12th Accountancy Chapter 5 Online Test | Admission of a Partner

12th Accountancy Chapter 5 Online Test | Admission of a Partner

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Chapter 2 Admission of a Partner- Online Test

1➤ Revaluation A/c is a ……………..

(a) Real A/c (b) Nominal A/c (c) Personal A/c (d) Impersonal A/c

2➤ On revaluation, the increase in the value of assets leads to ……………..

(a) Gain (b) Loss (c) Expense (d) None of these

3➤ The profit or loss on revaluation of assets and liabilities is transferred to the capital account of ……………..

(a) The old partners(b) The new partner(c) All the partners(d) The Sacrificing partners

4➤ If the old profit sharing ratio is more than the new profit sharing ratio of a partner, the difference is called ……………

a) Capital ratio(b) Sacrificing ratio(c) Gaining ratio(d) None of these

5➤ At the time of admission, the goodwill brought by the new partner may be credited to the capital accounts of ……………..

(a) all the partners (b) the old partners (c) the new partner (d) the sacrificing partners

6➤ Which of the following statements is not true in relation to admission of a partner?

(a) Generally mutual rights of the partners change(b) The profits and losses of the previous years are distributed to the old partners(c) The firm is reconstituted under a new agreement(d) The existing agreement does not come to an end

7➤ Select the odd one out:

(a) Revaluation profit (b) Accumulated loss (d) Investment fluctuation fund(c) Goodwill brought by new partner

8➤ James and Kamal are sharing profits and losses in the ratio of 5:3. They admit Sunil as a partner giving him 1/5 share of profits. Find out the sacrificing ratio.

a) 1:3b) 3:1c) 5:3d) 3:5

9➤ Balaji and Kamalesh are partners sharing profits and losses in the ratio of 2:1. They admit Yogesh into partnership. The new profit sharing ratio between Balaji, Kamalesh and Yogesh is agreed to 3:1:1. Find the sacrificing ratio between Balaji and Kamalesh.

(a) 1:3 (b) 3:1 (c) 2:1 (d) 1:2

10➤ At the time of admission of a partner calculation of net profit ratio is ………………

(a) not necessary (b) necessary (c) optionald) Not necessary

11➤ In admission, undistributed profit or loss transferred to ………………

(a) New Partners only (b) Old Partners only (c) All the Partnersd) old partners and New partners

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