MCQ Questions Class 12 Reconstitution of Partnership Firm – Admission of a Partner With Answers

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.

Students who are searching for NCERT MCQ Questions Class 12 Reconstitution of Partnership Firm – Admission of a Partner with Answers are compiled here to get good practice on all fundamentals. Know your preparation level on MCQ Questions for Class 12 Reconstitution of Partnership Firm – Admission of a Partner with Answers. You can also verify your answers from the provided MCQ Class 12 Reconstitution of Partnership Firm – Admission of a Partner with Answers. So, ace up your preparation with MCQ of Class 12 Accountancy Examinations.

MCQ Questions Class 12 Reconstitution of Partnership Firm - Admission of a Partner with Answers - Set - 5

Question 1:

Recording of an unrecorded asset on the reconstltutlam of a partnership firm will be:
(a) A gain to the existing partners
(b) A loss to the existing partners
(c) Neither a gain nor a loss to the existing partners
(d) None of these

Check Answer

Correct Answer – (A)

Question 2:

Excess of credit side over the debit side in Revalution Account is:
(a) Profit
(b) Loss
(c) Receipt
(d) Expense

Check Answer

Correct Answer – (A)

Question 3:

Change in the partnership agreement results in:
(a) Reconstitution of Firm
(b) Dissolution of Firm
(c) Amalgamation of Firm
(d) None of these

Check Answer

Correct Answer – (A)

Question 4:

The balance of Revaluation Account is transferred to old Partner’s Capital Accounts in their:
(a) Old Profit-sharing Ratio
(b) New Profit-sharing Ratio
(c) Equal Ratio
(d) None of these

Check Answer

Correct Answer – (A)

Question 5:

On reconstitution of a partnership firm, recording of an unrecorded liability wil result in:
(a) Gain to the existing partners
(b) Loss to the existing partners
(c) Neither gain nor loss to the existing partners
(d) None of these

Check Answer

Correct Answer – (B)

MCQ Questions Class 12 Reconstitution of Partnership Firm – Admission of a Partner With Answers

Question 6:

A, B and C are partners in a firm, if D is admitted as a new partner:
(a) Old firm is dissolved
(b) Old firm and old partnership are dissolved
(c) Old partnership is reconstituted
(d) None of these

Check Answer

Correct Answer – (C)

Question 7:

Change in the partnership agreement:
(a) Changes the relationship among the partners
(b) Results in end of partnership business
(c) Dissolves the partnership firm
(d) None of these

Check Answer

Correct Answer – (A)

Question 8:

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 ?
(a) X sacrifice 1/10
(b) Y sacrifice 1/5
(c) Y sacrifice 1/10
(d) None of these

Check Answer

Correct Answer – (C)

Question 9:

Increase In the value of assets on reconstitution of the partnership firm results into :
(a) Gain to the existing partners
(b) Loss to the existing partners
(c) Neither gain nor loss to the existing partners
(d) None of these

Check Answer

Correct Answer – (A)

Question 10:

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 :
(a) (2/24) : (1/24)
(b) (1/24) : (3/24)
(c) (2/24) : (3/24)
(d) None of these