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

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

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

**Answer : Both a and c**

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

**Reserve****Losses****Salary & commission****Goodwill**

**Answer: Goodwill**

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

**New****Gaining****Sacrificing****Old**

**Answer: Sacrificing**

**Q4. What is hidden goodwill?**

**When goodwill of the firm is hide from any one partner****When goodwill of the firm is sold to outsiders****When the goodwill of the firm is not given but has to be inferred on the basis of capital of the partners.****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.**

**New profit sharing****Sacrificing****Gaining****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 :**

**With the consent of any one partner****With the consent of majority of partners****With the consent of all old partners****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 :**

**Old firm is dissolved****Old partnership is dissolved****Both old partnership and firm are dissolved****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 :**

**12 : 8 : 5****8: 12 : 5****5 : 5 : 12****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:**

**9 : 6 : 5****19 : 11 : 10****3 : 3 : 2****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:**

**2 : 1 : 1****23 : 13 : 12****3 : 1 : 1****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 :**

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

**13 : 7 : 4****7 : 13 : 4****7 : 5 : 6****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 :**

**12 : 9:4****3 : 2 : 4****66 : 48 : 11****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 :**

**8 : 4 : 3****42 : 26 : 7****4 : 8 : 3****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?**

**¾****⅕****1/10****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 :**

**3 : 1 : 1****2 : 1 : 1****2 : 2 : 1****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?**

**⅕****2/10****3/10****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 : 3 : 3****3 : 1 : 1****2 : 2 : 1****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 :**

**20 : 8 : 7****13 : 15 : 15****13 :15: 7****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:**

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

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

**3 : 1****3 : 2****1:3****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?**

**4 : 5****5 : 4****12 : 25****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 :**

**11 : 4****1 : 1****4:11****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 :**

**5 : 4****9 : 7****7 : 9****4 : 5**

**Answer: 4 : 5**

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

**Goodwill A/c****Capital A/c of the new partner****Cash A/c****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 :**

**Cash A/c****Premium A/c****Current A/c of the new partner****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 :**

**Equally****In the ratio of their capitals****In their old profit sharing ratio****In the gaining ratio**

**Answer : In their old profit sharing ratio**

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

**His Capital A/c****Sacrificing Partner’s Capital A/c****Old Partner’s Capital A/c****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:**

**Historical cost****Current cost****Realisable value****Revalued figures**

**Answer : Revalued figures**

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

**Gain****Loss****Profit****Expense**

**Answer: Profit**

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

**Original value****Revalued figure****At realizable value****None of these**

**Answer : Revalued figure**

**Q33. Profit or loss on revaluation is borne by :**

**Old partners****New partners****All partners****None**

**Answer : Old partners**

**Q34. When we use super profit method for goodwill valuation**

**Firms earn higher profit****Firms earns normal profit****Average profit****None of these**

**Answer: Firms earn higher profit**

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

**Profit only****Loss only****Profit & losses****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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