Admission Of A Partner CBSE Questions & Answers
Admission Of A Partner
This is Accountancy Class 12 Admission of a Partner CBSE Questions & Answers. There are 15 questions in this test with each question having around four answer choices.
Questions & Answers
1
When the incoming partner pays his share of goodwill privately to the sacrificing partner outside the business Which account should be debited in the books of account
- ACash A/c
- BPremium A/c
- CPartner’s A/c
- DNo entry should be passedCorrect
2
If new partner account is not given then how it be worked out
- AAll partners’ capital after adjustment x reciprocal of old partner’s share x new partner’s share
- BOld partners’ capital after adjustment x reciprocal of sacrificing share x new partner’s share
- COld partners’ capital after adjustment x reciprocal of old partner’s share x new partner’s shareCorrect
- DOld partners’ capital after adjustment x reciprocal of old partner’s share x sacrificing share
3
If a new partner is admitted during the year the profits for the year should be divided between ____ period on an agreed basis
- APre-admission and post –admissionCorrect
- BOld profit sharing
- CEqual
- DNew year basis
4
Sacrifice ration is used only for
- APremium for goodwillCorrect
- BRevaluation profit
- CRevaluation of loss
- DDistribution of Reserve
5
Section ____ of the Indian Partnership Act provides that a new partner shall not be inducted into a firm without the consent of all existing partners
- A30
- B32
- C31.0Correct
- D33
6
Incoming partner may acquire his share from the old partners (i) In their old profit sharing ratio (ii) In a particular ratio (iii) In particular fraction from some of the partners. In which of the above mentioned alternatives
- AOnly i
- BAll the threeCorrect
- COnly I and iii
- DOnly i and ii
7
The existing goodwill if appearing in the firm is __________ by debiting the old partner’s account.
- AIncrease
- BWritten offCorrect
- CAll
- DDecrease
8
The amount of goodwill brought in by the new partner is shared by the ____ partners in their ____ ratio
- AGaining partner, gaining
- BOld , old
- CSacrificing partners, sacrificingCorrect
- DAll, new
9
Net loss on revaluation account should be transferred to _______ capital account in their old profit sharing ratio
- ANew Partner
- BOld partnerCorrect
- CAll partner’s
- DSacrificing partner
10
If goodwill already shown in the --------, it should be written off by debiting old partners in their old profit sharing ratio
- AProfit and loss account
- BTrial Balance
- CTrading account
- DBalance sheetCorrect
11
New partner can be admitted only with consent of
- AOne partner only
- BTwo partners only
- CThree partners only
- DAll existing partnerCorrect
12
To acquire which right new partner bring in the agreed amount of capital
- ANone of these
- BRight to share the future profits
- CBoth of these
- DRight to share assets of the firmCorrect
13
To acquire which right new partner bring his share of goodwill which shared by sacrifice partners
- ARight to share assets of the firmCorrect
- BBoth of these
- CNone of these
- DRight to share the future profits
14
Various methods need adjustments at the time of admission of a new partner are given below: (a) Adjustment in Profit sharing ratio (b) Adjustment in Goodwill (c) Adjustment of Accumulated profits, Reserves and losses. Which of the adjustment needed?
- AOnly b
- BOnly a
- COnly a and b
- DAll are neededCorrect
15
When a new partner is admitted he acquires his share of profits , this ____ the old partner’s shares in profits:
- AIncrease
- BReduceCorrect
- CRemain same
- DNo change