Online Mock Test in Admission of New Partner for preparation of professional exams of CA cpt, CA foundation, CS foundation, CMA foundation , And Also for B.com, M.com, MBA
Admission of New Partner- Test 4
Time limit: 0
Quiz-summary
0 of 30 questions completed
Questions:
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
Information
Subject :Fundamentals of Accounting Questions: 30
Chapter: Admission of New Partner -Test 4
Click on Start quiz button
You have already completed the quiz before. Hence you can not start it again.
Quiz is loading...
You must sign in or sign up to start the quiz.
You have to finish following quiz, to start this quiz:
In case memorandum Revaluation account is opened, the assets and liabilities appear in the new balance sheet at their revised values.
Correct
Incorrect
Question 2 of 30
2. Question
1 points
It is often desired to revalue the assets and liabilities at the time of admission of a partner.
Correct
Incorrect
Question 3 of 30
3. Question
1 points
All accumulated profits and losses are to be transferred to Revaluation account at the time of admission of a partner.
Correct
Incorrect
Question 4 of 30
4. Question
1 points
If the incoming partner is to bring his share of goodwill in cash the same is taken away by the old partners n their new profit sharing ratios
Correct
Incorrect
Question 5 of 30
5. Question
1 points
When memorandum revaluation account is prepared then all the assets and liabilities except cash appear in the balance-sheet at their old values.
Correct
Incorrect
Question 6 of 30
6. Question
1 points
Revaluation account and realisation accounts are same.
Correct
Incorrect
Question 7 of 30
7. Question
1 points
The loan from the spouse of a partner is treated like a loan from the partner himself herself.
Correct
Incorrect
Question 8 of 30
8. Question
1 points
On admission of a partner, the profit in the P & L adjustment A/c distributed among the old partners.
Correct
Incorrect
Question 9 of 30
9. Question
1 points
Goodwill brought in by a new partner is shared by the old partners in profit sharing ratio.
Correct
Incorrect
Question 10 of 30
10. Question
1 points
ON admission of a partner, reserve fund is credited to old partner’s Capital/current accounts in their capital proportion.
Correct
Incorrect
Question 11 of 30
11. Question
1 points
Employee of the firm can be admitted in the partnership firm.
Correct
Incorrect
Question 12 of 30
12. Question
1 points
Reserves are always transferred on admission of a partners.
Correct
Incorrect
Question 13 of 30
13. Question
1 points
X and Y are partners sharing profits in the ratio of 3:2. A is admitted as a partner entitled to 1/3 share of the profit. Tick the new profit-sharing of X, Y and A.
Correct
Incorrect
Question 14 of 30
14. Question
1 points
A and B share profits in the ratio of 1 : 4, Z is admitted as new partner entitled to 2/3 of the profits. The new profits sharing ratio will
Correct
Incorrect
Question 15 of 30
15. Question
1 points
A and B are partners sharing profits in the ratio of 4 : 3. C joins as a partner, the new ration among A, B and C being 7 : 4 : 3. What is the sacrificing ratio between A and B ?
Correct
Incorrect
Question 16 of 30
16. Question
1 points
A and B are equal partners in a firm. They admitted C on the following conditions :
C should bring Rs. 10,000 as capital and Rs. 5,000 as goodwill. In future A, B and C should share profits and losses in the ratio of 2 : 1 : 2. A and B will share the good will in the ratio of
Correct
Incorrect
Question 17 of 30
17. Question
1 points
A and B are partners in a firm sharing profits in the ratio of 3 : 2. They admit C as a new partner for 1/3 share in the profits of the firm. The new profit-sharing ratio of A, B and C is
Correct
Incorrect
Question 18 of 30
18. Question
1 points
A and B were equal partners in the firm. They admitted C on the terms that he will bring Rs. 10,000 as capital and Rs.5,000 as goodwill. New profit sharing ratio between A, B and C will be 2 : 1 : 2. A and B will share the goodwill in the ratio of
Correct
Incorrect
Question 19 of 30
19. Question
1 points
X and Y are partners in the ratio of 2 : 1, Z join the firm for 1/4 share. The sacrifice ratio will be
Correct
Incorrect
Question 20 of 30
20. Question
1 points
A and B were sharing profits in the ratio of 1 : 2. On admission of C as new partner, the new profit sharing ratio of A and B are 1/3 and 1/4 respectively. Profit sharing ratio of C will be
Correct
Incorrect
Question 21 of 30
21. Question
1 points
A and B are partners in a firm sharing profits and losses in the ratio of 2 : 3 C a new partner is admitted for 1/4 shares. A and B old partners share C profit into their profit sharing ratio. The new profit sharing ratio of A, B and C would be
Correct
Incorrect
Question 22 of 30
22. Question
1 points
A and B are partners sharing profits and losses in proportion 2 : 1. They admits new partner C whom they give 1/5th share in profits. The new profit sharing ratio will be
Correct
Incorrect
Question 23 of 30
23. Question
1 points
X and Y are partners sharing profit in the ratio of 1 : 1. They admit Z for 1/5th share who contributed Rs.25,000 for his share of goodwill. The total value of the goodwill of the firm will be
Correct
Incorrect
Question 24 of 30
24. Question
1 points
A, B and C are three partners sharing profits and losses in the ratio of 4 : 3 : 2. D is admitted for 1/10 share. The new ratio will be
Correct
Incorrect
Question 25 of 30
25. Question
1 points
A and B are partners sharing profits and losses in the ratio of 3 : 1. They have agreed to admit C into the partnership firm. C is given 1/4th share of future profit which he acquires in the ratio of 2 : 1 from A and B. The new profit sharing ratio would be
Correct
Incorrect
Question 26 of 30
26. Question
1 points
A and B are partners sharing profits and losses in the ratio of 2 : 5. They admit C on the condition that he will bring goodwill in cash which is distributed between A and B. C’s share in future profits or losses is to be one-fourth. The new profit sharing ratio of A, B and C will be
Correct
Incorrect
Question 27 of 30
27. Question
1 points
A and B are sharing profits and losses in the ratio of 4 : 3. C is admitted into the firm with 1/4 share in profits. The new profit sharing ratio of the partners between A, B and C is 3 : 3 : 2. The adjusted capitals of A and B will be in the ratio of ________ (4:3 / 3:3).
Correct
Incorrect
Question 28 of 30
28. Question
1 points
X and Y shared profits in the ratio of 7 : 3. Z was admitted as a partner. X surrendered 1/7th of his share and Y 1/3rd of his share in favour of Z. The new ratio of X, Y and Z will be
Correct
Incorrect
Question 29 of 30
29. Question
1 points
A, B and C are partners and decide to share profits and losses in the ratio of their capitals. The Capital on 1st Jan.2006 are Rs.10,000, Rs.15,000 and Rs.17,000 for A, B and C respectively. The current account balances on that date are Rs.2,000 (Cr., Rs.3,000) (Cr.) and Rs. 1,000 (Cr.) for A, B and C respectively. The profit sharing ratio for A, B and C will be
Correct
Incorrect
Question 30 of 30
30. Question
1 points
A and B are partners in a firm, sharing profits in the ratio 3 : 2 they admit X as partner of 1/3 share in the profits of the firm. The new profit sharing ratio of A, B and X is