| 1 |
When the incoming partner pays the firm for good willin cash the amount should be debited to firms books to. |
- A. Good will accounts
- B. Cash Account
- C. Capital account of the incoming partner
- D. All of the above
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| 2 |
On the admission of a new partneer the decreasein the value of assets is debited to. |
- A. Revaluation account
- B. Assets account
- C. Old parner's capital account
- D. New partner capital account
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| 3 |
Profit on revalutin is to be caredited to old partners in their |
- A. Sacrificing ratio
- B. New profit shiaring ratio
- C. Old prift sharing ratio
- D. Equal prift sharing ratio
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| 4 |
Value of the good will is calculated under capitalization formula. |
- A. Average profit / reasonable return x 100
- B. Resonable return / average profit x 100
- C. Averager profit x 100 / resonable return
- D. None of these
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| 5 |
Profit of revaluation should be credited to. |
- A. Revaluation account
- B. Liabilites accounts
- C. Old partners capital accounts
- D. Assets accounts
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| 6 |
Revaluation loss should be debited to. |
- A. Revaluation account
- B. All partners capital account
- C. Old partners capital accounts
- D. New partners capital account
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| 7 |
Revaluation account is a. |
- A. Real account
- B. Personal account
- C. Cash account
- D. Nominal account
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| 8 |
The balance of revaluation accoun tis transferred to the old partners capital accounts in their. |
- A. Sacrificing ratio
- B. Old profit shairng ratio
- C. New profit sharing ratio
- D. Equal profit shairng ratio
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| 9 |
If the goods will raised at the tim e of admissionof a new partner will be written off in. |
- A. Old prifit sharing ratios
- B. Capitals ratios
- C. New profit - Old ratios
- D. Sacrificing ratios
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| 10 |
Sacrificing rations are equal to. |
- A. Capital Ratios- New ratios
- B. Old ratios - New ratios
- C. New ratio - old ratios
- D. None of these
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