for goodwill. The value of goodwill of the firm is :
0%
₹ 10,000
0%
₹ 40,000
0%
₹ 30,000
0%
None of these
Explanation
₹ 40,000
On the admission of a new partner, increase in the value of assets is debited to which account ?
0%
Revaluation Account
0%
Assets Account
0%
Old Partners’ Capital Accounts
0%
None of these
Explanation
Assets Account
Z is admitted in a firm for a 1/4 share in the profit for which he brings 7 30,000 for goodwill. It will be taken away by the old partners X and Y in :
0%
Old profit-sharing ratio
0%
New profit-sharing ratio
0%
Sacrificing ratio
0%
Capital ratio
Explanation
Sacrificing ratio
On the admission of a new partner, the decrease in the value of assets is debited to:
0%
Revaluation Account
0%
Assets Account
0%
Old Partners’ Capital Accounts
0%
None of these
Explanation
Revaluation Account
When the new partner pays for goodwill in cash, the amount should be debited in the firm’s book to:
0%
Goodwill Account
0%
Cash Account
0%
Capital Account of new partner
0%
None of these
Explanation
Cash Account
The balance of Revaluation Account or Profit & Loss Adjustment Account is transferred to Old Partners’ Capital Accounts in their :
0%
Old profit-sharing ratio
0%
New profit-sharing ratio
0%
Equal ratio
0%
Capital ratio
Explanation
Old profit-sharing ratio
X and Y share profits in the ratio of 3 : 2 Z was admitted as a partner who gets 1/5 share. Z acquires 3/20 from X and 1/20 from Y. The new profit sharing ratio will be :
0%
9 : 7 : 4
0%
8 : 8 : 4
0%
6 : 10 : 4
0%
10 : 6 :4
Explanation
9 : 7 : 4
At the time of admission of a new partner, Undistributed Profits appearing in the Balance Sheet of the old firm is transferred to the Capital Account of:
0%
Old partners is old profit-sharing ratio
0%
Old partners in new profit-sharing ratio
0%
All the partners in the new profit-sharing ratio
0%
None of these
Explanation
Old partners is old profit-sharing ratio
Z is admitted in a firm for al/4 share in the profit for which he brings 7 30,000 for goodwill. It will be taken away by the old partners X and Y in :
0%
Old profit-sharing ratio
0%
New profit-sharing ratio
0%
Sacrificing ratio
0%
Capital ratio
Explanation
Sacrificing ratio
General Reserval at the time of admission of a new partner is transferred to :
0%
Revaluation Account
0%
Old Partner’s Capital Account
0%
Profit and Loss Adjustment Account
0%
Realisation Account
Explanation
Old Partner’s Capital Account
Change in profit-sharing ratio of existing partners results in:
0%
Revaluation of Firm
0%
Reconstitutions of Firm
0%
Dissolution of Firm
0%
None of these
Explanation
Reconstitutions of Firm
X, Y and Z are partners in a firm, they divided profit and loss in the ratio of 4:3:They decided to share profit In the ratio 5:4:X’s and Y’s sacrifices are :
0%
\(\frac{2}{24}: \frac{1}{24}\)
0%
\(\frac{1}{24}: \frac{3}{24}\)
0%
\(\frac{2}{24}: \frac{3}{24}\)
0%
None of these
Explanation
\(\frac{2}{24}: \frac{1}{24}\)
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