L-5 » Reconstitution of Partnership: Admission of a Partner- MCQs (12th) | Accountancy | Objective Questions- 12th

Multiple Choice

Verified

ID- 4482

1. A new partner may be admitted into a partnership:

(A) With the consent of any partner
(B) With the consent of majority of partners
(C) With the consent of all old partners
(D) With the consent of 2 / 3rd of old partners

Aug 26, 2022 at 12:24 PM

Multiple Choice

Verified

ID- 4483

BSEB, 2011

2. A and B are partners in a firm sharing profits in the ratio of 3:2. They admit C as a new partner for 1/3rd share in the profits of the firm. The new profit sharing ratio of A, B, and C would be:

(A) 3 : 2 : 1
(B) 3 : 2 : 2
(C) 3 : 2 : 3
(D) 6 : 4 : 5

Aug 26, 2022 at 12:24 PM

Multiple Choice

VVI

Verified

ID- 4484

BSEB, 2010, 17

3. The amount of goodwill is paid by the new partner:

(A) for the payment of capital
(B) for sharing the profit
(C) for purchase of assets
(D) none of these

Aug 26, 2022 at 12:23 PM

Multiple Choice

VVI

Verified

ID- 4485

4. Assets and Liabilities are shown at their revalued values in:

(A) New Balance Sheet
(B) Revaluation Account
(C) All Partner's Capital Account
(D) Realisation Account

Aug 26, 2022 at 12:23 PM

Multiple Choice

VVI

Verified

ID- 4486

5. In which ratio, the cash brought in for Goodwill by the new partner is shared by the existing partners:

(A) Profit sharing ratio
(B) Capital ratio
(C) Sacrificing ratio
(D) None of these

Aug 26, 2022 at 12:23 PM

Multiple Choice

Verified

ID- 4487

6. A and B share profits and losses in the ratio of 3:4 C were admitted for 1/5th share. The new profit sharing ratio will be:

(A) 3 : 4 : 1
(B) 12 : 16 : 7
(C) 16 : 12 : 7
(D) None of these

Aug 26, 2022 at 12:23 PM

Multiple Choice

VVI

Verified

ID- 4488

7. Revaluation Account is alike to a ..............

(A) Profit and Loss Adjustment Account
(B) Profit and Loss Account
(C) Both
(D) Realisation Account

Aug 26, 2022 at 12:23 PM

Multiple Choice

VVI

Verified

ID- 4489

BSEB, 2015

8. Profit and Loss on Revaluation is borne by:

(A) Old Partners
(B) New Partners
(C) All Partners
(D) Only Two Partners

Aug 26, 2022 at 12:23 PM

Multiple Choice

Verified

ID- 4490

9. X and Y are partners sharing profits in the ratio of 1:1. They admit Z for 1/5 the share who contributed ₹ 25,000 for his share of goodwill. The total value of goodwill of the firm will be:

(A) 2,50,000
(B) 50,000
(C) 1,00,000
(D) 1,25,000

Aug 26, 2022 at 12:22 PM

Multiple Choice

VVI

Verified

ID- 4491

BSEB, 2011, 16

10. Share of goodwill brought by my new partner in cash is shared by old partners in:

(A) Sacrificing Ratio
(B) Old Ratio
(C) New Ratio
(D) Equally

Aug 26, 2022 at 12:22 PM

Multiple Choice

VVI

Verified

ID- 4492

BSEB, 2010

11. A, B, and C are partners in a firm. If D is admitted as a new partner, then:

(A) Old firm is dissolved
(B) Old firm and old partnership is dissolved
(C) Old partnership is reconstituted
(D) None of these

Aug 26, 2022 at 12:22 PM

Multiple Choice

Verified

ID- 4493

BSEB, 2018

12. A, B, and C are three partners sharing profits and losses in the ratio of 4:3:2. D is admitted for ⅒ share, the new ratio will be:

(A) 10:7:7:4
(B) 5:3:2:1
(C) 4:3:2:1
(D) None of these

Aug 26, 2022 at 12:22 PM

Multiple Choice

Verified

ID- 4494

13. Amit and Beena were partners in the firm sharing profits and losses in the ratio of 3: 1. Chaman was admitted as a new partner for 1 / 6th share in the profits. Chaman acquired 2 / 5th of his share from Amit. How many shares did Chaman acquire from Bina?

