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

  • 1. 
    Revaluation Account or Profit & Loss Adjustment Account is a:

  • Personal Account
  • Real Account
  • Nominal Account
  • None of these

  • 2. 
    A, B, C and D are partners sharing their profits and losses equally. They change their profit sharing ratio to 2:2:1:1. How much will C sacrifice ?

  • 1/6
  • 1/12
  • 1/24
  • None of these

  • 3. 
    Sacrificing Ratio:

  • New Ratio – Old Ratio
  • Old Ratio – New Ratio
  • Gaining Ratio – Old Ratio
  • Old Ratio – Gaining Ratio

  • 4. 
    Gaining Ratio:

  • New Ratio – Old Ratio
  • Old Ratio – Sacrificing Ratio
  • New Ratio – Sacrificing Ratio
  • Old Ratio – New Ratio

  • 5. 
    X and Y share profit and loss in 3:2. From 1st January, 2017 they agreed to share profit equally. Their sacrifice or gain will be :

  • Sacrifice by X: 1/10
  • Sacrifices by Y : 1/10
  • Both (a) and (b)
  • Non of these

  • 6. 
    At the time of admission of a new partner, General Reserve a appearing in the old Balances Sheet is transferred to:

  • All Partner’s Capital Accounts . (b) New Partners’ Capital Accounts

  • 7. 
    Change in profit-sharing ratio of existing partners results in:

  • Revaluation of Firm
  • Reconstitution of Firm
  • Dissolution of Firm
  • None of these

  • 8. 
    Generally the interest on capital is considered as :

  • An appropriation of profit
  • An Asset
  • An Expense
  • None of these

  • 9. 
    Increase in the value of assets on reconstitution of the partnership firm results into:

  • Gain to the existing partners
  • Loss to the existing partners
  • Neither a gain nor a loss to the existing partners
  • None of these

  • 10. 
    Following are the factors affecting goodwill except:

  • Nature of business
  • Efficiency of Management
  • Technical Knowledge
  • Location of the Customers
Report Question
warning
Practice More On Reconstitution of Partnership Firm: Admission of a Partner
Quiz 1 Quiz 2 Quiz 3 Quiz 4 Quiz 5 Quiz 6 Quiz 7 Quiz 8
access_time
  Time