Q.1
Anshu and nitu are partners sharing profit in the ratio of 3:They admit jyoti as a new partner for 3/share which she acquired 2/from anshu and 1/from nitu. Calculate the new profit sharing ratio
  • 3:3:4
  • 3:4:3
  • 4:3:3
  • 3:2:1
Q.2
A ,B,C are partners sharing profit in ratio of 3:2:1.D admitted in the firm as a new partner with 1/6th share.calculate new profit share ratio
  • 15:10:5:4
  • 15:10:5:6
  • 3:2:1:1
  • None of these
Q.3
On the admission of a new partner increase in the value of assets is debited to
  • Revaluation Account
  • Assets Account
  • Old partners capital account
  • None of the above
Q.4
A, B and C are partners in a Firm. If D is admitted as a new partner :
  • Old Firm is dissolved
  • Old Firm and partnership is dissolved
  • Old partnership is reconstitution.
  • None of the above
Q.5
At the time of admission of a partner , general reserve appearing in the old Balance sheet is transferred to
  • All partners capital account
  • New partner capital account
  • Old partner capital account
  • None of the above
Q.6
On admission of a new partner, increase in value of assets is debited to
  • Asset account
  • Profit & Loss adjustment account
  • Old partners capital account
Q.7
Revaluation is a
  • real account
  • nominal account
  • personal account
Q.8
On admission of a new partner balance of General Reserve Account should be transferred to the capital account of
  • all partners in their new profit sharing ratio
  • old partners in their old profit sharing ratio
  • old partners in their new profit sharing ratio
Q.9
At the time of admission of a new partner, ________ of assets and liabilities should be taken up.
  • revaluation
  • realisation
  • reserve
Q.10
_________ ratio is computed at the time of admission of a new partner
  • Gaining ratio
  • Capital ratio
  • Sacrificing ratio
Q.11
The old partners share all the accumulated profits and reserves in their
  • new profit sharing ratio
  • old profit sharing ratio
  • capital ratio
Q.12
In admission, profit from revaluation of assets and liabilities will be transferred to the capital accounts of the old partners in the
  • Old profit sharing ratio
  • Sacrifice ratio
  • New profit sharing ratio
Q.13
The difference between old profit sharing ratio and new profit sharing ratio at time of admission is ________ ratio.
  • gaining
  • Sacrifice
  • agreed
Q.14
At the time of admission, when goodwill is raised, the old partners capital account will be credited in the ________ ratio.
  • Old profit sharing
  • new profit sharing
  • agreed
Q.15
Indian Partnership Act was enacted in the year ________.
  • 1948
  • 1932
  • 1956
Q.16
The capital accounts of partners may be ________ or fluctuating.
  • fixed
  • current
  • capital
Q.17
If a firm is maintaining both ‘Capital Accounts’ and ‘Current Accounts’ of the partners A and B. Additional capital introduced by B will be recorded in
  • B’s Current Account
  • B’s Capital Account
  • either B’s Capital Account or Current Account
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