CBSE  /  Class 12  /  Accountancy  /  Reconstitution of Partnership Firm: Admission of a Partner

  • 1. 
    A, B and C are partners in a firm. If D is admitted as a new partner, then:

  • Old firm is dissolved
  • Old firm and old partnership is dissolved
  • Old Partnership is reconsitituted
  • None of these

  • 2. 
    In which ratio, the cash brought in for goodwill by the new partner is shared by the existing partners :

  • Profit sharing ratio
  • Capital ratio
  • Sacrificing ratio
  • None of these

  • 3. 
    Sacrificing ratio is ascertained at the time of:

  • Death of a partner
  • Retirement of a partner
  • Admission of a partner
  • None of these

  • 4. 
    If at the time of admission of new partner, Profit and Loss Account balance appears in the books, it will the transferred to:

  • Profit & Loss Appropriation A/c
  • All Partners’ Capital A/cs
  • Old Partners’ Capital A/cs
  • Revaluation A/c

  • 5. 
    State the ‘true’ statement:

  • Profit & Loss Adjustment A/c is prepared for revaluated of assets and liabilities on the admission of a partner
  • The new partner is liable for the past losses of the firm
  • In case the new partner is unable to bring in cash for goodwill, Goodwill Account may be raised in the firm’s books as per AS-26
  • When a partner is admitted, there is dissolution of firm

  • 6. 
    Excess of the credit side over the debit side of Revaluation account is:

  • Profit
  • Loss
  • Gain
  • Expense

  • 7. 
    Balance sheet prepared after new partnership agreement, assets and liabilities are recorded at:

  • Original Value
  • Revalued Figure
  • At Realisable Value
  • Either of (a) or (b)

  • 8. 
    Assets and Liabilities are shown at their revalued values in :

  • New Balance Sheet
  • Revaluation A/c
  • All Partner’s Capital A/c’s
  • Realisation A/c

  • 9. 
    Which of the following assets is compulsorily revalued at the time of admission of a new partner :

  • stock
  • Fixed Assets
  • Investment
  • Goodwill

  • 10. 
    A and B are partners. C is admitted with 1/5 share. C brings 7 1,20,000 as his share towards capital. The total net worth of the firm is :

  • ₹ 1,00,000
  • ₹ 4,00,000
  • ₹ 1,20,000
  • ₹ 6,00,000
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