(A) 2 / 6
(B) 1 / 10
(C) 3 / 10
(D) 2 / 30

Aug 26, 2022 at 12:22 PM

Multiple Choice

Verified

ID- 4495

14. If the incoming partner brings the amount of goodwill in cash and also a balance exists in the Goodwill account then the Goodwill account is written off among the old partners:

(A) In new profit-sharing ratio
(B) In old profit-sharing ratio
(C) In sacrificing ratio
(D) In gaining ratio

Aug 26, 2022 at 12:22 PM

Multiple Choice

Verified

ID- 4496

BSEB, 2016

15. Which of the following assets is compulsorily revalued at the time of admission of a new partner:

(A) Stock
(B) Fixed Assets
(C) Investment
(D) Goodwill

Aug 26, 2022 at 12:21 PM

Multiple Choice

Verified

ID- 4497

16. A and B are in partnership sharing profits and losses as 3:2. C admitted for 1/4th share. Afterward, D enters for 20 paisa in the rupee. The new profit sharing ratio after D's admission will be:

(A) 9 : 6 : 5 : 5
(B) 6 : 9 : 5 : 5
(C) 3 : 2 : 4 : 5
(D) 3 : 2 : 5 : 5

Aug 26, 2022 at 12:20 PM

Multiple Choice

VVI

Verified

ID- 4498

17. State the 'true' statement:

(A) Revaluation Account is prepared for revaluation of Assets and liabilities on the admission of a partner
(B) The new partner is liable for the past losses of the firm
(C) In cash the new partner is unable to bring in cash for goodwill, a Goodwill account may be raised in the firm's books as per As-26
(D) When a partner is admitted, there is dissolution of firm

Aug 26, 2022 at 12:20 PM

Multiple Choice

VVI

Verified

ID- 4499

18. Sacrificing Ratio is ascertained at the time of:

(A) Death of a partner
(B) Retirement of a partner
(C) Admission of a partner
(D) None of these

Aug 26, 2022 at 11:16 AM

Multiple Choice

VVI

Verified

ID- 4500

BSEB, 2016

19. Balance Sheet prepared after new partnership agreement, assets and liabilities are recorded at:

(A) Original value
(B) Revalued Figure
(C) At Realisable Value
(D) Either (i) or (ii)

Aug 26, 2022 at 11:16 AM

Multiple Choice

VVI

Verified

ID- 4501

BSEB, 2015

20. Excess of the credit side over the debit side of the Revaluation account:

(A) Profit
(B) Loss
(C) Gain
(D) Expense

Aug 26, 2022 at 11:14 AM

Multiple Choice

Verified

ID- 4502

21. When a new partner does not bring his share of goodwill in cash, the amount is debited to:

(A) Cash A/c
(B) Premium A/c
(C) Capital Current A/c of the new partner
(D) Capital A/cs of the old partners

Aug 26, 2022 at 11:14 AM

Multiple Choice

Verified

ID- 4503

22. If at the time of admission, there is some unrecorded liability, it will be:

(A) Debited to Revaluation Account
(B) Credited to Revaluation Account
(C) Debited to Goodwill Account
(D) Credited to partners' Capital Account

Aug 26, 2022 at 11:14 AM

Multiple Choice

VVI

Verified

ID- 4504

23. If it is not clear that the new partner has taken his future share in which proportion from old partners then it is implied that the old partner shall give share:

(A) Equally
(B) In the ratio of their capitals
(C) In their old profit sharing ratio
(D) In profit gaining ratio

Aug 26, 2022 at 11:14 AM

Multiple Choice

VVI

Verified

ID- 4505

BSEB, 2017, 19

24. If at the time of admission of a new partner, the profit and loss account balance appears in the books, it will the transferred to:

