Category MCQs (Admission) MCQs (Admission) 42 Questions Ask question Search Order By: ActiveClear Filter 0 Votes 1 Ans Increase in the value of liabilities at the time of admission of a partner is 610 viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (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: 1.46K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (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: 2.64K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (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 2.10K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (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 2.15K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 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 767 viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (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 2.63K 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 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 652 viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (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 513 viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans Goodwill brought by the incoming partner is distributed among the old partners in their 577 viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans 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 2.06K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (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. 543 viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (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: 861 viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (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: 763 viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans Unrecorded Assets or liabilities are transferred to 495 viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (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 2.59K 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 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. 3.06K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (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. 2.12K viewsAnurag Pathak Changed status to publish June 1, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (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 1.30K viewsAnurag Pathak Changed status to publish May 30, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) 0 Votes 1 Ans Accumulated Profits/losses are transferred to the Capital Accounts of old partners in 453 viewsAnurag Pathak Changed status to publish May 30, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAdmission of PartnerMCQs (Admission) « Previous 1 2 3 Next » Question and answer is powered by anspress.net