when goodwill is not recoded in the books at on admission of a par? MCQ
Answers
Answer:
The accounting treatment of such goodwill is as follows: Old partner's Capital A/c Dr. The entry to write off existing goodwill is always passed whether the goodwill is brought in cash or not. After passing the above entry, goodwill will not appear in the new balance sheet.
MARK BRAINLIEST
Explanation:
Choose the Best Alternate :
1. A new partner may be admitted into a partnership :
(A) With the consent of any one partner
(B) With the consent of majority of partners
(C) With the consent of all old partners
(D) With the consent of 2/3rd of old partners
Answer
2. On the admission of a new partner :
(A) Old firm is dissolved
(B) Old partnership is dissolved
(C) Both old partnership and firm are dissolved
(D) Neither partnership nor firm is dissolved
Answer
Calculation of New Profit Sharing Ratios :
3. A and B are partners sharing profit in the ratio of 3 : 2. They admit C as a partner by giving him 1/3 share in future profits. The new ratio will be : (C.S. Foundation, Dec., 2012)
(A) 12 : 8 : 5
(B) 8: 12 : 5
(C) 5 : 5 : 12
(D) None of the Above
Answer
4. X and Y are partners sharing profit in the ratio of 3 : 2. Z was admitted with 1/4 share in profits which he acquires equally from X and Y. The new ratio will be:
(A) 9 : 6 : 5
(B) 19 : 11 : 10
(C) 3 : 3 : 2
(D) 3 : 2 : 4
Answer
5. A and B share profits in the ratio of 2 : 1. C is admitted with 1/4 share in profits. C acquires 3/4 of his share from A and 1/4 of his share from B. The new ratio will be:
(A) 2 : 1 : 1
(B) 23 : 13 : 12
(C) 3 : 1 : 1
(D) 13 : 23 : 12
Answer
6. B and N are partners in a firm sharing profits in the ratio of 3 : 2. They admit S as a partner for l/4th share in the profits. S acquires his share from B and N in the ratio of 2 : 1. The new profit-sharing ratio will be :
(A) 2:1:4
(B) 19:26: 15
(C) 3:2:4
(D) 26 : 19 : 15
Answer
7. A and B are partners sharing profits and losses in the ratio of 7 : 5. They agree to admit C, their manager, into partnership who is to get 1/6th share in the profits. He acquires this share as 1/24th from A and 1/8th from B, The new profit sharing ratio will be :
(A) 13 : 7 : 4
(B) 7 : 13 : 4
(C) 7 : 5 : 6
(D) 5 : 7 : 6
Answer
8. A and B share profits in the ratio of 3 : 2. They agreed to admit C on the condition that A will sacrifice 325th of his share of profit in favour of C and B will sacrifice \frac{1}{25}
125th of his profits in favour of C. The new profit sharing ratio will be :
(A) 12 : 9:4
(B) 3 : 2 : 4
(C) 66 : 48 : 11
(D) 48 : 66 : 11
Answer
9. A and B are partners in a firm sharing profits and losses in the ratio of 3 : 2. A new partner C is admitted. A surrenders 1/15th share of his profit in favour of C and B surrenders 2/15th of his share in favour of C. The new ratio will be :
(A) 8 : 4 : 3
(B) 42 : 26 : 7
(C) 4 : 8 : 3
(D) 26 : 42 : 7
Answer
10. A and B are partners sharing profit or loss in the ratio of 4 : 1. A surrenders 1/4 of his share and B surrenders 112 of his share in favour of C, a new partner. What will be the C’s share?
Accountancy MCQs for Class 12 with Answers Chapter 3 Admission of a Partner 1
Answer
11. A and B are partners in a business sharing profits and losses in the ratio of 7 : 3 respectively. They admit C as a new partner. A sacrificed 1/7th share of his profit and B sacrificed 1/3rd of his share in favour of C. The new profit sharing ratio of A, B and C will be : (C.S. Foundation, June, 2013)
(A) 3 : 1 : 1
(B) 2 : 1 : 1
(C) 2 : 2 : 1
(D) None of the above
Answer
12. A and B are partners sharing profit or loss in the ratio of 3 : 2. C is admitted into partnership as a new partner. A sacrifices 1/3 of his share of B sacrifices 1/4 of his share in favour of C. What will be the C’s share in the firm?
Accountancy MCQs for Class 12 with Answers Chapter 3 Admission of a Partner 2
Answer
13. A and B are partners in a firm sharing profits and losses in the ratio of 2 : 3. C is admitted for 1/5 share in the profits of the firm. If C gets it wholly from A, the new profit sharing ratio after C’s admission will be :
(A) 1 : 3 : 3
(B) 3 : 1 : 1
(C) 2 : 2 : 1
(D) 1 : 3 : 1
Answer
14. A and B are partners sharing profits in the ratio of 4 : 3. They admitted C as a new partner who gets 1/5th share of profit, entirely from A. The new profit sharing ratio will be :
(A) 20 : 8 : 7
(B) 13 : 15 : 15
(C) 13 :15:7
(D) 15 : 13 : 5
Answer
15. A, B, C, D are in partnership sharing profits and losses in the ratio of 9 : 6 : 5 : 5. E joins the partnership for 20% share. A. B, C and D would in future share profits among themselves as 3/10 : 4/10 : 2/10 : 1/10. The new profit sharing ratio will be:
(A) 3:4:2: 1:5
(B)9:6:5:5:5
(C) 6 : 8 : 4 : 2 : 5
(D) 8 : 6 : 4 : 2 : 5
Answer