(A) Profit and Loss Appropriation A/c
(B) All Partners' Capital A/cs
(C) Old Partners' Capital A/cs
(D) Revaluation A/c

Aug 26, 2022 at 11:14 AM

Multiple Choice

VVI

Verified

ID- 4506

BSEB, 2015

25. The partners' capital account is credited with:

(A) Interest on Capital
(B) Interest on Drawings
(C) Drawings
(D) Share in loss

Aug 26, 2022 at 11:13 AM

Multiple Choice

Verified

ID- 4507

26. A and B are partners. C is admitted with 1/5 share. C brings ₹ 1,20,000 as his share towards the capital. The total net worth of the firm is:

(A) ₹ 1,00,000
(B) ₹ 4,00,000
(C) ₹ 1,20,000
(D) ₹ 6,00,000

Aug 26, 2022 at 11:13 AM

Multiple Choice

VVI

Verified

ID- 4508

BSEB, 2015, 19

27. Share of goodwill brought in cash by the new partner is called:

(A) Assets
(B) Profit
(C) Premium
(D) None of these

Aug 26, 2022 at 11:13 AM

Multiple Choice

VVI

Verified

ID- 4509

28. Decrease in the liabilities is:

(A) Liability
(B) Loss
(C) Expense
(D) Gain

Aug 26, 2022 at 11:13 AM

Multiple Choice

VVI

Verified

ID- 4510

29. General Reserve at the time of admission of a new partner is transferred of:

(A) Revaluation Account
(B) Old Partner's Capital Account
(C) Profit and Loss Adjustment Account
(D) Realisation Account

Aug 26, 2022 at 11:12 AM

Multiple Choice

Verified

ID- 4511

BSEB, 2012, 18

30. X and Y share profits in the ratio of 3:2. Z was admitted as a partner who gets 1/5 share. Z acquires 3/20 from X and 1/20 from Y. The new profit sharing ratio will be:

(A) 9 : 7: 4
(B) 8 : 8 : 4
(C) 6 : 10 : 4
(D) 10 : 6 : 4

Aug 26, 2022 at 11:12 AM

Multiple Choice

Verified

ID- 4512

BSEB, 2013

31. A and B share profits and losses in the ratio of 3:1. C is admitted into a partnership for 1/4 share. The sacrificing ratio of A and B is:

(A) Equal
(B) 3:1
(C) 2:1
(D) 3:2

Aug 26, 2022 at 11:12 AM

Multiple Choice

VVI

Verified

ID- 4513

BSEB, 2011

32. On the admission of a new partner, the decrease in the value of assets is debited to:

(A) Revaluation Account
(B) Assets Account
(C) Old Partners' Capital Account
(D) None of these

Aug 26, 2022 at 11:12 AM

Multiple Choice

VVI

Verified

ID- 4514

33. Formula is Sacrificing Ratio is:

(A) New Ratio - Old Ratio
(B) Old Ratio - New Ratio
(C) Gain Ratio - Sacrificing Ratio
(D) New Ratio - Sacrificing Ratio

Aug 26, 2022 at 11:11 AM

Multiple Choice

VVI

Verified

ID- 4515

BSEB, 2015

34. On the admission of a new partner, an increase in the value of assets is debited to which account?

(A) Revaluation Account
(B) Assets Account
(C) Old Partners'Capital Accounts
(D) None of these

Aug 26, 2022 at 11:10 AM

Multiple Choice

VVI

Verified

ID- 4516

BSEB, 2012

35. The accumulated profits and reserves are transferred to:

(A) Realisation Accounts
(B) Partner' Capital Accounts
(C) Bank Account
(D) Savings Account

Aug 26, 2022 at 11:09 AM

Multiple Choice

VVI

Verified

ID- 4517

BSEB, 2011

36. The balance of the Revaluation Account or Profit and Loss Adjustment Account is transferred to Old Partners' Capital Accounts there:

