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 - 1
Question 1:Â
X and Y are partners sharing profits in the ratio of 1:1. They admit Z for 1/5th share who contributed ₹25,000 for his share of goodwill. The total value of goodwill of the firm will be :
(a) ₹ 2,50,000
(b) ₹ 50,000
(c) ₹ 1,00,000
(d) ₹ 1,25,000
Correct Answer – (C)
Question 2:Â
A, Band Care three partners sharing profits and losses in the ratio of 4:3:2. D is admitted for 1/10 share, the new ratio will be :
(a) 10 : 7 : 7 :4
(b) 5 : 3 : 2 : 1
(c) 4 : 3 : 2 : 1
(d) None of these
Correct Answer – (C)
Question 3:Â
Profit or Loss on Revaluation is borne by:
(a) Old Partners
(b) New Partners
(c) All Partners
(d) Only Two Partners
Correct Answer – (A)
Question 4:Â
The amount of goodwill is paid by new partner :
(a) for the payment of capital
(b) for sharing the profit
(c) for purchase of assets
(d) None of these
Correct Answer – (B)
Question 5:Â
Goodwill is to be calculated at one and half year’ purchase of average profit of last 5 years. The firm earned profits during 3 years as ₹ 20,000 ₹ 18,000 and ₹ 9,000 and suffered losses of ₹ 2,000 and ₹5,000 in last 2 years. The amount of goodwill will be :
(a) ₹ 12,000
(b) ₹ 10,000
(c) ₹ 15,000
(d) None of these
Correct Answer – (A)
MCQ Questions Class 12 Reconstitution of Partnership Firm – Admission of a Partner With Answers
Question 6:Â
A and B are partners in a firm sharing profits in the ratio of 3:2. They admit C as a new partner for 1/3 rd share in the profits of the firm. The new profit sharing ratio of A, B and C would be :
(a) 3 : 2 : 1
(b) 3 : 2 : 2
(c) 3 : 2 : 3
(d) 6 : 4 : 5
Correct Answer – (D)
Question 7:Â
Share of goodwill brought by new partner in case is shared by old partners in :
(a) Sacrificing Ratio
(b) Old Ratio
(c) New Ratio
(d) Equal Ratio
Correct Answer – (A)
Question 8:Â
At the time of admission of a new partners general reserve appearning in the old Balance Sheet is transferred to:
(a) All Partner’s Capital Accounts
(b) New Partner’s Capital Account
(c) Old Partners’. Capital Accounts
(d) None of these
Correct Answer – (C)
Question 9:Â
When there is no Goodwill Account in the books and goodwill is raised, ___________________ account will be debited :
(a) Partner’s Capital
(b) Goodwill
(c) Cash
(d) Reserve
Correct Answer – (B)
Question 10:Â
Goodwill is nothing more than probability that the old customer will resort to the old place. This definition of goodwill was given by:
(a) Spicer and Pegler
(b) ICAI
(c) Lord Elton
(d) AICPA
