Quiz  /  Admission of New Partner Class 12 MCQ Questions With Answers

  • 1. 
    On the admission of a new partner increase in the value of assets is debited to

  • Revaluation Account
  • Assets Account
  • Old partners capital account
  • None of the above

  • 2. 
    Select the odd one out

  • Revaluation profit
  • Accumulated loss
  • Goodwill brought by new partner
  • Investment fluctuation fund

  • 3. 
    When goodwill existing in the books is written off at the time of admission of a partner. It is transferred to partner's capital accounts in their

  • New profits sharing ratio
  • Sacrificing Ratio
  • Gaining Ratio
  • Old profit-sharing ratio

  • 4. 
    X and Y were equal partners. Each partner contributed RM20,000. They decided to admit Z into the partnership. Z had to put in cash RM18,000, of which RM8,000 was a premium paid for his share of goodwill. What was the amount of capital invested by Z?

  • RM26,000
  • RM20,000
  • RM18,000
  • RM10,000

  • 5. 
    Need of Valuation of goodwill arises at the time of

  • Admission of partner
  • Retirement of a partner
  • Change in the profit-sharing Ratio of existing partner.
  • All of the above.

  • 6. 
    At the time of admission of a partner , general reserve appearing in the old Balance sheet is transferred to

  • All partners capital account
  • New partner capital account
  • Old partner capital account
  • None of the above

  • 7. 
    P and q are partners in a firm having capital of rupees 15000 each. R is admitted for 1/3rd share for which he has to bring rupees 20000 for his share of capital. The amount of good will be

  • 8000
  • 10,000
  • 9000
  • 11000

  • 8. 
    A ,B,C are partners sharing profit in ratio of 3:2:1.D admitted in the firm as a new partner with 1/6th share.calculate new profit share ratio

  • 15:10:5:4
  • 15:10:5:6
  • 3:2:1:1
  • None of these

  • 9. 
    On revaluation the increase in the value of assets leads

  • Gain
  • Loss
  • Expense
  • None of these

  • 10. 
    Unrecorded assets or liabilities are transferred to

  • Partners capital account
  • Revaluation account
  • Profit and loss account
  • Partners current account

  • 11. 
    X and y are partners sharing profits in the ratio of 3: 2, and capitals as 1,00,000 and 50,000 respectively. Z is admitted for 1/5th share in profits.the amount Z will contribute as capital will be

  • 50,000
  • 35,000
  • 37,500
  • 60,000

  • 12. 
    A and B are partners sharing profits in the ratio of 2: 3, they admit C as a partner for 1/4th share, the sacrificing ratio of a and b will be

  • 2:3
  • 1:1
  • 3:2
  • 2:1

  • 13. 
    Which of the following statements is not true in relation to admission of a partner

  • Generally mutual rights of the partners change
  • The profits and losses of the previous years are distributed to the old partners
  • The firm is reconstituted under a new agreement
  • The existing agreement does not come to an end

  • 14. 
    Revaluation A/c is a

  • Real A/c
  • Nominal A/c
  • Personal A/c
  • Impersonal A/c

  • 15. 
    At the time of admission if the profit sharing ratio among the old partner does not change then sacrificing ratio will be

  • Equal
  • According to the contribution of capital
  • Their old profit sharing ratio
  • According to new partner

  • 16. 
    Balaji and kamalesh are partners sharing profits and losses in the ratio of2:1 .They admit Yogesh into partnership.The new profit sharing ratio between Balaji,kamalesh and Yogesh is agreed to 3:1:1 .Find the sacrificing ratio between Balaji and kamalesh.

  • 1:3
  • 3:1
  • 2:1
  • 1:2

  • 17. 
    P and Q are two partners in a firm having capitals of Rs 15000 each.R is admitted for 1/3 rd share for which he has to bring Rs 20000 for his share of capital. The amount of goodwill will be ............

  • 5000
  • 15000
  • 10,000

  • 18. 
    As per AS-26 only……….will be recorded in books of account

  • Hidden goodwill
  • Full goodwill
  • Purchased goodwill
  • Hidden goodwill, full goodwill and purchased goodwill

  • 19. 
    Anshu and nitu are partners sharing profit in the ratio of 3:2. They admit jyoti as a new partner for 3/10 share which she acquired 2/10 from anshu and 1/10 from nitu. Calculate the new profit sharing ratio

  • 3:3:4
  • 3:4:3
  • 4:3:3
  • 3:2:1

  • 20. 
    If the old profit sharing ratio is more than the new profit sharing ratio of a partner the difference is called

  • Capital ratio
  • Sacrificing ratio
  • Gaining ratio
  • None of these

  • 21. 
    Increase in the value of assets is credited to revaluation account

  • True
  • False

  • 22. 
    What is the nature of Revaluation account ?

  • Nominal account
  • Personal account
  • Real account
  • Asset account

  • 23. 
    What right a newly admitted partner acquires in the firm after his admission?

  • Right to vote
  • Right to admit any partner
  • Right to share assets of the firm
  • None of the above
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