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

Being Chander brought rs 20000 for his share of goodwill. Which amount should be debited :

A
Profit A/c
B
Goodwil A/c
C
Partner’s account
D
Bank A/c
Correct

The increase in the value of assets in the revaluation account which account should be debited

A
Partners Capital A/c
B
Revaluation A/c
C
Valuation A/c
D
Concerned assets A/c
Correct

Revaluation accounts is not prepared at the time of _________

A
Death
B
Dissolution
Correct
C
Admission
D
Retirement

In the absence of any contract surplus or deficiency should be adjusted in

A
Profit and Loss adjustment account
B
Cash only
Correct
C
None of these
D
Transfer to current account

A and B are partners sharing profits in the ratio of 3:2. They admitted C as a new partner for 1/5 share in the future profits of the firm. Calculate new profit sharing ratio of A, B and C

A
It is 12:8:5
Correct
B
It is 12:10:4
C
It is 14:10:6
D
It is 10:7:4

Anand and Nitin are partners sharing profits in the ratio of 3:2. They admitted Jay as a new partner for 3/10 share which she acquired 2/10 from Anand and 1/10 from Nitin. Calculate the new profit sharing ratio of Anand, Nitin and Jay

A
It is 2:1:1
B
It is 1:2:2
C
It is 3:2:2
D
It is 4:3:3
Correct

Raman and Mohan are partners in a firm sharing profits in the ratio of 5:3. They admit Inder as a new partner for 1/7 share in the profit. The new profit sharing ratio will be 4:2:1. Calculate the sacrificing ratio of Raman and Mohan

A
It is 2:5
B
It is 5:3
C
It is 3:5
Correct
D
It is 2:3

Pal and Bahadur are partners in a firm sharing profits in the ratio of 3:2. They admitted Mahendra as a new partner for 1/4 share. The new profit sharing ratio between Pal and Bahadur will be 2:1. Calculate their sacrificing ratio.

A
It is 7:2
B
It is 2:3
Correct
C
It is 5:7
D
It is 3:5

Chirag a new partner acquires his1/5thshare of profit from X, an existing partner and present value of firm’s goodwill is Rs. 50000.In this case Z is required to pay to X

A
Rs.25000
B
Rs.2000
C
Rs. 10000
Correct
D
Rs.5000

Kamal and Rahul are partner’s in a firm sharing profits and losses in the ratio of 7:3.They admit Kaushal as a partner for 1/5th share. Kaushal acquires his share from Kamal and Rahul in the ratio of 3:2 . The goodwill of the firm has been valued at Rs.25000. Kaushal paid Rs.10000 privately to X and Y as his share of goodwill. What should be the journal entry

A
B
C
D
No entry will be passed
Correct

L and M are partners in a firm profit sharing ratio are 7:3. N and is admitted as a new partner for 3/7th share which he acquires 2/7th from L and 1/7th from M. N brings in Rs. 40000 as capital and Rs. 15000 as his share of goodwill. N share of goodwill credited in L’s capital account will be:

A
Rs.15000
B
Rs.10000
Correct
C
Rs.25000
D
Rs.20000

Vivek and Vishal are partner with capital of Rs. 26000 and Rs.22000 respectively. They admit Davis as partner with 1/4th share in the profits of them. David bring Rs.26000 as his share of capital. Journal entry for amount of capital brought by new partner

A
B
C
Correct
D

A and B sharing profit in the ratio of 4:3. C is admitted and balance sheet shows a Rs.70000.By what amount General should be transfer to B’s A/c

A
Rs.30000
Correct
B
Rs.35000
C
Rs.40000
D
Rs.15000

A and B are partners in a firm. They admit 1/5th share. C is to contribute capital proportionate to his share in the firm The combined capital of A and B after all adjustment is Rs.36000.Find capital to be contributed by C

A
Rs.9000
Correct
B
Rs.7500
C
Rs.8000
D
Rs.6000

A and B sharing ratio 3:2 and their capital after adjustment is Rs.80000 and Rs.60000. They admit C who contributes Rs.35000 as capital for 1/5 th share equally from A and B .Calculate shortage brought by A

A
Rs.7500
Correct
B
Rs.8500
C
Rs.5500
D
Rs.6500