| 1 |
Good will is |
- A. Expense
- B. Profit
- C. Assets
- D. Liability
|
| 2 |
General reserve at the time of admission of anew partner is credited. |
- A. New partner capital account
- B. General reserve account
- C. Old parners capital account
- D. All partners capital account
|
| 3 |
In the absence of an agreement, the share of new partner in patnership will be. |
- A. In the portion of capital
- B. Equal
- C. According to work
- D. None of the above
|
| 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
|
| 5 |
Revaluation loss should be debited to. |
- A. Revaluation account
- B. All partners capital account
- C. Old partners capital accounts
- D. New partners capital account
|
| 6 |
Sacrificing rations are equal to. |
- A. Capital Ratios- New ratios
- B. Old ratios - New ratios
- C. New ratio - old ratios
- D. None of these
|
| 7 |
The extra amount charged fromt he new partner over and above the capital is for. |
- A. Purchase of Machinery
- B. Good will
- C. Purchaser of furniture
- D. Payment of liabilities
|
| 8 |
The amount of good will broght in cash by nw partner will be credited to old partner in. |
- A. Gaining Ratio
- B. New Ratio
- C. Old Ratio
- D. Sacrifice Ratio
|
| 9 |
Profit of revaluation should be credited to. |
- A. Revaluation account
- B. Liabilites accounts
- C. Old partners capital accounts
- D. Assets accounts
|
| 10 |
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
|