(A) Old profit-sharing ratio
(B) New profit-sharing ratio
(C) Equal ratio
(D) Capital ratio

Aug 26, 2022 at 11:09 AM

Multiple Choice

VVI

Verified

ID- 4518

37. When a new partner gives his share of premium as a thing in place of cash to the firm, then the account of these things will be recorded to:

(A) Premium A/c Credited
(B) Premium A/c Debit
(C) Sale A/c Debit
(D) None of these

Aug 26, 2022 at 11:09 AM

Multiple Choice

Verified

ID- 4519

38. A, B, and C are equal partners. D is admitted to the firm for one-, fourth share. D brings ₹ 20,000 as capital and ₹ 5,000 being half of the premium of goodwill. The value of goodwill of the firm is:

(A) ₹10,000
(B) ₹40,000
(C) ₹30,000
(D) None of these

Aug 26, 2022 at 11:09 AM

Multiple Choice

VVI

Verified

ID- 4520

BSEB, 2010

39. When the new partner pays for Goodwill in cash, the amount should be debited in the firm's book to:

(A) Goodwill Account
(B) Cash Account
(C) Capital Account of new partner
(D) None of these

Aug 26, 2022 at 11:08 AM

Multiple Choice

VVI

Verified

ID- 4521

CPT, 2009 Dec; BSEB, 2015

40. The opening balance of the partner's capital account is credited with:

(A) Interest on Capital
(B) Interest on Drawings
(C) Drawings
(D) Share in loss

Aug 26, 2022 at 11:08 AM

Multiple Choice

Verified

ID- 4522

41. Z is admitted in a firm for a 1/4 share in the profit for which he brings ₹ 30,000 for goodwill. It will be taken away by the old partners X and Y in:

(A) Old profit-sharing ratio
(B) New profit-sharing ratio
(C) Sacrificing ratio
(D) Capital ratio

Aug 26, 2022 at 11:08 AM

Multiple Choice

Verified

ID- 4523

42. Goodwill of the firm is valued at ₹ 1,00,000. Goodwill also appears in the books at ₹ 50,000. C is admitted for 1/4 the share. The amount of goodwill to be brought in by C will be:

(A) 20,000
(B) 30,000
(C) 25,000
(D) 40,000

Aug 26, 2022 at 11:08 AM

Multiple Choice

Verified

ID- 4524

43. A,B, and C are partners sharing profits in the ratio of 3:2:1 . They agree to admit D into the firm. A, B, and C agreed to give 1/3rd, 1/6th, and 1/9th share of their profit. The share of profit of D will be:

(A) 1 / 10
(B) 13 / 54
(C) 12 / 54
(D) 10 / 54

Aug 26, 2022 at 11:08 AM

Multiple Choice

Verified

ID- 4525

BSEB, 2011

44. At the time of admission of a new partner, Undistributed Profits appearing in the Balance Sheet of the Old Firm is it transferred to the capital account of:

(A) Old partners in old profit-sharing ratio
(B) Old partners in new profit-sharing ratio
(C) All the partners in the new profit-sharing ratio
(D) None of these

Aug 26, 2022 at 11:08 AM

Reconstitution of Partnership: Admission of a Partner

Board » Bihar Board » Class 12th » English Medium » Commerce » Accountancy » L-5: Reconstitution of Partnership: Admission of a Partner

Objective Questions (MCQs)

1. A new partner may be admitted into a partnership:

2. A and B are partners in a firm sharing profits in the ratio of 3:2. They admit C as a new partner for 1/3rd share in the profits of the firm. The new profit sharing ratio of A, B, and C would be:

3. The amount of goodwill is paid by the new partner:

4. Assets and Liabilities are shown at their revalued values in:

5. In which ratio, the cash brought in for Goodwill by the new partner is shared by the existing partners:

6. A and B share profits and losses in the ratio of 3:4 C were admitted for 1/5th share. The new profit sharing ratio will be:

7. Revaluation Account is alike to a ..............

8. Profit and Loss on Revaluation is borne by:

9. X and Y are partners sharing profits in the ratio of 1:1. They admit Z for 1/5 the share who contributed ₹ 25,000 for his share of goodwill. The total value of goodwill of the firm will be:

10. Share of goodwill brought by my new partner in cash is shared by old partners in:

11. A, B, and C are partners in a firm. If D is admitted as a new partner, then:

12. A, B, and C are three partners sharing profits and losses in the ratio of 4:3:2. D is admitted for ⅒ share, the new ratio will be:

13. Amit and Beena were partners in the firm sharing profits and losses in the ratio of 3: 1. Chaman was admitted as a new partner for 1 / 6th share in the profits. Chaman acquired 2 / 5th of his share from Amit. How many shares did Chaman acquire from Bina?

14. If the incoming partner brings the amount of goodwill in cash and also a balance exists in the Goodwill account then the Goodwill account is written off among the old partners:

15. Which of the following assets is compulsorily revalued at the time of admission of a new partner:

16. A and B are in partnership sharing profits and losses as 3:2. C admitted for 1/4th share. Afterward, D enters for 20 paisa in the rupee. The new profit sharing ratio after D's admission will be:

17. State the 'true' statement:

18. Sacrificing Ratio is ascertained at the time of:

19. Balance Sheet prepared after new partnership agreement, assets and liabilities are recorded at:

20. Excess of the credit side over the debit side of the Revaluation account:

21. When a new partner does not bring his share of goodwill in cash, the amount is debited to:

22. If at the time of admission, there is some unrecorded liability, it will be:

23. If it is not clear that the new partner has taken his future share in which proportion from old partners then it is implied that the old partner shall give share:

24. If at the time of admission of a new partner, the profit and loss account balance appears in the books, it will the transferred to:

25. The partners' capital account is credited with:

26. A and B are partners. C is admitted with 1/5 share. C brings ₹ 1,20,000 as his share towards the capital. The total net worth of the firm is:

27. Share of goodwill brought in cash by the new partner is called:

28. Decrease in the liabilities is:

29. General Reserve at the time of admission of a new partner is transferred of:

30. X and Y share profits in the ratio of 3:2. Z was admitted as a partner who gets 1/5 share. Z acquires 3/20 from X and 1/20 from Y. The new profit sharing ratio will be:

31. A and B share profits and losses in the ratio of 3:1. C is admitted into a partnership for 1/4 share. The sacrificing ratio of A and B is:

32. On the admission of a new partner, the decrease in the value of assets is debited to:

33. Formula is Sacrificing Ratio is:

34. On the admission of a new partner, an increase in the value of assets is debited to which account?

35. The accumulated profits and reserves are transferred to:

36. The balance of the Revaluation Account or Profit and Loss Adjustment Account is transferred to Old Partners' Capital Accounts there:

37. When a new partner gives his share of premium as a thing in place of cash to the firm, then the account of these things will be recorded to:

38. A, B, and C are equal partners. D is admitted to the firm for one-, fourth share. D brings ₹ 20,000 as capital and ₹ 5,000 being half of the premium of goodwill. The value of goodwill of the firm is:

39. When the new partner pays for Goodwill in cash, the amount should be debited in the firm's book to:

40. The opening balance of the partner's capital account is credited with:

41. Z is admitted in a firm for a 1/4 share in the profit for which he brings ₹ 30,000 for goodwill. It will be taken away by the old partners X and Y in:

42. Goodwill of the firm is valued at ₹ 1,00,000. Goodwill also appears in the books at ₹ 50,000. C is admitted for 1/4 the share. The amount of goodwill to be brought in by C will be:

43. A,B, and C are partners sharing profits in the ratio of 3:2:1 . They agree to admit D into the firm. A, B, and C agreed to give 1/3rd, 1/6th, and 1/9th share of their profit. The share of profit of D will be:

44. At the time of admission of a new partner, Undistributed Profits appearing in the Balance Sheet of the Old Firm is it transferred to the capital account of: