MCQ of Admission of a Partner | Class 12 | Accountancy | CBSE | Term-1 |

MCQ of Admission of a Partner, Class 12, Accountancy, CBSE

 

Q1. A new partner is needed into the business due to

1. When more capital is needed for the expansion of the business
2. To pay off the liability of the business
3. To encourage a capable employee by taking him into the partnership
4. Both a and c

Answer : Both a and c

Q2. In case of admission of a partner, sacrificing ratio is used to distribute

1. Reserve
2. Losses
3. Salary & commission
4. Goodwill

Answer: Goodwill

Q3. The old partners share the amount of cash brought in by the new partner as premium for goodwill in …… ratio.

1. New
2. Gaining
3. Sacrificing
4. Old

Answer: Sacrificing

Q4. What is hidden goodwill?

1. When goodwill of the firm is hide from any one partner
2. When goodwill of the firm is sold to outsiders
3. When the goodwill of the firm is not given but has to be inferred on the basis of capital of the partners.
4. When the goodwill of the firm is not given but has to be inferred on the basis of net worth of the firm

Answer : When the goodwill of the firm is not given but has to be inferred on the basis of net worth of the firm

Q5. The partners share the gain Or loss on revaluation of assets and liabilities in …… ratio.

1. New profit sharing
2. Sacrificing
3. Gaining
4. Old profit sharing

Answer: Old profit sharing

You may also read MCQ of Accounting Ratios, MCQ of Accounting For Partnership Firm-Fundamentals, MCQ of Change in Profit Sharing Ratio, MCQ of Financial Statements of Companies for better score and understanding of Accountancy

Q6. A new partner may be admitted into a partnership :

1. With the consent of any one partner
2. With the consent of majority of partners
3. With the consent of all old partners
4.  With the consent of 2/3rd of old partners

Answer : With the consent of all old partners

Q7. On the admission of a new partner :

1. Old firm is dissolved
2. Old partnership is dissolved
3.  Both old partnership and firm are dissolved
4. Neither partnership nor firm is dissolved

Answer : Old partnership is dissolved

Q8. A and B are partners sharing profit in the ratio of 3 : 2. They admit C as a partner by giving him 1/3 share in future profits. The new ratio will be :

1. 12 : 8 : 5
2. 8: 12 : 5
3. 5 : 5 : 12
4. None of the Above

Answer: None of the Above

Q9. X and Y are partners sharing profit in the ratio of 3 : 2. Z was admitted with 1/4 share in profits which he acquires equally from X and Y. The new ratio will be:

1. 9 : 6 : 5
2. 19 : 11 : 10
3.  3 : 3 : 2
4.  3 : 2 : 4

Answer: 19 : 11 : 10

Q10. A and B share profits in the ratio of 2:1 . C is admitted with 1/4 share in profits. C acquires 3/4 of his share from A and 1/4 of his share from B. The new ratio will be:

1. 2 : 1 : 1
2. 23 : 13 : 12
3.  3 : 1 : 1
4. 13 : 23 : 12

Answer: 23 : 13 : 12

Q11. B and N are partners in a firm sharing profits in the ratio of 3 : 2. They admit S as a partner for l/4th share in the profits. S acquires his share from B and N in the ratio of 2 : 1. The new profit-sharing ratio will be :

1. 2:1:4
2. 19:26: 15
3. 3:2:4
4. 26 : 19 : 15

Answer: 26 : 19 : 15

Q12. A and B are partners sharing profits and losses in the ratio of 7 : 5. They agree to admit C, their manager, into partnership who is to get 1/6th share in the profits. He acquires this share as 1/24th from A and 1/8th from B, The new profit sharing ratio will be :

1. 13 : 7 : 4
2. 7 : 13 : 4
3. 7 : 5 : 6
4. 5 : 7 : 6

Answer : 13 : 7 : 4

Q13. A and B share profits in the ratio of 3:2 . They agreed to admit C on the condition that A will sacrifice 3/25th of his share of profit in favour of C and B will sacrifice 1/25th of his profits in favour of C. The new profit sharing ratio will be :

1. 12 : 9:4
2. 3 : 2 : 4
3. 66 : 48 : 11
4.  48 : 66 : 11

Answer: 66 : 48 : 11

Q14. A and B are partners in a firm sharing profits and losses in the ratio of 3 : 2. A new partner C is admitted. A surrenders 1/15th share of his profit in favour of C and B surrenders 2/15th of his share in favour of C. The new ratio will be :

1. 8 : 4 : 3
2. 42 : 26 : 7
3. 4 : 8 : 3
4. 26 : 42 : 7

Answer : 42 : 26 : 7

Q15. A and B are partners sharing profit or loss in the ratio of 4 : 1. A surrenders 1/4 of his share and B surrenders 1/12 of his share in favour of C, a new partner. What will be the C’s share?

1. ¾
2. ⅕
3. 1/10
4. 3/10

Answer : 3/10

Q16. A and B are partners in a business sharing profits and losses in the ratio of 7 : 3 respectively. They admit C as a new partner. A sacrificed 1/7th share of his profit and B sacrificed 1/3rd of his share in favour of C. The new profit sharing ratio of A, B and C will be :

1. 3 : 1 : 1
2. 2 : 1 : 1
3. 2 : 2 : 1
4.  None of the above

Answer : 3 : 1 : 1

Q17. A and B are partners sharing profit or loss in the ratio of 3 : 2. C is admitted into partnership as a new partner. A sacrifices 1/3 of his share of B sacrifices 1/4 of his share in favour of C. What will be the C’s share in the firm?

