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Category Assertion Reason MCQs (Admission)

Assertion Reason MCQs (Admission) 10 Questions

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Amit and Vidya are partners in a firm. They admit Sanjana as a partner with 1/4th share in the profits of the firm. Sanjana brings ₹ 2,00,000 as her share of capital. The value of the total assets of the firm is ₹ 5,40,000 and outside liabilities are valued at ₹ 1,00,000 on that date. Sanjana’s share of goodwill is

2.65K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th Assertion Reason MCQs (Admission)

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Assertion (A): Anahat and Parminder are partners sharing profits in the ratio of 2 : 1. They admit Rubayat as partner w.e.f. 1st January, 2021. On that date, Goodwill existed in the books at ₹ 1,00,000. Goodwill of ₹ 50,000 was written off by debiting capital accounts of Anahat and Parminder in the ratio of 2 : 1. While balance goodwill was carried forward in the Balance Sheet.

1.27K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th Assertion Reason MCQs (Admission)

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Assertion (A): Gurman and Ravi are equal partners. They admitted Param as a partner and their new profit-sharing ratio was 2 : 2 : 1. They revalued the assets and reassessed their liabilities. They did so because a new partner should not be at an advantage or disadvantage.

1.01K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th Assertion Reason MCQs (Admission)

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Assertion (A): Parul and Paresh are partners sharing profits equally. They admit Prema for 1/4th share in future profits. On the date of admission, Workmen Compensation Reserve existed in the books at ₹ 1,00,000. A claim of ₹ 1,50,000 was made by a worker and was to be accounted. The existing reserve of ₹ 1,00,000 will be distributed between Parul and Paresh and ₹ 1,50,000 being the claim amount will be transferred to the debit of Revaluation Account.

1.11K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th Assertion Reason MCQs (Admission)

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Assertion (A): Ajay and Akansha are partners sharing profits in the ratio of 3 : 2. General Reserve existed in the books at ₹ 1,00,000. They admitted Amit as a partner for 2/5th share in profits. ₹ 50,000 was transferred to Workmen Compensation Reserve and the balance was transferred to the Capital Accounts of Ajay and Akansha in the ratio of 3 : 2.

1.27K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th Assertion Reason MCQs (Admission)

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Assertion (A): General Reserve is not distributed among the old partners but is carried forward in the Balance Sheet prepared after the admission of a partner.

1.76K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th Assertion Reason MCQs (Admission)

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Assertion (A): Admission of a partner means reconstitution of the partnership whereby old partnership ceases to exist and new partnership comes into existence.

1.78K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th Assertion Reason MCQs (Admission)MCQs (Admission)

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Assertion (A): Admission of a partner leads to dissolution of old firm and bringing new firm into existence.

1.79K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th Assertion Reason MCQs (Admission)MCQs (Admission)

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Assertion (A): At the time of admission of a partner, new partner should bring his share in goodwill in cash to compensate the Sacrificing Partner.

2.06K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th Assertion Reason MCQs (Admission)MCQs (Admission)

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Assertion (A): Ajeet and Akash are partners sharing profits in the ratio of 3 : 2. They admit Prakash as a new partner for 1/4th share. Goodwill is valued at ₹ 1,00,000 and the new Partner will compensate both Ajeet and Akash by crediting ₹ 25,000 in the ratio of 3 : 2.

1.13K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th Assertion Reason MCQs (Admission)

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