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 2.19K viewsAnurag Pathak Changed status to publish April 4, 2024[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (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 1.55K viewsAnurag Pathak Changed status to publish April 4, 2024[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (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 1.53K viewsAnurag Pathak Changed status to publish April 4, 2024[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (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: 2.72K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (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: 1.34K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (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. 1.95K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans Which of the following statement is wrong in the context of admission of a partner? 1.29K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (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. 1.83K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (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. 1.19K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerAssertion 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. 1.13K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerAssertion 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. 1.30K viewsAnurag Pathak Changed status to publish June 8, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerAssertion 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. 844 viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (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? 2.79K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans 566 viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (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 3.08K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (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: 3.07K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans When the new partner brings cash for goodwill, the amount is credited to 783 viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (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 2.20K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (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 2.30K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (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? 581 viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 1 2 3 Next » Question and answer is powered by anspress.net