MCQGeeks
0 : 0 : 1
CBSE
JEE
NTSE
NEET
English
UK Quiz
Quiz
Driving Test
Practice
Games
CBSE
Class 12 Accountancy
Reconstitution Of Partnership Firm: Admission Of A Partner
Quiz 3
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
On reconstitution of a partnership firm, recording of an unrecorded liability wil result in:
0%
Gain to the existing partners
0%
Loss to the existing partners
0%
Neither gain nor loss to the existing partners
0%
None of these
Explanation
Loss to the existing partners
Increase In the value of assets on reconstitution of the partnership firm results into :
0%
Gain to the existing partners
0%
Loss to the existing partners
0%
Neither gain nor loss to the existing partners
0%
None of these
Explanation
Gain to the existing partners
The balance of Revaluation Account is transferred to old Partner’s Capital Accounts in their:
0%
Old Profit-sharing Ratio
0%
New Profit-sharing Ratio
0%
Equal Ratio
0%
None of these
Explanation
Old Profit-sharing Ratio
X and Y share profits in the ratio 2 :In future they have decided to share profits in equal ratio. Which partner will sacrifice in which ratio ?
0%
X sacrifice 1/10
0%
Y sacrifice 1/5
0%
Y sacrifice 1/10
0%
None of these
Explanation
Y sacrifice 1/10
Change in the partnership agreement results in:
0%
Reconstitution of Firm
0%
Dissolution of Firm
0%
Amalgamation of Firm
0%
None of these
Explanation
Reconstitution of Firm
Change in the partnership agreement:
0%
Changes the relationship among the partners
0%
Results in end of partnership business
0%
Dissolves the partnership firm
0%
None of these
Explanation
Changes the relationship among the partners
Excess of credit side over the debit side in Revalution Account is:
0%
Profit
0%
Loss
0%
Receipt
0%
Expense
Explanation
Profit
A, B and C are partners in a firm, if D is admitted as a new partner:
0%
Old firm is dissolved
0%
Old firm and old partnership are dissolved
0%
Old partnership is reconstituted
0%
None of these
Explanation
Old partnership is reconstituted
Recording of an unrecorded asset on the reconstltutlam of a partnership firm will be:
0%
A gain to the existing partners
0%
A loss to the existing partners
0%
Neither a gain nor a loss to the existing partners
0%
None of these
Explanation
A gain to the existing partners
Revaluation Account or Profit & Loss Adjustment Account is a:
0%
Personal Account
0%
Real Account
0%
Nominal Account
0%
None of these
Explanation
Nominal Account
A, B, C and D are partners sharing their profits and losses equally. They change their profit sharing ratio to 2:2:1:How much will C sacrifice ?
0%
1/6
0%
1/12
0%
1/24
0%
None of these
Explanation
None of these
Sacrificing Ratio:
0%
New Ratio – Old Ratio
0%
Old Ratio – New Ratio
0%
Gaining Ratio – Old Ratio
0%
Old Ratio – Gaining Ratio
Explanation
Old Ratio – New Ratio
Gaining Ratio:
0%
New Ratio – Old Ratio
0%
Old Ratio – Sacrificing Ratio
0%
New Ratio – Sacrificing Ratio
0%
Old Ratio – New Ratio
Explanation
New Ratio – Old Ratio
X and Y share profit and loss in 3:From 1st January, 2017 they agreed to share profit equally. Their sacrifice or gain will be :
0%
Sacrifice by X: 1/10
0%
Sacrifices by Y : 1/10
0%
Both (a) and (b)
0%
Non of these
Explanation
Both (a) and (b)
Generally the interest on capital is considered as :
0%
An appropriation of profit
0%
An Asset
0%
An Expense
0%
None of these
Explanation
An appropriation of profit
Increase in the value of assets on reconstitution of the partnership firm results into:
0%
Gain to the existing partners
0%
Loss to the existing partners
0%
Neither a gain nor a loss to the existing partners
0%
None of these
Explanation
Gain to the existing partners
Following are the factors affecting goodwill except:
0%
Nature of business
0%
Efficiency of Management
0%
Technical Knowledge
0%
Location of the Customers
Explanation
Technical Knowledge
The profit of the last three years are ₹ 42,000, ₹ 39,000 and ₹ 45,Value of goodwill at two years purchases of the average profits will be :
0%
₹ 42,000
0%
₹ 84,000
0%
₹ 1,26,000
0%
₹ 36,000
Explanation
₹ 84,000
Under average profit basis goodwill is calculated by :
0%
No. of years’ purchased x Average profit
0%
No. of years’ purchased x Super profit
0%
Super Profit -r Expected Rate of Return
0%
None of these
Explanation
No. of years’ purchased x Average profit
Goodwill is:
0%
Tangible Asset
0%
Intangible Asset
0%
Current Asset
0%
None of these
Explanation
Intangible Asset
0 h : 0 m : 1 s
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
0
Answered
0
Not Answered
0
Not Visited
Correct : 0
Incorrect : 0
Report Question
×
What's an issue?
Question is wrong
Answer is wrong
Other Reason
Want to elaborate a bit more? (optional)
Support mcqgeeks.com by disabling your adblocker.
×
Please disable the adBlock and continue.
Thank you.
Reload page