Admission of New Partner MCQ

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

    • General reserve
    • Creditors
    • Machinery
    • Capital