In case memorandum Revaluation account is opened, the assets and liabilities appear in the new balance sheet at their revised values.
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Question 2 of 30
2. Question
1 points
It is often desired to revalue the assets and liabilities at the time of admission of a partner.
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Question 3 of 30
3. Question
1 points
All accumulated profits and losses are to be transferred to Revaluation account at the time of admission of a partner.
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Question 4 of 30
4. Question
1 points
If the incoming partner is to bring his share of goodwill in cash the same is taken away by the old partners n their new profit sharing ratios
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Question 5 of 30
5. Question
1 points
When memorandum revaluation account is prepared then all the assets and liabilities except cash appear in the balance-sheet at their old values.
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Question 6 of 30
6. Question
1 points
Revaluation account and realisation accounts are same.
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Question 7 of 30
7. Question
1 points
The loan from the spouse of a partner is treated like a loan from the partner himself herself.
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Question 8 of 30
8. Question
1 points
On admission of a partner, the profit in the P & L adjustment A/c distributed among the old partners.
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Question 9 of 30
9. Question
1 points
Goodwill brought in by a new partner is shared by the old partners in profit sharing ratio.
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Question 10 of 30
10. Question
1 points
ON admission of a partner, reserve fund is credited to old partner’s Capital/current accounts in their capital proportion.
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Question 11 of 30
11. Question
1 points
Employee of the firm can be admitted in the partnership firm.
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Question 12 of 30
12. Question
1 points
Reserves are always transferred on admission of a partners.
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Question 13 of 30
13. Question
1 points
X and Y are partners sharing profits in the ratio of 3:2. A is admitted as a partner entitled to 1/3 share of the profit. Tick the new profit-sharing of X, Y and A.
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Question 14 of 30
14. Question
1 points
A and B share profits in the ratio of 1 : 4, Z is admitted as new partner entitled to 2/3 of the profits. The new profits sharing ratio will
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Incorrect
Question 15 of 30
15. Question
1 points
A and B are partners sharing profits in the ratio of 4 : 3. C joins as a partner, the new ration among A, B and C being 7 : 4 : 3. What is the sacrificing ratio between A and B ?
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Question 16 of 30
16. Question
1 points
A and B are equal partners in a firm. They admitted C on the following conditions :
C should bring Rs. 10,000 as capital and Rs. 5,000 as goodwill. In future A, B and C should share profits and losses in the ratio of 2 : 1 : 2. A and B will share the good will in the ratio of
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Incorrect
Question 17 of 30
17. Question
1 points
A and B are partners in a firm sharing profits in the ratio of 3 : 2. They admit C as a new partner for 1/3 share in the profits of the firm. The new profit-sharing ratio of A, B and C is
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Incorrect
Question 18 of 30
18. Question
1 points
A and B were equal partners in the firm. They admitted C on the terms that he will bring Rs. 10,000 as capital and Rs.5,000 as goodwill. New profit sharing ratio between A, B and C will be 2 : 1 : 2. A and B will share the goodwill in the ratio of
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Incorrect
Question 19 of 30
19. Question
1 points
X and Y are partners in the ratio of 2 : 1, Z join the firm for 1/4 share. The sacrifice ratio will be
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Incorrect
Question 20 of 30
20. Question
1 points
A and B were sharing profits in the ratio of 1 : 2. On admission of C as new partner, the new profit sharing ratio of A and B are 1/3 and 1/4 respectively. Profit sharing ratio of C will be
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Incorrect
Question 21 of 30
21. Question
1 points
A and B are partners in a firm sharing profits and losses in the ratio of 2 : 3 C a new partner is admitted for 1/4 shares. A and B old partners share C profit into their profit sharing ratio. The new profit sharing ratio of A, B and C would be
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Incorrect
Question 22 of 30
22. Question
1 points
A and B are partners sharing profits and losses in proportion 2 : 1. They admits new partner C whom they give 1/5th share in profits. The new profit sharing ratio will be
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Incorrect
Question 23 of 30
23. Question
1 points
X and Y are partners sharing profit in the ratio of 1 : 1. They admit Z for 1/5th share who contributed Rs.25,000 for his share of goodwill. The total value of the goodwill of the firm will be
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Incorrect
Question 24 of 30
24. Question
1 points
A, B and C are three partners sharing profits and losses in the ratio of 4 : 3 : 2. D is admitted for 1/10 share. The new ratio will be
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Incorrect
Question 25 of 30
25. Question
1 points
A and B are partners sharing profits and losses in the ratio of 3 : 1. They have agreed to admit C into the partnership firm. C is given 1/4th share of future profit which he acquires in the ratio of 2 : 1 from A and B. The new profit sharing ratio would be
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Incorrect
Question 26 of 30
26. Question
1 points
A and B are partners sharing profits and losses in the ratio of 2 : 5. They admit C on the condition that he will bring goodwill in cash which is distributed between A and B. C’s share in future profits or losses is to be one-fourth. The new profit sharing ratio of A, B and C will be
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Incorrect
Question 27 of 30
27. Question
1 points
A and B are sharing profits and losses in the ratio of 4 : 3. C is admitted into the firm with 1/4 share in profits. The new profit sharing ratio of the partners between A, B and C is 3 : 3 : 2. The adjusted capitals of A and B will be in the ratio of ________ (4:3 / 3:3).
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Incorrect
Question 28 of 30
28. Question
1 points
X and Y shared profits in the ratio of 7 : 3. Z was admitted as a partner. X surrendered 1/7th of his share and Y 1/3rd of his share in favour of Z. The new ratio of X, Y and Z will be
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Incorrect
Question 29 of 30
29. Question
1 points
A, B and C are partners and decide to share profits and losses in the ratio of their capitals. The Capital on 1st Jan.2006 are Rs.10,000, Rs.15,000 and Rs.17,000 for A, B and C respectively. The current account balances on that date are Rs.2,000 (Cr., Rs.3,000) (Cr.) and Rs. 1,000 (Cr.) for A, B and C respectively. The profit sharing ratio for A, B and C will be
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Incorrect
Question 30 of 30
30. Question
1 points
A and B are partners in a firm, sharing profits in the ratio 3 : 2 they admit X as partner of 1/3 share in the profits of the firm. The new profit sharing ratio of A, B and X is