Question # 1

When the incoming partner pays the firm for good willin cash the amount should be debited to firms books to.

Choose an answer

Good will accounts

Cash Account

Capital account of the incoming partner

All of the above

A new partner may be admitted to a partnership.

Choose an answer

With the consent of all the partners

With the consent of any one of the partners

With consent of two third the old partners

Without the consent of old partners

On the admission of a new partneer the decreasein the value of assets is debited to.

Choose an answer

Revaluation account

Assets account

Old parner's capital account

New partner capital account

Revaluation loss should be debited to.

Choose an answer

Revaluation account

All partners capital account

Old partners capital accounts

New partners capital account

Good will is

Choose an answer

Expense

Profit

Assets

Liability

Good will is.

Choose an answer

Tangible asset

Imtamgon;e asset

Wasting assets

Frictious assets

General reserve at the time of admission of anew partner is credited.

Choose an answer

New partner capital account

General reserve account

Old parners capital account

All partners capital account

In the absence of an agreement, the share of new partner in patnership will be.

Choose an answer

In the portion of capital

Equal

According to work

None of the above

Profit on revalutin is to be caredited to old partners in their

Choose an answer

Sacrificing ratio

New profit shiaring ratio

Old prift sharing ratio

Equal prift sharing ratio

When a new partner is admitted with out the consent of the old partner.

Choose an answer

Partnership will be dissolved

Will value

Agreed value

None of these

Old prifit sharing ratio minus new profit sharing ratio is equal for.

Choose an answer

Sacrifing ratios

Gaining ratios

Distributing ratios

None of these

Revaluation account is a.

Choose an answer

Real account

Personal account

Cash account

Nominal account

On the addimissionof a new partner the increase int he value of assets is debited

Choose an answer

Revaluation account

Assets account

Old partners capital account

New partners capital account

The amount of good will broght in cash by nw partner will be credited to old partner in.

Choose an answer

Gaining Ratio

New Ratio

Old Ratio

Sacrifice Ratio

The extra amount charged fromt he new partner over and above the capital is for.

Choose an answer

Purchase of Machinery

Good will

Purchaser of furniture

Payment of liabilities

Profit of revaluation should be credited to.

Choose an answer

Revaluation account

Liabilites accounts

Old partners capital accounts

Assets accounts

Sacrificing rations are equal to.

Choose an answer

Capital Ratios- New ratios

Old ratios - New ratios

New ratio - old ratios

None of these

The balance of revaluation accoun tis transferred to the old partners capital accounts in their.

Choose an answer

Sacrificing ratio

Old profit shairng ratio

New profit sharing ratio

Equal profit shairng ratio

If the goods will raised at the tim e of admissionof a new partner will be written off in.

Choose an answer

Old prifit sharing ratios

Capitals ratios

New profit - Old ratios

Sacrificing ratios

Value of the good will is calculated under capitalization formula.

Choose an answer

Average profit / reasonable return x 100

Resonable return / average profit x 100

Averager profit x 100 / resonable return

None of these

More Classes

Other Links

Principles of Accounting Icom Part 2 English Medium Chapter 5 Online Test MCQs With Answers

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer