Class XII Accountancy Admission of Partner - Test Paper Part I

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Class XII Accountancy Admission of Partner - Test Paper Part I - 2021

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(01)For which of the following situations, the old profit-sharing ratio of partners is used at the time of admission of a new partner? *

1 point

When new partner brings only a part of his share of goodwill.

When new partner is not able to bring his share of goodwill.

When, at the time of admission, goodwill already appears in the balance sheet.

When new partner brings his share of goodwill in cash.

(02) Arun and Vijay are partners in a firm sharing profits and losses in the ratio of 5:1. Balance Sheet (Extract) If value of machinery in the balance sheet is undervalued by 20%, then at what value will machinery be shown in new balance sheet: *

1 point

44,000

48,000

32,000

50,000

(03) A and B are partners in a firm having a capital of ₹ 54,000 and ₹ 36,000 respectively. They admitted C for 1/3rd share in the profits C brought proportionate amount of capital. The Capital brought in by C would be: *

1 point

₹ 90,000

₹ 45,000

₹ 5,400

₹ 36,00

(04) Sun and Star were partners in a firm sharing profit in the ratio of 2 : 1. Moon as admitted as a new partner in the firm. New profit sharing ratio was 3 : 3 : 2. Moon brought the following assets towards his share of Goodwill and Capital: Machinery : 2,00,000 Furniture : 1,20,000 Stock : 80,000 Cash : 50,000 If his capital is considered as Rs. 3,80,000 *

1 point

70,0000

2,80,000

4,50,000

1,40,000

(05) Sacrificing ratio is used to distribute………….in case admission of partner. *

1 point

Reserves

Goodwill

Revaluation profit

Balance in profit and loss account

(06) A and B are in partnership sharing profits and losses in the ratio of 3:2. They admit C into partnership with 1/5th share which he acquires equally from A and B. new psr and sacrifice ratio will be: *

1 point

5:3:2 and 1:1

9:6:5 and 1:1

2:1:2 and 1:1

2:2:1 and 1:1

(07) Can employee provident fund be distributed among old partner in their old ratio at the time of admission of partner. *

1 point

It can be distributed as there is no liability against it

It can’t be distributed as it belongs to employees

Can be distributed if tax is paid

None of the above

(08)Analyses the transaction and identify the effect on the revaluation account. Two month's salaries @ Rs. 6000 per month was outstanding. *

1 point

Revaluation account is debited by Rs. 12000

Revaluation account is credited by Rs. 12000

Revaluation account is debited by Rs.6000

Revaluation account is credited by Rs. 6000

(09) Assertion (A): At the time of admission, if profit sharing ratio among old partner does not change then sacrificing ration will be old profit-sharing ratio. Reason ( R) : Old profit ratio plus new profit sharing ratio is sacrificing ratio: *

1 point

Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A)

Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A)

Assertion (A) is false, but Reason (R) is true

Assertion (A) is true, but Reason (R) is false

(10) X and Y share profits in the ratio of 3:2. Z was admitted as a partner who sets 1/5 share. New profit-sharing ratio, if Z acquires 3/20 from X and 1/20 from Y would be *

1 point

9 : 7 : 4

8 : 8 : 4

6 : 10 : 4

10 : 6 : 4

(11) A and B share profits and losses in the ratio of 3 : 1, C is admitted into partnership for 1/4 share. The sacrificing ratio of A and B is: *

1 point

equal

3 : 1

2 : 1

3 : 2.

(12) At the time of admission of a new partner, general reserve appearing in the old balance sheet is transferred to: *

1 point

all partner’s capital account

new partner’s capital account

old partner’s capital account

none of the above

(13) Asha and Nisha are partner’s sharing profit in the ratio of 2:1. Asha’s son Ashish was admitted for 1/4 share of which 1/8 was gifted by Asha to her son. The remaining was contributed by Nisha. Goodwill of the firm in valued at Rs. 40,000. How much of the goodwill will be credited to the old partner’s capital account. *

1 point

Rs. 2,500 each

Rs. 5,000 each

Rs. 20,000 each

None of the above

(14) A, B and C are partner’s in a firm. If D is admitted as a new partner: *

1 point

old firm is dissolved

old firm and old partnership is dissolved

old partnership is reconstituted

None of the above.

(15) On the admission of a new partner increase in the value of assets is debited to *

1 point

Profit and Loss Adjustment account

Assets account

Old partner’s capital account

None of the above

(16) At the time of admission of a partner, undistributed profits appearing in the balance sheet of the old firm is transferred to the capital account of: *

1 point

old partners in old profit sharing ratio

old partners in new profit sharing ratio

all the partner in the new profit sharing ratio

(17) A, B and C are partners sharing profits in the ratio of 3:2:1. They agree to admit D into the firm. A, B and C agreed to give 1/3rd,1/6th,1/9th share of their profit. The share of Profit of D will be: *

1 point

1/10

11/54

12/54

13/54

(18) A and B are in partnership sharing profits in the ratio of 3:2. they take C as a new Partner. Goodwill of the firm is valued at Rs3,00,000 and C brings Rs30,000 as his Share of goodwill In cash which is entirely credited to the Capital Account of A. New Profit sharing ratio will be: *

1 point

3:2:1

6:3:1

5:4:1

4:5:1

(19) 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 *

1 point

12 : 8 : 5

8: 12 : 5

5 : 5 : 12

None of the Above

(20) A and B are partners sharing profits and losses in the ratio of 7 : 5. They agree to admit C, their manager, into partnership who is to get 1/6th share in the profits. He acquires this share as 1/24th from A and 1/8th from B, The new profit sharing ratio will be : *

1 point

13 : 7 : 4

7 : 13 : 4

7 : 5 : 6

5 : 7 : 6

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