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Class 12 Accountancy Chapter 2 Accounting For Partnership Firms Admission Of A Partner Quiz 1 (60 MCQs)

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1. A and B are partners sharing profit and losses in the ratio of 3:2. A's capital is Rs. 1, 20, 000 and B's capital is Rs. 60, 000. They admit C for 1/5thshare of profits. C should bring as his capital
2. A, B, C, and D are partners. A and B share 2/3rd of profits equally and Cand D share remaining profits in the ratio of 3:2. Find the profit sharing ratio of A, B. C, and D
3. A and B are partners sharing profit or loss in the ratio of 3:2. C is admitted into partnership as a new partner. A sacrifices 1/3 of his share of B sacrifices 1/4 of his share in favour of C. What will be the C's share in the firm?
4. A and B are partners sharing profit in the ratio of 3:2. They admit C as a partner by giving him 1/3 share in future profits. The new ratio will be:
5. At the time of admission of a partner, revaluation account is debited to record the increase in provision for doubtful debts
6. A and B share profits in the ratio of 2:1. C is admitted with 1/4 share in profits. C acquires 3/4 of his share from A and 1/4 of his share from B. The new ratio will be:
7. B and N are partners in a firm sharing profits in the ratio of 3:2. They admit S as a partner for l/4th share in the profits. S acquires his share from B and N in the ratio of 2:1. The new profit-sharing ratio will be:
8. ..... is credited when the unrecorded asset is brought into the business.
9. A and Bare in partnership sharing profits in the ratio of 3:2. They take C as a new partner. Goodwill of the firm is valued at 33, 00, 000 and C brings ₹ 30, 000 as his share of goodwill in cash which is entirely credited to the capital account of A. New profit sharing ratio will be
10. When a new partner brings the amount of goodwill in cash, it is credited to:
11. On the admission of a new partner increase in the value of assets is debited to
12. OLD GOODWILL WILL BE WRITTEN OFF IN NEW RATIO
13. ANY ACCUMULATED PROFIT WILL BE CREDITED TO OLD PARTNERS IN OLD RATIO
14. Q1 When goodwill is not recorded in the books at all on admission of a partners?
15. Goodwill brought by the incoming partner is distributed among the old partners in their
16. Increase in the value of assets is credited to revaluation account
17. ACCUMULATED LOSSES WILL BE DEBITED TO OLD PARTNERS IN OLD RATIO
18. A and B are partners in a firm sharing profits and losses in the ratio of 3:2. A new partner C is admitted. A surrenders 1/15th share of his profit in favour of C and B surrenders 2/15th of his share in favour of C. The new ratio will be:
19. A and B are partners sharing profits and losses in the ratio 5:3. On admission, C brings by cheque Rs. 70, 000 as Capital and Rs. 48, 000 as Goodwill. New Profit-sharing Ratio among A, B and C is 7:5:4. Sacrificing ratio between A and B is:
20. A and B share profits in the ratio of 3:2. They agreed to admit C on the condition that A will sacrifice 3/25th of his share of profit in favour of C and B will sacrifice 1/25th of his profits in favour of C. The new profit sharing ratio will be:
21. A and B are partners sharing profits and losses in the ratio of 3:2. A's Capital is 60, 000 and B's Capital is 30, 000. They admit C for 1/5$^{th}$ share of profits. How much C should bring in towards his capital?
22. P and Q are partners sharing profits in the ratio of 9:7. R is admitted as a partner with 9/ 20th share in the profits, which he takes 1/5th from P and 1/4th from Q Sacrificing ratio will be:
23. A and B are partners in a business sharing profits and losses in the ratio of 7:3 respectively. They admit C as a new partner. A sacrificed 1/7th share of his profit and B sacrificed 1/3rd of his share in favour of C. The new profit sharing ratio of A, B and C will be
24. If the new partner brings any additional amount of cash other than his capital contributions then it is termed as:
25. A, B, C, D are in partnership sharing profits and losses in the ratio of 9:6:5:5. E joins the partnership for 20% share. A. B, C and D would in future share profits among themselves as 3/10:4/10:2/10:1/10. The new profit sharing ratio will be:
26. A, B and C are partners sharing in the ratio of 5:4:3. They admit D for 17th share. It is agreed that B would retain his original share. Sacrificing ratio will be:
27. In case of fixed capital, undistributed profits, general reserves, etc, are transferred to
28. Rohit and Mohit are partners with a ratio of 5:3. They admit biru with 1/7 share of profit. The new profit sharing ratio is 4:2:1. Calculate the sacrifice ratio
29. SACRIFICING RATIO IS CALCULATED TO DISTRIBUTE THE AMOUNT OF PREMIUM BETWEEN OLD PARTNERS
30. Anita and Babita are partners sharing profits and losses as 3:2. Chandani is admitted and profit sharing ratio becomes 4:3:2. Goodwill is valued at ₹ 94, 500. Chandani brings required goodwill in cash. Goodwill amount that will be credited by Chandani is:
