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Class 12 Accountancy Chapter 2 Accounting For Partnership Firms Admission Of A Partner Quiz 1 (25 MCQs)

Quiz Instructions

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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:
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