CBSE Class 12 Accountancy Reconstitution of Partnership Firm: Admission of a Partner Quiz 3

1. 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

2. 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

3. Share of goodwill brought in cash by the new partner is called:

A Assets B Profit C Premium D None of these

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

5. 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

6. A and B are partners sharing profites in the ratio of 3 : 1. They admit C for 1/4 share in future profits. The new profit sharing ratio will be:

A A\(\frac {9}{16}\), B\(\frac {3}{16}\), C\(\frac {4}{16}\) B A\(\frac {8}{16}\), B\(\frac {4}{16}\), C\(\frac {4}{16}\) C A\(\frac {10}{10}\), B\(\frac {2}{16}\), C\(\frac {4}{16}\) D A\(\frac {8}{16}\), B\(\frac {9}{16}\), C\(\frac {10}{16}\)

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 .

8. 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

9. 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

10. 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