1. ⅕
2. 2/10
3. 3/10
4. None of these

Answer : 3/10

Q18. A and B are partners in a firm sharing profits and losses in the ratio of 2 : 3. C is admitted for 1/5 share in the profits of the firm. If C gets it wholly from A, the new profit sharing ratio after C’s admission will be :

1. 1 : 3 : 3
2. 3 : 1 : 1
3. 2 : 2 : 1
4. 1 : 3 : 1

Answer : 1 : 3 : 1

Q19. A and B are partners sharing profits in the ratio of 4 : 3. They admitted C as a new partner who gets 1/5th share of profit, entirely from A. The new profit sharing ratio will be :

1. 20 : 8 : 7
2. 13 : 15 : 15
3.  13 :15: 7
4. 15 : 13 : 5

Answer: 13 :15: 7

Q20. A, B, C, D are in partnership sharing profits and losses in the ratio of 9 : 6 : 5 : 5. E joins the partnership for 20% share. A. B, C and D would in future share profits among themselves as 3/10 : 4/10 : 2/10 : 1/10. The new profit sharing ratio will be:

1. 3:4:2: 1:5
2. 9:6:5:5:5
3.  6 : 8 : 4 : 2 : 5
4.  8 : 6 : 4 : 2 : 5

Answer: 6 : 8 : 4 : 2 : 5

Q21.  A and B are in partnership sharing profits and losses as 3 : 2. C is admitted for 1/4th share. Afterwards, D enters for 20 paisa in the rupee. The new profit sharing ratio after D’s admission will be :

1. 9 : 6 : 5 : 5
2. 6 : 9 : 5 : 5
3. 3 : 2 : 4 : 5
4. 3 : 2 : 5 : 5

Answer: 9 : 6 : 5 : 5

Q22. X and Y are partners sharing profits in the ratio of 3 : 2. Z is admitted as a partner. Calculate sacrificing ratio if new profit sharing ratio is 9 : 7 : 4.

1. 3 : 1
2. 3 : 2
3. 1:3
4. 9 : 7

Answer: 3 : 1

Q23. A and B are partners sharing profits in the ratio of 5 : 3. A surrenders 14th of his share and B surrenders 15 of his share in favour of C, a new partner. What is the sacrificing ratio?

1. 4 : 5
2. 5 : 4
3. 12 : 25
4.  25 : 12

Answer: 25 : 12

Q24. A and B are partners sharing profits in the ratio of 11 : 4. C was admitted. A surrendered 111th of his share and B14 of his share in favour of C. The sacrificing ratio will be :

1. 11 : 4
2. 1 : 1
3.  4:11
4.  7 : 4

Answer: 1 : 1

Q25. P and Q are partners sharing profits in the ratio of 9 : 7. R is admitted as a partner with 9/20th share in the profits, which he takes 1/5th from P and 14th from Q Sacrificing ratio will be :

1. 5 : 4
2. 9 : 7
3.  7 : 9
4.  4 : 5

Answer: 4 : 5

Q26. When a new partner brings his share of goodwill in cash, the amount is debited to:

1. Goodwill A/c
2. Capital A/c of the new partner
3.  Cash A/c
4.  Capital A/c of the old partners

Answer: Cash A/c

Q27. When a new partner does not bring his share of goodwill in cash, the amount is debited to :

1. Cash A/c
2. Premium A/c
3.  Current A/c of the new partner
4.  Capital A/c of the old partners

Answer: Current A/c of the new partner

Q28. In the absence of an express agreement as to who will contribute to new partners’ share of profi t, it is implied that the old partners will contribute :

1. Equally
2. In the ratio of their capitals
3. In their old profit sharing ratio
4. In the gaining ratio

Answer : In their old profit sharing ratio

Q29. When a new partner brings goodwill in Cash, it is credited to :

1. His Capital A/c
2. Sacrificing Partner’s Capital A/c
3. Old Partner’s Capital A/c
4. All Partner’s Capital A/c

Answer: Sacrificing Partner’s Capital A/c

Q30. When the balance sheet is prepared after the new partnership agreement, the assets and liabilities are recorded at:

1. Historical cost
2. Current cost
3. Realisable value
4. Revalued figures

Answer : Revalued figures

Q31. Excess of the credit side over the debit side of revaluation account :

1. Gain
2. Loss
3. Profit
4. Expense

Answer: Profit

Q32. Balance sheet prepared after new partnership agreement, assets and liabilities are recorded at :

1. Original value
2. Revalued figure
3. At realizable value
4. None of these

Answer : Revalued figure

Q33. Profit or loss on revaluation is borne by :

1. Old partners
2. New partners
3. All partners
4. None

Answer : Old partners

Q34. When we use super profit method for goodwill valuation

1. Firms earn higher profit
2. Firms earns normal profit
3. Average profit
4. None of these

Answer: Firms earn higher profit

Q35. Profit sharing ratio is the ratio in which partners have agreed to share :

1. Profit only
2. Loss only
3. Profit & losses
4. None of these

Answer: Profit & losses

 You May Also Read

• MCQ of Accounting Ratios
• MCQ of Accounting For Partnership Firm-Fundamentals
• MCQ of Change in Profit Sharing Ratio

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