On reconstitution of a partnership firm, recording of an unrecorded liability wil result in:

Neither gain nor loss to the existing partners

Increase In the value of assets on reconstitution of the partnership firm results into :

Neither gain nor loss to the existing partners

Change in the partnership agreement:

Changes the relationship among the partners

Results in end of partnership business

A, B and C are partners in a firm, if D is admitted as a new partner:

Old partnership is reconstituted

Old firm and old partnership are dissolved

Old partnership is reconstituted

Recording of an unrecorded asset on the reconstltutlam of a partnership firm will be:

A gain to the existing partners

A loss to the existing partners

Neither a gain nor a loss to the existing partners

CBSE Class 12 Accountancy Reconstitution of Partnership Firm: Admission of a Partner Quiz 5

1.

X, Y and Z are partners in a firm, they divided profit and loss in the ratio of 4:3:1. They decided to share profit In the ratio 5:4:3. X’s and Y’s sacrifices are :

\(\frac{2}{24}: \frac{1}{24}\)

\(\frac{1}{24}: \frac{3}{24}\)

\(\frac{2}{24}: \frac{3}{24}\)

None of these

1.

X, Y and Z are partners in a firm, they divided profit and loss in the ratio of 4:3:1. They decided to share profit In the ratio 5:4:3. X’s and Y’s sacrifices are :

2.

On reconstitution of a partnership firm, recording of an unrecorded liability wil result in:

3.

Increase In the value of assets on reconstitution of the partnership firm results into :

4.

The balance of Revaluation Account is transferred to old Partner’s Capital Accounts in their:

5.

X and Y share profits in the ratio 2 :3. In future they have decided to share profits in equal ratio. Which partner will sacrifice in which ratio ?

6.

Change in the partnership agreement results in:

7.

Change in the partnership agreement:

8.

Excess of credit side over the debit side in Revalution Account is:

9.

A, B and C are partners in a firm, if D is admitted as a new partner:

10.

Recording of an unrecorded asset on the reconstltutlam of a partnership firm will be:

Time

1. X, Y and Z are partners in a firm, they divided profit and loss in the ratio of 4:3:1. They decided to share profit In the ratio 5:4:3. X’s and Y’s sacrifices are :

2. On reconstitution of a partnership firm, recording of an unrecorded liability wil result in:

3. Increase In the value of assets on reconstitution of the partnership firm results into :

4. The balance of Revaluation Account is transferred to old Partner’s Capital Accounts in their:

5. X and Y share profits in the ratio 2 :3. In future they have decided to share profits in equal ratio. Which partner will sacrifice in which ratio ?

6. Change in the partnership agreement results in:

7. Change in the partnership agreement:

8. Excess of credit side over the debit side in Revalution Account is:

9. A, B and C are partners in a firm, if D is admitted as a new partner:

10. Recording of an unrecorded asset on the reconstltutlam of a partnership firm will be:

Time

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1.

X, Y and Z are partners in a firm, they divided profit and loss in the ratio of 4:3:1. They decided to share profit In the ratio 5:4:3. X’s and Y’s sacrifices are :

2.

On reconstitution of a partnership firm, recording of an unrecorded liability wil result in:

3.

Increase In the value of assets on reconstitution of the partnership firm results into :

4.

The balance of Revaluation Account is transferred to old Partner’s Capital Accounts in their:

5.

X and Y share profits in the ratio 2 :3. In future they have decided to share profits in equal ratio. Which partner will sacrifice in which ratio ?

6.

Change in the partnership agreement results in:

7.

Change in the partnership agreement:

8.

Excess of credit side over the debit side in Revalution Account is:

9.

A, B and C are partners in a firm, if D is admitted as a new partner:

10.

Recording of an unrecorded asset on the reconstltutlam of a partnership firm will be: