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

  • 1. 
    Z is admitted in a firm for a 1/4 share in the profit for which he brings 7 30,000 for goodwill. It will be taken away by the old partners X and Y in :

  • Old profit-sharing ratio
  • New profit-sharing ratio
  • Sacrificing ratio
  • Capital ratio

  • 2. 
    On the admission of a new partner, the decrease in the value of assets is debited to:

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

  • 3. 
    When the new partner pays for goodwill in cash, the amount should be debited in the firm’s book to:

  • Goodwill Account
  • Cash Account
  • Capital Account of new partner
  • None of these

  • 4. 
    The balance of Revaluation Account or Profit & Loss Adjustment Account is transferred to Old Partners’ Capital Accounts in their :

  • Old profit-sharing ratio
  • New profit-sharing ratio
  • Equal ratio
  • Capital ratio

  • 5. 
    X and Y share profits in the ratio of 3 : 2 Z was admitted as a partner who gets 1/5 share. Z acquires 3/20 from X and 1/20 from Y. The new profit sharing ratio will be :

  • 9 : 7 : 4
  • 8 : 8 : 4
  • 6 : 10 : 4
  • 10 : 6 :4

  • 6. 
    The opening balance of Partner’s Capital Account is credited with:

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

  • 7. 
    At the time of admission of a new partner, Undistributed Profits appearing in the Balance Sheet of the old firm is transferred to the Capital Account of:

  • Old partners is old profit-sharing ratio
  • Old partners in new profit-sharing ratio
  • All the partners in the new profit-sharing ratio
  • None of these

  • 8. 
    Z is admitted in a firm for al/4 share in the profit for which he brings 7 30,000 for goodwill. It will be taken away by the old partners X and Y in :

  • Old profit-sharing ratio
  • New profit-sharing ratio
  • Sacrificing ratio
  • Capital ratio

  • 9. 
    General Reserval at the time of admission of a new partner is transferred to :

  • Revaluation Account
  • Old Partner’s Capital Account
  • Profit and Loss Adjustment Account
  • Realisation Account

  • 10. 
    Change in profit-sharing ratio of existing partners results in:

  • Revaluation of Firm
  • Reconstitutions of Firm
  • Dissolution of Firm
  • None of these
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