31. Excess of Proportionate capital over actual capital represents .....
32. When goodwill is withdrawn by the partner ..... account is debited.
33. A and B are partners in a firm sharing profits and losses in the ratio of 2:3. C is admitted for 1/5 share in the profits of the firm. If C gets it wholly from A, the new profit sharing ratio after C's admission will be:
34. The Need of revaluation of assets and liabilities on admission
35. X and Y are partners sharing profits and losses in the ratio of 3:2. Z is admitted for 1/5th share in profits which he gets from X. New profit sharing ratio will be
36. A new partner may be admitted into a partnership:
37. Workmen compensation reserve shown in the balance sheet liability site Rs 35000 and in adjustment it is said workmen compensation claim is to be created Rs 10000. The amount shown in the new balance sheet will be Rs .....
38. A and B are partners sharing profits in the ratio of 7:3. C is admitted as a new partner. "A" gave 1/7th of his share and "B" gave 1/3rd of his share to C. New Profit-sharing Ratio will be:
39. If at the time of admission, there is some unrecorded liability, it will be:
40. X and y are partners sharing profits in the ratio of 3:2, and capitals as 1, 00, 000 and 50, 000 respectively. Z is admitted for 1/5th share in profits.the amount Z will contribute as capital will be
41. A and B are partners sharing profits in the ratio of 4:3. They admitted C as a new partner who gets 1/5th share of profit, entirely from A. The new profit sharing ratio will be:
42. P and q are partners in a firm having capital of rupees 15000 each.R is admitted for 1/3rdshare for which he has to bring rupees 20000 for his share of capital. The amount of goodwill will be
43. X, Y, and Z were partners for 2:5:3 they decided to take M as a partner for 1/6th share which he acquires from Y and Z in 3:4. calculate NPSR.
44. If Asset is taken over by the partner ..... account is debited.
45. A, B and C share profits and losses in the ratio of 3:2:1. On admission of D, they agree to share profits and losses in the ratio of 5:4:2:1.Sacrificing Ratio of A, B and C will be .....
46. A, B and C are partners in a Firm. If D is admitted as a new partner:
47. Anshu and nitu are partners sharing profit in the ratio of 3:2. They admit jyoti as a new partner for 3/10 share which she acquired 2/10 from anshu and 1/10 from nitu. Calculate the new profit sharing ratio
48. A and B are partners sharing profits in the ratio of 2:3, they admit C as a partner for 1/4th share, the sacrificing ratio of a and b will be
49. M, N, O, and P were partners for 3:3:2:2.Q admitted as a new partner for 1/5th share whereas O decided to retain on his original share and M, N, and P decided to share future profit equally. calculate NPSR
50. Profit or loss on revaluation of assets and reassessment of liabilities is transferred to partners capital account in there
51. A and B are partners sharing profits and losses in the ration of 5:3. On admission, C brings ₹ 70, 000 as cash and ₹ 43, 000 against goodwill. The new profit ratio between A, B, and C is 7:5:4. The sacrifice ratio of A and B is
52. At the time of admission of a partner, general reserve appearing in the old Balance sheet is transferred to
53. The balance in the investment Fluctuation fund after meeting the fall in book value of investment, at the time of admission of partner will transferred to:
54. 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
55. If the incoming partner is to bring Premium for Goodwill in cash and also a balance exists in Goodwill Account, then this Goodwill Account is written off among old partners in:
56. 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
57. X and Y are partners sharing profits in the ratio of 3:2. Z is admitted as a partner. Calculate sacrifi cing ratio if new profit sharing ratio is 9:7:4.
58. A and B are partners sharing profits in the ratio of 5:3. A surrenders 1/4th of his share and B surrenders 1/5th of his share in favour of C, a new partner. What is the sacrificing ratio?
59. X and Y are partners sharing profit in the ratio of 3:2. Z was admitted with 1/4 share in profits which he acquires equally from X and Y. The new ratio will be:
60. Anju and Eeshan are two partners sharing profits and losses in the ratio of 3:2. They decided to admit Aaroh for 1/5$^{th}$ share, the new Profit-sharing ratio will be .....
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