## Reconstitution of partnership MCQ Quiz Questions with Answers for Class 12 set 3

Categories: Intermediate class MCQ Accountancy

Reconstitution of partnership MCQ Quiz Questions with Answers for Class 12 (set 3)

Q1. 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

Q2. At the time of admission of a new partners general reserve appearning 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

Q3. Profit or Loss on Revaluation is borne by:

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

Q4. 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

Q5. 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

Q6. 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

Q7. 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:

1. ₹ 2,50,000
2. ₹ 50,000
3. ₹ 1,00,000
4. ₹ 1,25,000

Q8. A, B and C are partners in a firm. If D is admitted as a new partner, then:

1. Old firm is dissolved
2. Old firm and old partnership is dissolved
3. Old Partnership is reconsitituted
4. None of these

Q9. In which ratio, the cash brought in for goodwill by the new partner is shared by the existing partners :

(a) Profit sharing ratio

(b) Capital ratio

(c) Sacrificing ratio

(d) None of these

Q10. Sacrificing ratio is ascertained at the time of:

1. Death of a partner
2. Retirement of a partner