XII/ACCOUNTANCY/C2/ADMISSION OF A PARTNER/TEST 3

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1. A and B are partners sharing profits 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

Clear selection

2. B and N are partners in a firm sharing profits in the ratio of 3:2. They admit S as a partner for 1/4th share in the profits. S acquires his share from B and N in the ratio of 2:1. The new profit sharing ratio will be

1 point

2:1:4

19:26:15

3:2:4

26:19:15

Clear selection

3. A and B are partners sharing profit or loss in the ratio of 4:1. A surrenders 1/4 of his share and B surrenders 1/2 of his share in favour of C, a new partner. What will be the C's

1 point

3/4

1/5

1/10

3/10

Clear selection

4. X and Y are partners sharing profits in the ratio of 3:2. Z is admitted as a partner. Calculate sacrificing ratio if new profit sharing is 9:7:4

1 point

3:1

3:2

1:3

9:7

Clear selection

5. P and Q are partners sharing profits and losses in the ratio of 9:7. R is admitted as a partner with 9/20th share in the profits, which he takes 1/5th from from P and 1/4th from Q. Sacrificing ratio wi be

1 point

5:4

9:7

7:9

4:5

Clear selection

6. A and B are partners. They admit C for 1/3rd share. In future the ratio between A and B would be 2:1. Sacrificing ratio will be

1 point

2:1

1:1

5:1

1:5

Clear selection

7. A and B are partners sharing profits and losses as 2:1. C is admitted and profit sharing ratio becomes 4:3:2. Goodwill is valued at Rs 94500. C brings required goodwill in cash. Goodwill amount will be credited to

1 point

A 14000, B 7000

A 12000, B 9000

A 21000

A 94000

Clear selection

8. X and Y are partners sharing profits and losses in the ratio 3:2. They admitted Z into partnership with 1/5th share in profits which he acquires equally from A and Y. Z brings in Rs 40000 as goodwill in cash. Goodwill amount will be credited to

1 point

X 20000, Y 20000

X 25000, Y. 15000

X 24000, Y 16000

X 4000 ,Y 4000

Clear selection

9. A and B are partners sharing profits and losses as 2:1. C and D are admitted and profit sharing ratio becomes 3:2:4:1. Goodwill is valued at Rs 90000. C and D bring required goodwill in cash. Credit will be given to

1 point

A 30000, B 15000

A 66000, B 24000

A 33000, B 12000

A 27000, B 18000

Clear selection

10. When a new partner brings his share of goodwill in cash, the amount is debited to

1 point

Goodwill a/c

Capital account of the new partner

Cash a/c

Capital a/C's of the old partners

Clear selection

11. If at the time of admission , some profit and loss account balance appears in the books, it will be transferred to

1 point

Profit&loss adjustment account

All partners capital accounts

Old letters capital accounts

Revaluation account

Clear selection

12. If the new partner brings his share of goodwill in cash , it will be shared by old partners in

1 point

Sacrificing ratio

Old profit sharing ratio

New profit sharing ratio

In capital ratio

Clear selection

13. When a new partner brings goodwill in cash, it is credited to

1 point

His capital account

Sacrificing partners capital account

Old partners capital account

All partners capital account

Clear selection

14. When the balance sheet is prepared after the new partnership agreement , the assets and liabilities are recorded at

1 point

Historical cost

Current cost

Realisable value

Revalued figures

Clear selection

15. Goodwill big a firm of A and B is valued at Rs 30000. It is appearing in the books at Rs 12000. C is admitted for 1/4 share. What amount he is supposed to bring for goodwill

1 point

3000

4500

7500

10500

Clear selection

16. Ramesh and Suresh are partners sharing profits in the ratio of 2:1 respectively. Ramesh capital is Rs 102000 and Suresh capital is Rs 73000. They admit Mahesh and agree to give him 1/5th share in future profits. Mahesh brings Rs 14000 as his share of goodwill. He agrees to contribute capital in the new profit sharing ratio. How much capital will be brought by Mahesh

1 point

43750

45000

47250

48000

Clear selection

17. 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 values at Rs 300000 and C brings Rs 30000 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

Clear selection

18. 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

Clear selection

19. A, B and C are partners . A and B share 2/3rd of profits equally and C and D share remaining profits in the ratio of 3:2. Find the profit sharing ratio of A, B,C and D.

1 point

5:5:3:2

7:7:6:4

2.5:2.5:8:6

3:9:8:3

Clear selection

20. Sacrificing ratio is used to distribute in case of admission of a partner

1 point

Reserves

Goodwill

Revaluation profit

Balance in profit and loss account

Clear selection

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