Below Admission of New Partner quiz are Multiple Choice Questions (MCQs) type Quiz. These Admission of New Partner MCQ Questions helps you to refresh your Admission of New Partner, you can see the correct option by clicking on it. .
1. Old ratio - New ratio=_____________
Cash/bank
Sacrifice ratio
Normal profit
Goodwill
2. When the balance sheet is prepared after the new partnership agreement, the assets and liabilities are recorded at
Historical cost
Current cost
Revalued figures
3. If asset is taken over by partner _______ account is debited.
Cash/bank
Profit and loss
Capital
Current
4. At the time of admission of a partner, undistributed profits appearing in the balance sheet of the old firm is transferred to capital Account of
Old partner in old ratio
Old partner in new ratio
All partner in new ratio
Old partners in sacrifice ratio
5. Normal profit = _____ X NRR /100
Revaluation
New profit
Loss
Capital employed
6. Goodwill brought by the incoming partner is distributed among the old partners in their
Old profit sharing ratio
New profit sharing ratio
Sacrificing ratio
Gaining ratio
7. __________ = total profit / Number of years
Normal profit
Capital employed
Average profit
Sacrifice ratio
8. 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
9. Unrecorded assets or liabilities are transferred to
Partners capital account
Revaluation account
Profit and loss account
Partners current account
10. 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
50,000
35,000
37,500
60,000
11. Find the odd one out:General reserve, creditors, Machinery, capital