Class 12 MCQ Questions of Admission of a Partner with Answers for a significant piece of exams for Class 12 Accountancy and whenever practiced appropriately can assist you with getting better grades. Allude to more Chapter-wise MCQ Questions for NCERT Class 12 Accountancy and for all subjects. The MCQ Questions for Class 12 Accountancy with answers have been arranged according to the most recent syllabus, NCERT books, and pattern of exams Class 12 recommended by CBSE.
Our educators have given beneath Admission of a Partner Class 12 Accountancy MCQ Questions with answers which will assist understudies with changing and get more marks in exams. Given underneath are significant MCQ Questions on the Admission of a New Partner to dissect your comprehension of the point. The appropriate responses are additionally given for your reference.
1. In the case of admission of a partner, the entry for unrecorded investments will be
A) Debit Partner Capital A/cs and Credit Investment A/c
B) Debit Revaluation A/cs and Credit Investment A/c
C) Debit Investment A/cs and Credit Revaluation A/c
D) None of the above
2. Goodwill of a firm of A and B is valued at ₹30,000. It is appearing in the books at ₹12,000. C is admitted for 1/4share. What amount he is supposed to bring for goodwill?
A) ₹ 30,000
B) ₹ 4,500
C) ₹ 7,500
D) ₹ 10,500
3. Ramesh and Suresh are partners sharing profits in the ration of 2:1 respectively. Ramesh capital ₹ 1,02,000 and Suresh capital are ₹73,000. They admit Mahesh and agree to give him 1/5th share in future profit. Mahesh brings ₹14,000 as his share of goodwill. He agrees to contribute capital in the new profit-sharing ration. How much capital will be brought by Mahesh?
A) ₹ 43,750
B) ₹ 45,000
C) ₹ 47,250
D) ₹ 48,000
4. A and Bare in partnership, sharing profits in the ratio of 3:2. They take C as a new partner. Goodwill of the firm is valued at 33,00,000 and C brings ₹30,000 as his share of goodwill in cash which is entirely credited to the capital account of A. New profit sharing ratio will be
A) 3:2:1
B) 6:3:1
C) 5:4:1
D) 4:5:1
5. X and Y are partners sharing profits in the ratio of 4:3. Z is admitted for 1/5th share and he brings in ₹1,40,000 as his share of goodwill in cash of which ₹1,20,000 is credited to X remaining amount to Y. New profit sharing ratio will be
A) 4: 3: 5
B) 2: 2: 1
C) 1: 2: 2
D) 2: 1: 2
6. A, B, C, and D are partners. A and B share 2/3rd of profits equally and C and D share remaining profits in the ratio of 3: 2. Find the profit sharing ratio of A, B. C, and D
A) 5: 5: 3: 2
B) 7: 7: 6: 4
C) 2.5: 2.5: 8: 6
D) 3: 9: 8: 3
7. If the new partner brings his share of goodwill in cash, it will be shared by old partners in ______.
(A) Old profit sharing ratio.
(B) New profit sharing ratio.
(C) In capital ratio.
(D) Ratio of sacrifice.
8. Any change in partnership is called ______.
(A) Dissolution of a partnership firm.
(B) Reconstitution of partners.
(C) Reconstitution of a partnership firm.
(D) None of the options are correct.
9. If at the time of admission, some profit and loss account balance appears in the books, it will be transferred to ______.
(A) All partners’ Capital Accounts.
(B) Revaluation Account.
(C) Old partners’ Capital Accounts.
(D) Profit and Loss Adjustment Account.
10. At the time of admission of a new partner, which adjustments are required?
(A) Accounting treatment of goodwill.
(B) Accounting treatment of accumulated profits.
(C) Calculation of new profit sharing ratio and sacrificing ratio.
(D) All of the options are correct.
11. In the absence of an express agreement as to who will contribute to new partners’ share of profit, it is implied that the old partners will contribute ______.
(A) In the ratio of their capitals.
(B) In their old profit sharing ratio.
(C) In the gaining ratio.
(D) Equally.
12. Which clause should be mentioned in the partnership deed?
(A) Description of the firm.
(B) Nature of the business.
(C) Description of the partners.
(D) All of the options are correct.
13. A new partner may be admitted into a partnership :
(A) With the consent of any one partner
(B) With the consent of majority of partners
(C) With the consent of all old partners
(D) With the consent of 2/3rd of old partners
14. On the admission of a new partner :
(A) Old firm is dissolved
(B) Old partnership is dissolved
(C) Both old partnership and firm are dissolved
(D) Neither partnership nor firm is dissolved
15. A and B are partners sharing profit in the ratio of 3 : 2. They admit C as a partner by giving him 1/3 share in future profits. The new ratio will be :
(A) 12 : 8 : 5
(B) 8: 12 : 5
(C) 5 : 5 : 12
(D) None of the Above
16. X and Y are partners sharing profit in the ratio of 3 : 2. Z was admitted with 1/4 share in profits which he acquires equally from X and Y. The new ratio will be:
(A) 9 : 6 : 5
(B) 19 : 11 : 10
(C) 3 : 3 : 2
(D) 3 : 2 : 4
17. A and B share profits in the ratio of 2 : 1. C is admitted with 1/4 share in profits. C acquires 3/4 of his share from A and 1/4 of his share from B. The new ratio will be:
(A) 2 : 1 : 1
(B) 23 : 13 : 12
(C) 3 : 1 : 1
(D) 13 : 23 : 12
18. B and N are partners in a firm sharing profits in the ratio of 3 : 2. They admit S as a partner for l/4th share in the profits. S acquires his share from B and N in the ratio of 2 : 1. The new profit-sharing ratio will be :
(A) 2 : 1 : 4
(B) 19 : 26: 15
(C) 3 : 2 : 4
(D) 26 : 19 : 15
19. Sacrificing ratio is ascertained at the time of
a) Admission of a new partner
b) Death of partner
c) Retirement of partner
d) None of the options
20. share of goodwill brought in by new partner in cash is shared by old partners in
a) Sacrificing ration
b) Old ratio
c) New ratio
d) All of the options
21. Excess of the credit side over the debit side of revaluation account
a) Profit
b) Loss
c) Gain
d) Expense
22. Balance sheet prepared after new partnership agreement, assets and liabilities are recorded at
a) Revalued figure
b) Original value
c) At realisable value
d) None of the options
23. Share of goodwill brought in by new partner in cash is called
a) Premium
b) Profit
c) Assets
d) Liabilities
24. Profit or loss on revaluation is borne by
a) Old Partners
b) New partners
c) All partners
d) All of the options
25. When the new partners pays for goodwill in cash, the amount should be debited in the firms book to
a) Cash A/c
b) Goodwill A/c
c) Capital Account
d) All of the options
