Question # 1

Revaluation account is a.

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Real account

Personal account

Cash account

Nominal account

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

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Good will accounts

Cash Account

Capital account of the incoming partner

All of the above

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

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Revaluation account

Assets account

Old parner's capital account

New partner capital account

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

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Partnership will be dissolved

Will value

Agreed value

None of these

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

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Sacrificing ratio

Old profit shairng ratio

New profit sharing ratio

Equal profit shairng ratio

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

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New partner capital account

General reserve account

Old parners capital account

All partners capital account

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

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Gaining Ratio

New Ratio

Old Ratio

Sacrifice Ratio

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

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Revaluation account

Assets account

Old partners capital account

New partners capital account

Good will is

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Expense

Profit

Assets

Liability

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

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Sacrificing ratio

New profit shiaring ratio

Old prift sharing ratio

Equal prift sharing ratio

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

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Purchase of Machinery

Good will

Purchaser of furniture

Payment of liabilities

Sacrificing rations are equal to.

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Capital Ratios- New ratios

Old ratios - New ratios

New ratio - old ratios

None of these

A new partner may be admitted to a partnership.

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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

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

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Sacrifing ratios

Gaining ratios

Distributing ratios

None of these

Profit of revaluation should be credited to.

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Revaluation account

Liabilites accounts

Old partners capital accounts

Assets accounts

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

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Old prifit sharing ratios

Capitals ratios

New profit - Old ratios

Sacrificing ratios

Good will is.

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Tangible asset

Imtamgon;e asset

Wasting assets

Frictious assets

Value of the good will is calculated under capitalization formula.

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Average profit / reasonable return x 100

Resonable return / average profit x 100

Averager profit x 100 / resonable return

None of these

Revaluation loss should be debited to.

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Revaluation account

All partners capital account

Old partners capital accounts

New partners capital account

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

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In the portion of capital

Equal

According to work

None of the above

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

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