CBSE Class 12 Reconstitution of Partnership Firm – Admission of a Partner Multiple Choice Questions with Answers. MCQ Questions Class 12 Reconstitution of Partnership Firm – Admission of a Partner with Answers Is Prepared Based on Latest Exam Pattern. Students can solve NCERT MCQ questions Class 12 Reconstitution of Partnership Firm – Admission of a Partner with Answers to know their preparation level.
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MCQ Questions Class 12 Reconstitution of Partnership Firm - Admission of a Partner with Answers - Set - 4
Question 1:
Change in profit-sharing ratio of existing partners results in:
(a) Revaluation of Firm
(b) Reconstitutions of Firm
(c) Dissolution of Firm
(d) None of these
Correct Answer – (B)
Question 2:
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 :
(a) Old profit-sharing ratio
(b) New profit-sharing ratio
(c) Sacrificing ratio
(d) Capital ratio
Correct Answer – (C)
Question 3:
The opening balance of Partner’s Capital Account is credited with:
(a) Interest on Capital
(b) Interest on Drawings
(c) Drawings
(d) Share in loss
Correct Answer – (A)
Question 4:
The balance of Revaluation Account or Profit & Loss Adjustment Account is transferred to Old Partners’ Capital Accounts in their :
(a) Old profit-sharing ratio
(b) New profit-sharing ratio
(c) Equal ratio
(d) Capital ratio
Correct Answer – (A)
Question 5:
On the admission of a new partner, the decrease in the value of assets is debited to:
(a) Revaluation Account
(b) Assets Account
(c) Old Partners’ Capital Accounts
(d) None of these
Correct Answer – (A)
MCQ Questions Class 12 Reconstitution of Partnership Firm – Admission of a Partner With Answers
Question 6:
General Reserval at the time of admission of a new partner is transferred to :
(a) Revaluation Account
(b) Old Partner’s Capital Account
(c) Profit and Loss Adjustment Account
(d) Realisation Account
Correct Answer – (B)
Question 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:
(a) Old partners is old profit-sharing ratio
(b) Old partners in new profit-sharing ratio
(c) All the partners in the new profit-sharing ratio
(d) None of these
Correct Answer – (A)
Question 8:
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 :
(a) 9 : 7 : 4
(b) 8 : 8 : 4
(c) 6 : 10 : 4
(d) 10 : 6 :4
Correct Answer – (A)
Question 9:
When the new partner pays for goodwill in cash, the amount should be debited in the firm’s book to:
(a) Goodwill Account
(b) Cash Account
(c) Capital Account of new partner
(d) None of these
Correct Answer – (B)
Question 10:
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 :
(a) Old profit-sharing ratio
(b) New profit-sharing ratio
(c) Sacrificing ratio
(d) Capital ratio
