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Commerce
Admission Of New Partner
Quiz 1
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Q.1
P and q are partners in a firm having capital of rupeeseach. R is admitted for 1/3rd share for which he has to bring rupeesfor his share of capital. The amount of good will be
8000
10,000
9000
11000
Q.2
In case of fixed capital, undistributed profits, general reserves, etc, are transferred to
Partners capital account
Partners current account
Revaluation account
Profit and loss adjustment account
Q.3
Unrecorded assets or liabilities are transferred to
Partners capital account
Revaluation account
Profit and loss account
Partners current account
Q.4
X and y are partners sharing profits in the ratio ofand capitals as 1,00,and 50,respectively. Z is admitted for 1/5th share in profits.the amount Z will contribute as capital will be
50,000
35,000
37,500
60,000
Q.5
Ramesh and Suresh are partners sharing profits in the ration of 2:1 respectively. Ramesh capital ₹ 1,02,and Suresh capital are ₹73,They admit Mahesh and agree to give him 1/5th share in future profit. Mahesh brings ₹14,as his share of goodwill. He agrees to contribute capital in the new profit-sharing ration. How much capital will be brought by Mahesh?
A) ₹ 43,750
B) ₹ 45,000
C) ₹ 47,250
D) ₹ 48,000
Q.6
When the balance sheet is prepared after the new partnership agreement, the assets and liabilities are recorded at
Historical cost
Current cost
Revalued figures
Q.7
Goodwill brought by the incoming partner is distributed among the old partners in their
Old profit sharing ratio
New profit sharing ratio
Sacrificing ratio
Gaining ratio
Q.8
Normal profit = _____ X NRR /100
Revaluation
New profit
Loss
Capital employed
Q.9
At the time of admission of a partner, undistributed profits appearing in the balance sheet of the old firm is transferred to capital Account of
Old partner in old ratio
Old partner in new ratio
All partner in new ratio
Old partners in sacrifice ratio
Q.10
Workmen compensation reserve shown in the balance sheet liability site Rsand in adjustment it is said workmen compensation claim is to be created RsThe amount shown in the new balance sheet will be Rs...............
35000
10,000
25000
45000
Q.11
Profit or loss on revaluation of assets and reassessment of liabilities is transferred to partners capital account in there
Capital ratio
Equal ratio
Old profit sharing ratio
Gaining ratio
Q.12
In which ration is utilised for distribution of goodwill by existing partner in the case of admission of new partner?
gaining ratio
S R
O R
N
Q.13
X and Y are sharing profits and losses in the ratio of 3 :Z is admitted with 1/5th share in profits of the firm which he gets from X. Find out the New profit sharing ratio?
(a) 12 : 8 : 5
(b) 8 : 12 : 5
(c) 2 : 2 : 1
(d) 2 : 2 : 2
Q.14
P and Q are two partners in a firm having capitals of Rseach.R is admitted for 1/3 rd share for which he has to bring Rsfor his share of capital. The amount of goodwill will be ............
5000
15000
10,000
Q.15
A and B are partners sharing profits in the ratio ofthey admit C as a partner for 1/4th share, the sacrificing ratio of a and b will be
2:3
1:1
3:2
2:1
Q.16
In the balance sheet debtors shown Rsand in adjustment bad debts written offand make provisionon remaining debtors. The amount of debtor shown in the new balance sheet will be...........
45000
42750
7250
47250
Q.17
At the time of admission if the profit sharing ratio among the old partner does not change then sacrificing ratio will be
Equal
According to the contribution of capital
Their old profit sharing ratio
According to new partner
Q.18
Increase in the value of assets is credited to revaluation account
True
False
Q.19
At the time of admission of a partner, revaluation account is debited to record the increase in provision for doubtful debts
True
False
Q.20
What right a newly admitted partner acquires in the firm after his admission?
Right to vote
Right to admit any partner
Right to share assets of the firm
None of the above
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