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ACCOUNTS XII ISC ASSIGNMENT 3
Quiz by Jolly Varghese
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Q.1 Which of the following is not there constitution of partnership?
a) Admission of a partner
b) Dissolution of Partnership
c) Change in Profit Sharing Ratio
d) Retirement of a partner
Q.2 On the admission of a new partner:
a) Old partnership is dissolved
b) Both old partnership and firm are dissolved
c) Old firm is dissolved
d) None of the above
Q.3 Sacrificing ratio is used to distribute------------------ in case of admission of a partner.
a) Goodwill
b) Revaluation Profit or Loss
c) Profit and Loss Account (Credit Balance)
d) Both b and c
Q. 4“At the time of admission, old partnership comes to an end”. Is the statement true or false?
Q. 5 Himanshuand Naman share profits & losses equally. Their capitals were Rs.1,20,000and 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 Ashishwith 1/5 share. Ashish brings Rs.90,000 as capital. Calculate the amount of goodwill of the firm.
a. Rs.1,00,000
b. Rs. 85,000
c. Rs.20,000
d. None of the above
Q.6 Yashand Manan are partners sharing profits in the ratio of2:1. 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:
a) 14:31:15
b) 3:2:1
c) 31:14:15
d) 2:3:1
Q. 7 A and B are partners sharing profit and losses in ratio of 5:3. C is admitted for 1/4thshare. 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:
a) Rs 4,400
b) Rs 4,000
c) Rs 3,400
d) None of the above
Q.8 Heena and Sudha share Profit & Loss 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 Teena with 1/5 share. Teena brings Rs.90,000 as capital. Calculate the amount of goodwill of the firm.
a) Rs.85,000
b) Rs.1,00,000
c) Rs.20,000
d) None of the above
Q. 9 “As per 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?
a) Anew partner can be admitted if it is agreed in the partnership deed.
b) If all the partners agree, a new partner can be admitted.
c) Anew partner has to bring relatively higher capital as compared to the existing partners
d) Anew partner gets right in the assets of the firm
Q.11 As per ---------, only purchased goodwill can be shown in the Balance Sheet.
a) AS37
b) AS26
c) Section37
d) AS37
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:
a) ₹62,000
b) ₹1,00,000
c) ₹60,000
d) ₹98,000
Q. 15 At the time of admission of a partner, Employees Provident Fund is:
a) Distributed to partners in the old profit sharing ratio
b) Distributed to partners in the new profit sharing ratio
c) Adjusted through gaining ratio
d) None of the above
Q.16 If at the time of admission if there is some unrecorded liability, it will be------------- to -- ------------ Account.
a) Debited,Revaluation
b) Credited,Revaluation
c) Debited,Goodwill
d) Credited,Partners’ Capital
Q.17 At the time of admission of a new partner, the balance of Workmen Compensation Reserve will be transferred to:
a) Old partners in the old profit sharing ratio
b) Sacrificing partners in the sacrificing ratio
c) Revaluation Account
d) All partners in the new profit sharing ratio
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:
a) P will be credited by Rs. 54,000
b) P will be debited by Rs. 54,000
c) P will be credited by Rs. 36.000
d) P will be credited by Rs. 36,000
Q. 19 Which statement is true with respect to AS-26?
a) Purchased goodwill can be shown in the Balance Sheet
b) Revalued goodwill can be shown in the Balance Sheet
c) Both purchased goodwill and revalued can be shown in the Balance Sheet
d) None of the above
Q. 20 Premium brought by newly admitted partner should be:
a) Credited to sacrificing partners
b) Credited to all partners in the new profit sharing ratio
c) Credited to old partners in the old profit sharing ratio
d) Credited to only gaining partners
Q. 21 Sacrificing ratio is calculated because:
a) Profit shown by Revaluation Account can be credited to sacrificing partners
b) Goodwill brought in by the incoming partner can be credited to the new partner
c) Goodwill brought in by the incoming partner can be credited to the sacrificing partners
d) Botha and c
Q. 22Aryamanand Bholu are partners sharing profit and losses in ratio of 5:3. Chirag is admitted for 1/4th share. 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:
a. Rs 4,400
b. Rs 4,000
c. Rs.3,400
d. None of the above
Q. 23 Revaluation Account is a ------------ Account.
a) Real
b) Nominal
c) Personal