Q.1 Which of the following is not there constitution of partnership?

Q.2 On the admission of a new partner:

Q.3 Sacrificing ratio is used to distribute------------------ in case of admission of a partner.

Q.4 “At the time of admission, old partnership comes to an end”. Is the statement true or false

Q. 5 Himanshu and Naman share profits & losses equally. Their capitals were Rs.1,20,000 and Rs.80,000 respectively. There was also a balance of Rs. 60,000 in General reserve and revaluation gain amounted to Rs. 15,000. They admit friend Ashish with 1/5share. Ashish brings Rs.90,000 as capital. Calculate the amount of goodwill of the firm.

Q. 6 Yash and Manan are partners sharing profits in the ratio of 2:1. They admit Kushagra into partnership for 25% share of profit. Kushagra acquired the share from old partners in the ratio of 3:2. The new profit sharing ratio will be:

Q. 7 A and B are partners sharing profit and losses in ratio of 5:3. C is admitted for 1/4^thshare. On the date of reconstitution, the debtors stood at Rs 40,000, bill receivable stood at Rs. 10,000 and the provision for doubtful debts appeared at Rs. 4000. A bill receivable, of Rs 10,000 which was discounted from the bank, earlier has been reported to be dishonored. The firm has sold, the debtor so arising to a debt collection agency at a loss of 40%. If bad debts now have arisen for Rs 6,000 and firm decides to maintain provisions at same rate as before then amount of Provision to be debited to Revaluation Account would be:

Q. 8 Heena and Sudha share Profit & Loss equally. Their capitals were Rs.1,20,000 and Rs. 80,000respectively. There was also a balance of Rs. 60,000 in General reserve and revaluation gain amounted to Rs. 15,000. They admit friend Teena with 1/5share. Teena brings Rs.90,000 as capital. Calculate the amount of goodwill of the firm.

Q.9 “Asper Section 26 of the Indian Partnership Act, 1932, a person can be admitted as a new partner if it is agreed in the Partnership Deed”. Is the statement True or False?

Q.10 Which of the following is not true with respect to Admission of a partner?

Q.11 As per ---------, only purchased good will can be shown in the Balance Sheet.

Q. 12 “A newly admitted partner cannot pay his share of the goodwill to the sacrificing partners privately”. Is the statement True or False?

Q. 13 “Unless agreed otherwise, Sacrificing Ratio of the old partners will be the same as their Old Profit Sharing Ratio”. Is the statement True or False?

Q.14 A, and B are partners sharing profits in the ratio of 2:3. Their balance sheet shows machinery at ₹2,00,000; stock₹80,000, and debtors at ₹1,60,000. C is admitted and the new profit sharing ratio is 6:9:5. Machinery is revalued at ₹1,40,000 and a provision is made for doubtful debts @5%. A’s share in loss on revaluation amount to ₹20,000.Revalued value of stock will be:

Q.15 At the time of admission of a partner, Employees Provident Fund is

Q. 16 If at the time of admission if there is some unrecorded liability, it will be-------------  to --     ------------ Account.

Q. 17 At the time of admission of a new partner, the balance of Workmen Compensation Reserve will be transferred to:

Q. 18 The firm of P, Q and R with profit sharing ratio of 6:3:1, had the balance in General Reserve Account amounting Rs. 1,80,000. S joined as a new partner and the new profit sharing ratio was decided to be 3:3:3:1. Partners decide to keep the General Reserve unchanged in the books of accounts. The effect will be:

Q. 19 Which statement is true with respect to AS-26?

Q. 20 Premium brought by newly admitted partner should be: