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 - 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
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
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
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
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
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
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
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
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
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
