Admission of New Partner- Test 7

When a new partner is admitted to the partnership firm

The goodwill raised at the time of admission of a new partner should be written off in the

When an incoming partner brings his share of goodwill in cash, if should be adjusted by crediting

When an incoming partner purchases his share from one of the existing partners ?

Old profit sharing ratio minus new profit sharing ratio is equal to

On the admission of a new partner, the increase in the value of an asset is credited to

On the admission of a partner, decrease in the value of machinery is debited to the

The balance of memorandum revaluation account (second part), is transferred to the capital accounts of the partners in

When a new partner is admitted, which of the following account is credited to record the increase in the value of an asset ?

If old partners decide not to disturb the book value of Assets and Liabilities then, Assets and Liabilities will appear in Balance Sheet at :

Depreciation fund, at the time of admission of a partners, is

At the time of admission of a partner, the depreciation fund is

General reserve at the time of admission of a partner is transferred to

C is admitted in a firm for a 1/4 share in the profits for which he brings Rs. 3,000 for goodwill. It will be taken away by the old partners in

Balance of general reserve on admission of a partner.

An unrecorded asset on the admission of a partners.

The amount of life policy received on the death of a partner

At the time of admission of a partner, after meeting the loss on revaluation of investment, the balance in the Investment fluctuation Fund is transferred to

A, B and C are partners in a firm, If X is admitted as a new partner,

The sacrificing ratio is used at the time of

A is admitted as a nominal partner in a firm of X,Y and Z. He can become a partner by:

When goodwill account is written off after admission old partners capital accounts are ______ in their ______ ratio.

A new partner is supposed to get share of future profit according to _______.

Accumulated losses are transferred to the capital accounts of the partners at the time of admission in their ______ ratio.

A New partner acquires his share of future profit from an individual partner only

Gain on revaluation of assets and liabilities in credited and loss on revaluation are debited to this account.

Sacrificing ratio in the difference between old ratio and new ratio

When Goodwill account is not raised, gaining partner’s capital accounts are debited and sacrificing partners. capital accounts are credited with their respective shares.

In case the newly admitted partner pay cash for his share of goodwill, it will be credited to the old partner in their sacrificing ratio.

In the super profit method goodwill is found based on super profit which exists when normal profit exceeds the average profit.