Category MCQs (Admission) MCQs (Admission) 42 Questions Ask question Search Order By: ActiveClear Filter 0 Votes 1 Ans X and Y are partners sharing profits and losses in the ratio of 3 : 2. Z was admitted for the 1/5th share and for this he brings ₹ 1,50,000 3.63K viewsAnurag Pathak Changed status to publish April 4, 2024[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thMCQs (Admission) 0 Votes 1 Ans X and Y are partners sharing profits in the ratio of 2 : 1. They admit Z into the partnership for 1/4th share in profits 2.78K viewsAnurag Pathak Changed status to publish April 4, 2024[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thMCQs (Admission) 0 Votes 1 Ans X and Y are partners sharing profits and losses in the ratio of 3 : 2. X’s Capital is ₹ 3,00,000 and Y’s capital is ₹ 1,50,000 2.69K viewsAnurag Pathak Changed status to publish April 4, 2024[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thMCQs (Admission) 0 Votes 1 Ans Kavi and Ravi were partners in a firm sharing profits in the ratio of 5 : 3. On 31st March, 2023, they admitted Chhavi as a partner for 1/5th share in the profit. On Chhavi’s admission, the Balance Sheet of the firm was as follows: 4.49K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thMCQs (Admission) 0 Votes 1 Ans On the date of Shiv’s admission, an extract of the Balance Sheet of Ram and Mohan sharing profits and losses in the ratio of 3 ; 2 was as under: 2.36K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thMCQs (Admission) 0 Votes 1 Ans Amol and Ameet are partners sharing profits and losses in the ratio of 2 : 1. They admit Atul for 1/4th share. For the purpose of admission of Atul, goodwill of the firm is to be valued on the basis of 2 year purchase of Average Super Profit of last four years. The normal rate of return in their business is 12% on capital employed. 3.13K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thMCQs (Admission) 0 Votes 1 Ans Which of the following statement is wrong in the context of admission of a partner? 2.27K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thMCQs (Admission) 0 Votes 1 Ans Parvan and Rahim are partners sharing profits and losses in the ratio of 3 : 2. karan is admitted as a partner with 1/4th share in profits. karan was unable to bring his share of goodwill premium in cash. 3.07K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thMCQs (Admission) 0 Votes 1 Ans Assertion (A): Admission of a partner means reconstitution of the partnership whereby old partnership ceases to exist and new partnership comes into existence. 1.89K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thAssertion Reason MCQs (Admission)MCQs (Admission) 0 Votes 1 Ans Assertion (A): Admission of a partner leads to dissolution of old firm and bringing new firm into existence. 1.92K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thAssertion Reason MCQs (Admission)MCQs (Admission) 0 Votes 1 Ans 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. 2.19K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thAssertion Reason MCQs (Admission)MCQs (Admission) 0 Votes 1 Ans Assertion (A): At the time o admission of a partner, the value of the Goodwill of the firm is determined because the new partner compensates the sacrificing partner or partners. 1.38K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thMCQs (Admission) 0 Votes 1 Ans Ganga and Jamuna are partners sharing profits in the ratio of 2 : 1. They admit Saraswati for 1/5th share in future profits. On the date of admission, Ganga’s capital was ₹ 1,02,000 and Jamuna’s Capital was ₹ 73,000. Saraswati brings ₹ 25,000 as her share of goodwill and she agrees to contribute proportionate capital in the new firm. How much capital will be brought by Saraswati? 3.56K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thMCQs (Admission) 0 Votes 1 Ans 942 viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thMCQs (Admission) 0 Votes 1 Ans Angle and Circle were partners in a firm. Their Balance Sheet showed Furniture at ₹ 2,00,000; Stock at ₹ 1,40,000; Debtors at ₹ 1,62,000 and Creditors at ₹ 60,000. Square was admitted and new profit sharing ratio was agreed at 2 : 3 : 5. Stock was revalued at ₹ 1,00,000, Creditors of ₹ 15,000 are not likely to be claimed, Debtors for ₹ 2,000 have become irrecoverable and Provision for doubtful debts to be provided @ 10%. Angle’s share in loss on revaluation amount to ₹ 30,000. Revalued value of Furniture will be 4.91K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thMCQs (Admission) 0 Votes 1 Ans Sun and Star were partners in a firm sharing profits in the ratio of 2 : 1. Moon was admitted as a new partner in the firm. New Profit sharing ratio was 3 : 3 : 2. Moon brought the following assets towards his share of goodwill and his capital: 4.77K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thMCQs (Admission) 0 Votes 1 Ans When the new partner brings cash for goodwill, the amount is credited to 1.24K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thMCQs (Admission) 0 Votes 1 Ans P and Q are partners in a firm having capitals of ₹ 15,000 each. R is admitted for 1/3rd share for which he has to bring ₹ 20,000 for his share of capital. The amount of goodwill will be 3.31K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thMCQs (Admission) 0 Votes 1 Ans A and B are partners in a firm having a capital of ₹ 54,000 and ₹ 36,000 respectively. They admitted C for 1/3rd share in the profits. C brought proportionate amount of capital. The capital brought in by C would be 3.50K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thMCQs (Admission) 0 Votes 1 Ans For which of the following situations, old profit sharing ratio of partners is used at the time of admission of a new partner? 936 viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thMCQs (Admission) 0 Votes 1 Ans Increase in the value of liabilities at the time of admission of a partner is 1.02K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thMCQs (Admission) 0 Votes 1 Ans Manav and Nath were partners sharing profits and losses in the ratio of 5 : 3. Narayan was admitted as a partner for 1/6th share in the profits. Narayan was unable to bring his share of goodwill premium in cash. The Journal entry recorded for goodwill premium is given below: 2.51K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thMCQs (Admission) 0 Votes 1 Ans Anita and Babita were partners sharing profits and losses in the ratio of 3 : 1. Savita was admitted for 1/4th share in the profits. Savita was unable to bring her share of goodwill premium in cash. The Journal entry recorded for goodwill premium is given below: 4.09K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thMCQs (Admission) 0 Votes 1 Ans Mita and Sumit are partners in a firm with capitals of ₹ 6,00,000 and ₹ 4,00,000 respectively. Keshav was admitted as a new partner for 1/5th share in the profits of the firm. Keshav brought ₹ 40,000 as his share of goodwill premium and ₹ 3,00,000 of his capital. The amount of goodwill premium credited to Sumit will be 3.36K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thMCQs (Admission) 0 Votes 1 Ans Mona and Tina were partners in a firm sharing profits in the ratio of 3 : 2. Naina was admitted with 1/6th share in the profits of the firm. At the time of admission, Workmen’s Compensation Reserve appeared in the Balance Sheet of the firm at ₹ 32,000. The claim on account of workmen’s compensation was determined at ₹ 40,000. Excess of claim over the reserve will be 3.65K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12thMCQs (Admission) 1 2 Next » Question and answer is powered by anspress.net
