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Commerce
Admission Of New Partner
Quiz 2
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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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