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12th Accountancy Weekly Test -3 ( Admission of a partner )

St. Britto Hr. Sec. School - Madurai

12th Accountancy Weekly Test -3 ( Admission of a partner )-Aug 2020

Time : 1.00 Hours

Part - A

Multiple Choice Question - Answer All Question

The reconstitution of the partnership requires a revision of the ___________ of the existing partners.

Profit sharing ratio
Capital ratio
Sacrificing ratio
Gaining ratio

Total proprietorship of the business is increased:

at the admission of a new partner
by the purchase of asset
by admission through investment
All of these

In the revaluation account an increase in the value of land and building

Debit side
Credit side
Credit side of goodwill A/c
Does not appear at all

On admission of a new partner, increase in value of assets is debited to

Asset A/c
Profit & Loss adjustment A/c
Opening Statement of affairs
Cash A/c

The profit or loss on revaluation of assets and liabilities is transferred to the capital account of

The old partners
The new partner
All the partners
The Sacrificing partne

Persons who have entered into partnership with one another are individually called:

Partners
Directors
Sole trader
All of these

How many ways in which the revaluation of assets and liabilities may be dead with in a accounts?

1
5
3
2

In partnership accounting, capital accounts are prepared under following method:

Fluctuating
Fixed
Both (a) & (b)
None of these

A,B and C enter into a partnership investing Rs 35000, Rs 45000 and 55000. Find the their respective shares in annual profit of 40,500

10500, 13500, 19500
10500, 13500, 18500
10500, 13500, 17500
10500, 13500, 16500

James and Kamal are sharing profits and losses in the ratio of 5:3. They admit Sunil as a partner giving him 1/5 share of profits. Find out the sacrificing ratio.

1:3
3:1
5:3
3:5

Balaji and Kamalesh are partners sharing profits and losses in the ratio of 2:1. They admit Yogesh into partnership. The new profit sharing ratio between Balaji, Kamalesh and Yogesh is agreed to 3:1:1. Find the sacrificing ratio between Balaji and Kamalesh.

1:3
3:1
2:1
1:2

On revaluation, the increase in the value of assets leads to

Gain
Loss
Expense
None of these

At the time admission of a new partner Goodwill:

Belongs to all partners, new and old
Belongs only to the new partners who is going to be admitted
Belongs only to the old partner who have credited it
None of these

A new partner may be admitted to a partnership

With the consent of old partners
With the consent of two third of old partners
With the consent of any one of the partner
Without consent of old partners

The new profit sharing ratio will be determined by how the new partner acquires __________ from the old partner.

Liabilities
Assets
Share of profits
All of these

An incoming parent pays his share of goodwill in cash, and profit sharing ratio of old partner is changed, Goodwill be distributed among old partners.

As their old profit ratio
According to new ratio
According to sacrificing ratio
None of these

The accumulated profits, losses and reserves _________ admission are to be distributed to the existing partners.

After
Before
Later
Future

At the time admission of a new partner, general reserve is:

Debited to capital of old partners
Credited to capital of old partners
Allowed to remain is balance sheet
Debited to current account

Value of goodwill will agreed upon Rs.30,000 on C. S admission and allowing him ¼ share of total profit Goodwill is brought is cash, the amount of goodwill will be as:

Rs.30,000
Rs.7,500
Rs.1,50,000
Rs.1,20,000

Introduction of a new partner due to

Need to more capital
Fresh ideas and more contacts
Obtaining of a skilled and reputable person
All of the above

Revaluation A/c is a

Real A/c
Nominal A/c
Personal A/c
Impersonal A/c

Goodwill of the firm is valued Rs.30,000. C an incoming partner purchase ¼ share of total profit Goodwill be raised in the books.

Rs.30,000
Rs.7,500
Rs.1,20,000
Rs.7,000

On which reason(s) for revaluation of assets and liabilities are:

To give a true and fair view of the state of affairs of the firm
To share the gain arising from the revaluation of assets and liabilities as it is due to the old partners
Both (a) & (b)
None of the above

When a new partner is admitted under bonus method capital method of the firm increase by

the new investment
less than the new investment
Zero
More than the new investment

At the time of admission of a new partner the firm is:

Dissolved
Continued
Not effected
Re-organized

At what purpose of admission of a new partner may be to raise additional capital. Give reason(s)

For expansion of business
For managerial skill of the new partner
Both (a) & (b)
None of these

At the time of admission an incoming partner contributes as goodwill:

In cash
Does not pay cash
May or may not pay cash for goodwill
None of these

Sumit and Ravi started a business by investing Rs 85000 and 15000 respectively. In what ratio the profit earned after 2 years be divided between Sumit and Ravi respectively.

17:1
17:2
17:3
17:4

The partner admitted into partnership firm acquires two rights. i.e.,right to share in the _ of the partnership and right to share in the _.

Liabilities & Profit
Liabilities & Loss
Both (a) & (b)
Assets & Profits

At the time of admission of a new partner, revaluation of and _should be taken up.

Capital & Assets
Capital & Liabilities
Assets & Liabilities
Income & Expenses

Select the odd one out

Revaluation profit
Accumulated loss
Goodwill brought by new partner
Investment fluctuation fund

Undistributed loss will appear on the side of the Balance sheet.

Assets
Liabilities
Both (a) & (b)
None of these

In the revaluation account a decrease in the value of plant and machinery

Debit side
Credit side
Debit side of goodwill A/c
Does not appear at all

If new share of the incoming partner is given without mentioning the details of the sacrifice made by the old partners then, the presumption is that old partners sacrifice in the ________.

Old profit sharing ratio
Gaining ratio
Capital ratio
sacrificing ratio

Goodwill is a(n):

Tangible Fixed Assets
Tangible Current Assets
Intangible Fixed Assets
Intangible Current Assets

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