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

  • 1. 
    A and B share profits and losses in the ratio of 3:4. C was admitted for 1/5 th share. New profit sharing ratio will be:

  • 3 : 4 : 1
  • 12 : 16 : 7
  • 16 : 12 : 7
  • None of these

  • 2. 
    The opening balance of Partner’s Capital Account is credited with:

  • Interest on Capital
  • Interest on Drawings
  • Drawings
  • Share in loss

  • 3. 
    Share of goodwill brought in cash by the new partner is called:

  • Assets
  • Profit
  • Premium
  • None of these

  • 4. 
    If the incoming partner brings the amount of goodwill in cash and also a balance exists in Goodwill A/c, then the Goodwill A/c is written off among the old partners:

  • In new profit-sharing ratio
  • In old profit-sharing ratio
  • In sacrificing ratio
  • In gaining ratio

  • 5. 
    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 :

  • Equal
  • 3 : 1
  • 2 : 1
  • 3 : 2

  • 6. 
    A and B are partners sharing profites in the ratio of 3 : 1. They admit C for 1/4 share in future profits. The new profit sharing ratio will be:

  • A\(\frac {9}{16}\), B\(\frac {3}{16}\), C\(\frac {4}{16}\)
  • A\(\frac {8}{16}\), B\(\frac {4}{16}\), C\(\frac {4}{16}\)
  • A\(\frac {10}{10}\), B\(\frac {2}{16}\), C\(\frac {4}{16}\)
  • A\(\frac {8}{16}\), B\(\frac {9}{16}\), C\(\frac {10}{16}\)

  • 7. 
    Formula of Sacrificing ratio is:

  • New Ratio – Old Ratio
  • Old Ratio – New Ratio
  • Gain Ratio – Sacrificing Ratio
  • New Ratio – Sacrificing Ratio .

  • 8. 
    The accumulated profits and reserves are transferred to:

  • Realisation A/c
  • Partner’s Capital A/cs
  • Bank A/c
  • Savings A/c

  • 9. 
    A, B and C are equal partners. D is admitted to the firm for non-ourth share. D brings ₹ 20,000 as capital and ₹ 5,000 being half of the premium for goodwill. The value of goodwill of the firm is :

  • ₹ 10,000
  • ₹ 40,000
  • ₹ 30,000
  • None of these

  • 10. 
    On the admission of a new partner, increase in the value of assets is debited to which account ?

  • Revaluation Account
  • Assets Account
  • Old Partners’ Capital Accounts
  • None of these
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