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Category MCQs (Admission)

MCQs (Admission) 42 Questions

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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

2.01K viewsAnurag Pathak Changed status to publish April 4, 2024[CBSE] TS Grewal Solutions Accountancy Class 12th Admission of Partner MCQs (Admission)

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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

1.40K viewsAnurag Pathak Changed status to publish April 4, 2024[CBSE] TS Grewal Solutions Accountancy Class 12th Admission of Partner MCQs (Admission)

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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

1.39K viewsAnurag Pathak Changed status to publish April 4, 2024[CBSE] TS Grewal Solutions Accountancy Class 12th Admission of Partner MCQs (Admission)

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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:

2.57K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] TS Grewal Solutions Accountancy Class 12th Admission of Partner MCQs (Admission)

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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:

1.24K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] TS Grewal Solutions Accountancy Class 12th Admission of Partner MCQs (Admission)

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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.

1.80K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] TS Grewal Solutions Accountancy Class 12th Admission of Partner MCQs (Admission)

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Which of the following statement is wrong in the context of admission of a partner?

1.18K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] TS Grewal Solutions Accountancy Class 12th Admission of Partner MCQs (Admission)

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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.

1.69K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] TS Grewal Solutions Accountancy Class 12th Admission of Partner 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.

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

1.05K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] TS Grewal Solutions Accountancy Class 12th Admission of Partner 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.

1.20K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] TS Grewal Solutions Accountancy Class 12th Admission of Partner Assertion Reason MCQs (Admission)MCQs (Admission)

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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.

771 viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal Solutions Accountancy Class 12th Admission of Partner MCQs (Admission)

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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?

2.64K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal Solutions Accountancy Class 12th Admission of Partner MCQs (Admission)

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508 viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal Solutions Accountancy Class 12th Admission of Partner MCQs (Admission)

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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

2.88K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal Solutions Accountancy Class 12th Admission of Partner MCQs (Admission)

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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:

2.84K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal Solutions Accountancy Class 12th Admission of Partner MCQs (Admission)

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When the new partner brings cash for goodwill, the amount is credited to

716 viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal Solutions Accountancy Class 12th Admission of Partner MCQs (Admission)

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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

2.05K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal Solutions Accountancy Class 12th Admission of Partner MCQs (Admission)

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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

2.17K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal Solutions Accountancy Class 12th Admission of Partner MCQs (Admission)

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For which of the following situations, old profit sharing ratio of partners is used at the time of admission of a new partner?

526 viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal Solutions Accountancy Class 12th Admission of Partner MCQs (Admission)

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