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

Answer: (b)

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

Answer: (c)

Q3. Profit or Loss on Revaluation is borne by:

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

Answer: (a)  

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

Answer: (a) 

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

Answer: (c)

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

Answer: (d)

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

Answer: (c)

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

Answer: (c)

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

Answer: (c)

Q10. Sacrificing ratio is ascertained at the time of:

1. Death of a partner
2. Retirement of a partner
3. Admission of a partner
4. None of these

Answer: (c)