CBSE Class 12 Accountancy Reconstitution of Partnership Firm: Admission of a Partner Quiz 6

1. Revaluation Account or Profit & Loss Adjustment Account is a:

A Personal Account B Real Account C Nominal Account D None of these

2. A, B, C and D are partners sharing their profits and losses equally. They change their profit sharing ratio to 2:2:1:1. How much will C sacrifice ?

A 1/6 B 1/12 C 1/24 D None of these

3. Sacrificing Ratio:

A New Ratio – Old Ratio B Old Ratio – New Ratio C Gaining Ratio – Old Ratio D Old Ratio – Gaining Ratio

4. Gaining Ratio:

A New Ratio – Old Ratio B Old Ratio – Sacrificing Ratio C New Ratio – Sacrificing Ratio D Old Ratio – New Ratio

5. X and Y share profit and loss in 3:2. From 1st January, 2017 they agreed to share profit equally. Their sacrifice or gain will be :

A Sacrifice by X: 1/10 B Sacrifices by Y : 1/10 C Both (a) and (b) D Non of these

6. At the time of admission of a new partner, General Reserve a appearing in the old Balances Sheet is transferred to:

A All Partner’s Capital Accounts . (b) New Partners’ Capital Accounts

7. Change in profit-sharing ratio of existing partners results in:

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

8. Generally the interest on capital is considered as :

A An appropriation of profit B An Asset C An Expense D None of these

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 a gain nor a loss to the existing partners D None of these

10. Following are the factors affecting goodwill except:

A Nature of business B Efficiency of Management C Technical Knowledge D Location of the Customers