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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