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 - 2
Question 1:
A and B are partners. C is admitted with 1/5 share. C brings 7 1,20,000 as his share towards capital. The total net worth of the firm is :
(a) ₹ 1,00,000
(b) ₹ 4,00,000
(c) ₹ 1,20,000
(d) ₹ 6,00,000
Correct Answer – (D)
Question 2:
Assets and Liabilities are shown at their revalued values in :
(a) New Balance Sheet
(b) Revaluation A/c
(c) All Partner’s Capital A/c’s
(d) Realisation A/c
Correct Answer – (A)
Question 3:
Excess of the credit side over the debit side of Revaluation account is:
(a) Profit
(b) Loss
(c) Gain
(d) Expense
Correct Answer – (A)
Question 4:
If at the time of admission of new partner, Profit and Loss Account balance appears in the books, it will the transferred to:
(a) Profit & Loss Appropriation A/c
(b) All Partners’ Capital A/cs
(c) Old Partners’ Capital A/cs
(d) Revaluation A/c
Correct Answer – (C)
Question 5:
In which ratio, the cash brought in for goodwill by the new partner is shared by the existing partners :
(a) Profit sharing ratio
(b) Capital ratio
(c) Sacrificing ratio
(d) None of these
Correct Answer – (C)
MCQ Questions Class 12 Reconstitution of Partnership Firm – Admission of a Partner With Answers
Question 6:
Which of the following assets is compulsorily revalued at the time of admission of a new partner :
(a) stock
(b) Fixed Assets
(c) Investment
(d) Goodwill
Correct Answer – (D)
Question 7:
Balance sheet prepared after new partnership agreement, assets and liabilities are recorded at:
(a) Original Value
(b) Revalued Figure
(c) At Realisable Value
(d) Either of (a) or (b)
Correct Answer – (B)
Question 8:
State the ‘true’ statement:
(a) Profit & Loss Adjustment A/c is prepared for revaluated of assets and liabilities on the admission of a partner
(b) The new partner is liable for the past losses of the firm
(c) In case the new partner is unable to bring in cash for goodwill, Goodwill Account may be raised in the firm’s books as per AS-26
(d) When a partner is admitted, there is dissolution of firm
Correct Answer – (A)
Question 9:
Sacrificing ratio is ascertained at the time of:
(a) Death of a partner
(b) Retirement of a partner
(c) Admission of a partner
(d) None of these
Correct Answer – (C)
Question 10:
A, B and C are partners in a firm. If D is admitted as a new partner, then:
(a) Old firm is dissolved
(b) Old firm and old partnership is dissolved
(c) Old Partnership is reconsitituted
(d) None of these
