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Category MCQs (Admission)

MCQs (Admission) 42 Questions

0 Votes 1 Ans

When a new partner is admitted, the balance of ‘General Reserve’ appearing in the Balance sheet at the time of admission is credited to

1.24K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th MCQs (Admission)

0 Votes 1 Ans

Niyati and Aisha were partners in a firm sharing profits and losses in the ratio of 4 : 3. They admitted Bina as a new partner. Niyati sacrificed 1/4th from her share and Aisha sacrificed 1/7th from her share in favor of Bina. Bina’s share in the profits of the firm will be

4.43K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th MCQs (Admission)

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A and B are partners sharing profits in the ratio of 2 : 3, they admit C as a partner for 1/4th share, the sacrificing ratio of A and B will be

1.23K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th MCQs (Admission)

0 Votes 1 Ans

When goodwill existing in the books is written off at the time of admission of a partner, it is transferred to partner’ Capital accounts in their

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

0 Votes 1 Ans

Goodwill brought by the incoming partner is distributed among the old partners in their

1.01K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th MCQs (Admission)

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X and Y are partners sharing profits in the ratio of 3 : 2, and capitals as ₹ 1,00,000 and ₹ 50,000 respectively. Z is admitted for 1/5th share in profits. The amount Z will contribute as capital will be

3.41K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th MCQs (Admission)

0 Votes 1 Ans

When goodwill existing in the books is written off at the time of admission of a partner, it is transferred to Partner’s Capital Accounts in their.

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

0 Votes 1 Ans

X, Y and Z who are sharing profits and losses in the ratio of 5 : 3 : 2, decide to share future profits and losses in the ratio of 2 : 3 : 5 w.e.f. 1st April, 2023, after admission of A. An extract of the Balance Sheet as at 31st March 2023 is as follows:

1.45K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th MCQs (Admission)

0 Votes 1 Ans

A firm has an unrecorded investment of ₹ 10,000. Journal entry to record the unrecorded investment on admission of a partner will be:

1.62K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th MCQs (Admission)

0 Votes 1 Ans

Unrecorded Assets or liabilities are transferred to

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

0 Votes 1 Ans

Aditya and Shiv were partners in a firm with capitals of ₹ 3,00,000 and ₹ 2,00,000, respectively. Naina was admitted as a new partner 1/4th share in the profits of the firm. Naina brought ₹ 1,20,000 for her share of goodwill premium and ₹ 2,40,000 for her capital. The amount of goodwill premium credited to Aditya will be

4.44K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th MCQs (Admission)

0 Votes 1 Ans

A and B are partners in the ratio of 3 : 2. C is admitted as a partner and he takes 1/4th of his share from A. B gives 3/16 from his share to C. What is the share of C.

5.24K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th MCQs (Admission)

0 Votes 1 Ans

Shiv and Mohan are sharing profits and losses in the ratio of 5 : 3. They admit Jea as a partner and give her 3/10th share of the profits. This share she will get 1/5th from Shiv and 1/10th from Mohan.

3.63K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th MCQs (Admission)

0 Votes 1 Ans

X and Y are sharing profits and losses in the ratio of 3 : 2. They admit Z as a partner and give him 2/10th share in the profits. The new profit sharing ratio will be

2.45K viewsAnurag Pathak Changed status to publish May 30, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th MCQs (Admission)

0 Votes 1 Ans

Accumulated Profits/losses are transferred to the Capital Accounts of old partners in

824 viewsAnurag Pathak Changed status to publish May 30, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th MCQs (Admission)

0 Votes 1 Ans

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

919 viewsAnurag Pathak Changed status to publish May 30, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th MCQs (Admission)

0 Votes 1 Ans

Sacrificing Ratio is

893 viewsAnurag Pathak Changed status to publish May 30, 2023[CBSE] Admission of Partner [CBSE] TS Grewal Solutions Accountancy Class 12th MCQs (Admission)

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