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
Why a new partner is admitted in the firm?
  • A
    To Increase the Profit sharing Ratio
  • B
    To Increase the Number of partners
  • C
    To Increase the Capital of the firm.
    Correct
  • D
    To increase the goodwill of the firm
2
Out of the following, which is the main right of a partner?
  • A
    Right to Share the property of the firm.
    Correct
  • B
    Right to Stop other partners for drawings
  • C
    Right to share the old profits of the firm
  • D
    Right to Say no for Goodwill
3
According to Section 30 of Partnership Act 1932 :
  • A
    New partner is admitted by the consent of all partners
    Correct
  • B
    New partner is allowed to share old profits
  • C
    New partner will bring capital and goodwill in cash
  • D
    New partner will inspect the books of accounts
4
Revaluation Profit is only for :
  • A
    Old partners
    Correct
  • B
    All partners (excluding gainer partner)
  • C
    All partners
  • D
    Sacrificing Partners
5
Loss on Revaluation will be distributed among :
  • A
    All Partners
  • B
    Only old partners
    Correct
  • C
    Gainer partners
  • D
    Sacrificing partners
6
Goodwill Given in the old Balance Sheet will be :
  • A
    Distributed by Gainer partners
  • B
    Written off by the old partners
    Correct
  • C
    Credited to old Partners Capital accounts
  • D
    Written off by the Sacrificing partners
7
A and B are partners in a firm sharing profits in the ratio of 2 : 1. They admit C as a new partner for 1/5 share. New Ratio will be 3 : 1 : 1. Sacrificing ratio will be :
  • A
    It is 2 : 1
  • B
    It is 1 : 7
  • C
    It is 1 : 2
    Correct
  • D
    It is 3 : 5
8
A and B are partners in a firm sharing profits in the ratio of 5 : 3. They admit C as a new partner for 1/5 share. New Ratio will be 3 : 1 : 1. Sacrificing ratio will be :
  • A
    It is 3 : 5
  • B
    It is 1 : 2
  • C
    It is 2 : 1
  • D
    It is 1 : 7
    Correct
9
A and B are partners in a firm sharing profits in the ratio of 4 : 3. They admit C as a new partner. New Ratio will be 2 : 3 : 1. Sacrificing ratio will be :
  • A
    Only A is sacrificing
    Correct
  • B
    It is 4 : 3
  • C
    It is 2 : 3
  • D
    Only B is Sacrificing
10
A and B are partners in a firm sharing profits in the ratio of 3 : 2. They admit C as a new partner for 1/4 share. New Ratio of A and B will be 2 : 1. Sacrificing ratio will be :
  • A
    It is 2 : 3
    Correct
  • B
    It is 3 : 2
  • C
    It is 1 : 1
  • D
    It is 2 : 1
11
A and B are partners in a firm sharing profits in the ratio of 5 : 3. They admit C as a new partner for 1/7 share. New Ratio will be 4 : 2 : 1. Sacrificing ratio will be :
  • A
    It is 5 : 3
  • B
    It is 4 : 2
  • C
    It is 3 : 2
  • D
    It is 3 : 5
    Correct
12
A and B are partners in a firm sharing profits in the ratio of 2 : 1. They admit C as a new partner for 1/5 share. New Ratio will be 1 : 2. Sacrificing ratio will be :
  • A
    It is 3 : 5
  • B
    It is 1 : 1
  • C
    It is 2 : 1
  • D
    It is 1 : 2
    Correct
13
Premium brought by the new partner will be share by the existing partners in :
  • A
    Sacrificing Ratio
    Correct
  • B
    Old Ratio
  • C
    New Ratio
  • D
    Gain Ratio
14
Unrecorded Liabilities are :
  • A
    Credited to the Partners Account
  • B
    Will be shown in Balance Sheet
  • C
    Debited to the Revaluation account
    Correct
  • D
    Credited to the Revaluation account
15
Deferred revenue expenditure given in the Asset side of Balance sheet will be :
  • A
    Debited to old partners
    Correct
  • B
    Debited to sacrificing partners
  • C
    Credited to all partners
  • D
    Debited to all partners