CBSE Class 12 Accountancy Reconstitution of Partnership Firm: Admission of a Partner Quiz 5

1. 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 \(\frac{2}{24}: \frac{1}{24}\) B \(\frac{1}{24}: \frac{3}{24}\) C \(\frac{2}{24}: \frac{3}{24}\) D None of these

2. 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

3. 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

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

5. 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

6. Change in the partnership agreement results in:

A Reconstitution of Firm B Dissolution of Firm C Amalgamation of Firm D None of these

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

8. Excess of credit side over the debit side in Revalution Account is:

A Profit B Loss C Receipt D Expense

9. 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

10. 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