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

Admission of a partner is one of the mode of reconstituting the firm under which

A
Old partnership ended and new one between all partner(including new partner) comes into existence
Correct
B
New partnership ended and old one between all partner(including new partner) comes into existence
C
Old partnership ended and new one between all partner(excluding old partner) comes into existence
D
Old partnership ended and new one between all partner(excluding new partner) comes into existence

According to section 31(1) of _____ new partner can be admitted only with consent of all existing partners

A
Cooperatives
B
Partnership Act, 1932
Correct
C
Companies Act 1956
D
Joint Hindu Family

Amount brought by a new partner for his share in goodwill is known as _____

A
Will
B
Profit
C
Premium
Correct
D
Discount

Ways in which incoming partner may acquire his share except :

A
From the ld partners in their new profit sharing ratio
Correct
B
From the ld partners in their old profit sharing ratio
C
From the ld partners in some agreed ratio
D
From one or more partners (not from all partners)

New profit sharing ratio means

A
None
B
Two partner(including new) share future profit and losses
C
All partner(including new) share future profit and losses
Correct
D
All partner(excluding old) share future profit and losses

How will you calculate sacrificing ratio

A
Old share in profit - New Share in profit
Correct
B
Old share in profit – Gaining Share in profit
C
Gaining share in profit - New Share in profit
D
New share in profit - Old Share in profit

Employee’s provident Fund or ESI payable appearing in the liabilities side of the Balance Sheet, what treatment should be done at the time of admission of partner

A
Should be distributed as a part of reserve
B
Not be distributed as they are not reserve
Correct
C
None of the treatment
D
Both treatment can be done

Calculate the new capital of the new firm

A
New Partner’s Capital x Gaining share of old partner
B
Old Partner’s Capital x Reciprocal of proportion of share of new partner
C
New Partner’s Capital x Reciprocal of proportion of share of old partner
D
New Partner’s Capital x Reciprocal of proportion of share of new partner
Correct

At the time of a new partner, new profit sharing ratio is ascertained. The new partner acquires his share from the old partners and as a result profit shares of old partners is reduced. What is it known

A
Gaining Ratio
B
Sacrificing ratio
Correct
C
Old ratio
D
New Ratio

In case of accumulated losses undistributed, whose account should be debited

A
Sacrificing partner’s Capital A/c
Correct
B
All partner’s A/c
C
Gaining Partner’s A/c
D
Goodwill A/c

If the partners decide to retain assets and liabilities at their existing values , what method should be adopted

A
Evaluation Method
B
Memorandum Revaluation Method
Correct
C
Revaluation Method
D
Profit and Loss Method

How the net worth will be calculated

A
Net Worth = Profit of partners – Net accumulated Profit
B
Net Worth =Investment of partners – Net accumulated Profit
C
Net Worth = Sacrificing share of Partners – Gross accumulated Profit
D
Net Worth = Capital of partners – Net accumulated Profit
Correct

Revaluation account is carried out the scheme of ____

A
assessment of assets and reassessment of liabilities
B
Revaluation of assets and Reassessment of liabilities
Correct
C
Revaluation of assets and Valuation of liabilities
D
Valuation of assets and assessment of liabilities

As per Accounting Standard 10____ goodwill will be recorded in the books of account

A
Purchased Goodwill
Correct
B
None
C
Both
D
Generated Goodwill

Revaluation account is

A
Personal Account
B
Real Account
C
Nominal Account
Correct
D
All