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:
  • 3 : 4 : 1
  • 12 : 16 : 7
  • 16 : 12 : 7
  • None of these
The opening balance of Partner’s Capital Account is credited with:
  • Interest on Capital
  • Interest on Drawings
  • Drawings
  • Share in loss
Share of goodwill brought in cash by the new partner is called:
  • Assets
  • Profit
  • Premium
  • None of these
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:
  • In new profit-sharing ratio
  • In old profit-sharing ratio
  • In sacrificing ratio
  • In gaining 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 :
  • Equal
  • 3 : 1
  • 2 : 1
  • 3 : 2
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:
  • A\(\frac {9}{16}\), B\(\frac {3}{16}\), C\(\frac {4}{16}\)
  • A\(\frac {8}{16}\), B\(\frac {4}{16}\), C\(\frac {4}{16}\)
  • A\(\frac {10}{10}\), B\(\frac {2}{16}\), C\(\frac {4}{16}\)
  • A\(\frac {8}{16}\), B\(\frac {9}{16}\), C\(\frac {10}{16}\)
Formula of Sacrificing ratio is:
  • New Ratio – Old Ratio
  • Old Ratio – New Ratio
  • Gain Ratio – Sacrificing Ratio
  • New Ratio – Sacrificing Ratio .
The accumulated profits and reserves are transferred to:
  • Realisation A/c
  • Partner’s Capital A/cs
  • Bank A/c
  • Savings A/c
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 :
  • ₹ 10,000
  • ₹ 40,000
  • ₹ 30,000
  • None of these
On the admission of a new partner, increase in the value of assets is debited to which account ?
  • Revaluation Account
  • Assets Account
  • Old Partners’ Capital Accounts
  • None of these
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 :
  • Old profit-sharing ratio
  • New profit-sharing ratio
  • Sacrificing ratio
  • Capital ratio
On the admission of a new partner, the decrease in the value of assets is debited to:
  • Revaluation Account
  • Assets Account
  • Old Partners’ Capital Accounts
  • None of these
When the new partner pays for goodwill in cash, the amount should be debited in the firm’s book to:
  • Goodwill Account
  • Cash Account
  • Capital Account of new partner
  • None of these
The balance of Revaluation Account or Profit & Loss Adjustment Account is transferred to Old Partners’ Capital Accounts in their :
  • Old profit-sharing ratio
  • New profit-sharing ratio
  • Equal ratio
  • Capital 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 :
  • 9 : 7 : 4
  • 8 : 8 : 4
  • 6 : 10 : 4
  • 10 : 6 :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:
  • Old partners is old profit-sharing ratio
  • Old partners in new profit-sharing ratio
  • All the partners in the new profit-sharing ratio
  • None of these
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 :
  • Old profit-sharing ratio
  • New profit-sharing ratio
  • Sacrificing ratio
  • Capital ratio
General Reserval at the time of admission of a new partner is transferred to :
  • Revaluation Account
  • Old Partner’s Capital Account
  • Profit and Loss Adjustment Account
  • Realisation Account
Change in profit-sharing ratio of existing partners results in:
  • Revaluation of Firm
  • Reconstitutions of Firm
  • Dissolution of Firm
  • None of these
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 :
  • \(\frac{2}{24}: \frac{1}{24}\)
  • \(\frac{1}{24}: \frac{3}{24}\)
  • \(\frac{2}{24}: \frac{3}{24}\)
  • None of these
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