Accountancy reconstitution of partnership MCQ Quiz Questions with Answers for Class 12

Categories: Intermediate class MCQ Accountancy

Accountancy reconstitution of partnership MCQ Quiz Questions with Answers for Class 12

 

Q1. Goodwill is nothing more than probability that the old customer will resort to the old place. This definition of goodwill was given by:

  1. Spicer and Pegler
  2. ICAI
  3. Lord Elton
  4. AICPA

Answer: (c)

 

Q2. Goodwill is to be calculated at one and half year’ purchase of average profit of last 5 years. The firm earned profits during 3 years as ₹ 20,000 ₹ 18,000 and ₹ 9,000 and suffered losses of ₹ 2,000 and ₹5,000 in last 2 years. The amount of goodwill will be:

  1. ₹ 12,000
  2. ₹ 10,000
  3. ₹ 15,000
  4. None of these

Answer: (a)

 

Q3. When there is no Goodwill Account in the books and goodwill is raised, ……………. account will be debited :

  1. Partner’s Capital
  2. Goodwill
  3. Cash
  4. Reserve

Answer: (b)

 

Q4. The amount of goodwill is paid by new partner :

  1. for the payment of capital
  2. for sharing the profit
  3. for purchase of assets
  4. None of these

Answer: (b)

 

Q5. At the time of admission of a new partners, general reserve appearing in the old Balance Sheet is transferred to:

  1. All Partner’s Capital Accounts
  2. New Partner’s Capital Account
  3. Old Partners’. Capital Accounts
  4. None of these

Answer: (c)

 

Q6. Profit or Loss on Revaluation is borne by:

  1. Old Partners
  2. New Partners
  3. All Partners
  4. Only Two Partners

Answer: (a)

 

Q7. Share of goodwill brought by new partner in case is shared by old partners in:

  1. Sacrificing Ratio
  2. Old Ratio
  3. New Ratio
  4. Equal Ratio

Answer: (a)

 

Q8. A, Band Care 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 :

  1. 10 : 7 : 7 :4
  2. 5 : 3 : 2 : 1
  3. 4 : 3 : 2 : 1
  4. None of these

Answer: (c)

 

Q9. 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 rd share in the profits of the firm. The new profit sharing ratio of A, B and C would be:

  1. 3 : 2 : 1
  2. 3 : 2 : 2
  3. 3 : 2 : 3
  4. 6 : 4 : 5

Answer: (d)

 

Q10. X and Y are partners sharing profits in the ratio of 1:1. They admit Z for 1/5 th share who contributed ₹25,000 for his share of goodwill. The total value of goodwill of the firm will be:

(a) ₹ 2,50,000

(b) ₹ 50,000

(c) ₹ 1,00,000

(d) ₹ 1,25,000

Answer: (c)

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