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 - 3
Question 1:
On the admission of a new partner, increase in the value of assets is debited to which account ?
(a) Revaluation Account
(b) Assets Account
(c) Old Partners’ Capital Accounts
(d) None of these
Correct Answer – (B)
Question 2:
The accumulated profits and reserves are transferred to:
(a) Realisation A/c
(b) Partner’s Capital A/cs
(c) Bank A/c
(d) Savings A/c
Correct Answer – (B)
Question 3:
A and B are partners sharing profits in the ratio of 3 : 1. They admit C for 1/4 share in future profits. The new profit sharing ratio will be:
(a) A9/16, B3/16, C4/16
(b) A8/16, B4/16, C4/16
(c) A10/10, B2/16, C4/16
(d) A8/16, B9/16, C10/16
Correct Answer – (A)
Question 4:
If the incoming partner brings the amount of goodwill in cash and also a balance exists in Goodwill A/c, then the Goodwill A/c is written off among the old partners:
(a) In new profit-sharing ratio
(b) In old profit-sharing ratio
(c) In sacrificing ratio
(d) In gaining ratio
Correct Answer – (B)
Question 5:
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)
MCQ Questions Class 12 Reconstitution of Partnership Firm – Admission of a Partner With Answers
Question 6:
A, B and C are equal partners. D is admitted to the firm for non-ourth share. D brings ₹ 20,000 as capital and ₹ 5,000 being half of the premium for goodwill. The value of goodwill of the firm is :
(a) ₹ 10,000
(b) ₹ 40,000
(c) ₹ 30,000
(d) None of these
Correct Answer – (B)
Question 7:
Formula of Sacrificing ratio is:
(a) New Ratio – Old Ratio
(b) Old Ratio – New Ratio
(c) Gain Ratio – Sacrificing Ratio
(d) New Ratio – Sacrificing Ratio .
Correct Answer – (B)
Question 8:
A and B share profits and losses in the ratio of 3 : 1.C is admitted into partnership for 1/4 share. The sacrificing ratio of A and B is :
(a) Equal
(b) 3 : 1
(c) 2 : 1
(d) 3 : 2
Correct Answer – (B)
Question 9:
Share of goodwill brought in cash by the new partner is called:
(a) Assets
(b) Profit
(c) Premium
(d) None of these
Correct Answer – (C)
Question 10:
A and B share profits and losses in the ratio of 3:4. C was admitted for 1/5 th share. New profit sharing ratio will be:
(a) 3 : 4 : 1
(b) 12 : 16 : 7
(c) 16 : 12 : 7
(d) None of these
