MCQ Admission Accounting Class 12

1. Revaluation account is prepared to find out the profit or loss on:

2. A, B and C are partners in a firm sharing profits and losses equally. They admitted D for 1/4th share in the firm. The new profit sharing ratio will be:

3. A, B, C and D are partners. A and B share 2/3rd of profits equally and C and D share remaining profits in the ratio of 3 : 2. Find the profit sharing ratio of A, B, C and D.

4.

P and Q share profits and losses equally. They have ₹ 20,000 each as capital. They admit S as equal partner and goodwill was valued at ₹ 30,000. S is to bring in ₹ 30,000 as his capital and necessary cash towards his share of goodwill. Goodwill Account will not remain open in books. If profit on revaluation is ₹ 13,000, the closing balance of the capital accounts of P, Q and R are:

5. On admission of a new partner, the revaluation profit/loss is transferred to:

6. Bina and Ria are partners sharing profits in the ratio of 5 : 3. They admitted Siya as a new partner for 3/8th share which she acquired 2/8th from Bina and 1/8th from Ria. The new profit sharing ratio of Bina, Ria and Siya will be:

7. X and Y are partners sharing profits in the ratio 3 : 2. C is admitted for 1/5th share of profit. He is to bring proportionate capital in the firm. The capitals of X and Y after all adjustments are: X 2,00,000 and Y 1,60,000. C’s capital will be:

8.

Ganga and Jamuna are partners sharing profits in the ratio of 2 : 1. They admit Saraswati for 1/5th share in future profits. On the date of admission, Ganga’s capital was ₹ 1,02,000 and Jamuna’s capital was ₹ 73,000. Saraswati brings ₹ 25,000 as her share of goodwill and she agrees to contribute proportionate capital of the new firm. How much capital will be brought by Saraswati?

9. A and B are sharing profits and losses in the ratio of 4 : 1. C is admitted as a new partner for 1/3rd share of profits for which he pays 3,00,000 as goodwill. If A and B agree to share future profits equally, then the amount of goodwill to be credited to A is:

10.

X and Y were partners in a firm sharing profits and losses equally. Their capitals were ₹ 2,00,000 and ₹ 3,00,000 respectively. Z was admitted as a new partner for 1/4th share in the profits of the firm. Z brought ₹ 2,00,000 as his capital. The goodwill of the firm was :

11. A and B are partners sharing profits in the ratio of 2 : 1. C is admitted for 1/4 th share of profits which he acquired equally from A and B. C brings 30,000 as goodwill, it will be credited to old partners as:

12. A and B are partners in a firm and are sharing profits and losses in the ratio of 3 : 2. C is admitted for 1/5th share of profit and brings 1,00,000 as capital. The adjusted capital of A will be:

13. P and Q are partners in a firm sharing profits in the ratio 7 : 3. R is admitted into the firm for 2/5th share of profit which he takes from P and Q in the ratio 2 : 1. The new ratio will be:

14.

Leela and Meeta were partners in a firm sharing profits and losses in the ratio of 7 : 3. Geeta was admitted as a new partner for a 3/13 share in the profits of the firm. The new profit sharing ratio will be:

15. Statement I: The compensation which is paid by the new partner to sacrificing partners for sacrificing their share of profits is Premium for Goodwill.

Statement II: Goodwill brought by the new partner is disclosed as an asset in the new balance sheet.

16. The profit sharing ratio of A, B and C who are partners in the firm is 4 : 3 : 2. After D is admitted, the sacrificing ratio will be:

17. A and B are partners sharing profits in the ratio 7 : 3. C is admitted for 1/4th share. He brought 2,50,000 as capital. The capital of remaining partners is to be made proportionate to profit sharing ratio on the basis of C’s Capital. A and B’s Capital will be:

18. Assertion (A): An increase in the value of assets and a decrease in the value of liability at the time of admission of a partner is debited to the Revaluation Account.

Reason (R): Revaluation Account is Real in nature.

19. If at the time of admission of a new partner, there is some unrecorded liability, it will be transferred to:

20. Statement I: A new partner is admitted only with the consent of all the existing partners unless otherwise agreed upon.

Statement II: At the time of admission of a partner, partnership is dissolved but not the firm.

21.

L and M are partners sharing profits in ratio of 3 : 2 respectively. N was admitted for 1/5th share of profit. Machinery (Book value ₹ 80,000) would be appreciated by 10% and Building (Book value ₹ 2,00,000) would be depreciated by 20%. Unrecorded debtors of ₹ 1,250 would be brought into books new and a creditor amounting to ₹ 2,750 died and need not pay anythingon this account. What will be profit/loss on revaluation?

22.

Shreya and Seemant are equal partners in business that supplies handmade toys to children’s stores. The capital of their firm is ₹ 1,00,000. In the past two years, they have earned a profit of ₹ 45,000 and ₹ 50,000 respectively.

Their friends Arsh and Sejal are equal partners in a similar business that supplies handmade toys to children’s stores. The capital of their firm is ₹ 1,20,000, with a profit at the normal rate of return at ₹ 12,000 and ₹ 11,900 in the past two years.

Trishant decides to join Shreya and Seemant’s firm as a new partner. As goodwill calculations are going on, Trishant changes his mind and decides to join Arsh and Sejal’s firm instead, for 1/5th share in the future profits which he will get equally from Arsh and Sejal. In order to reconstitute the firm, what elements must they now take into consideration?

23.

Amar and Samar were partners in a firm sharing profits and losses in the ratio of 1:5. On 1.4.2023 Ganesh was admitted for 1/5th share in the profits. On the date of Ganesh’s admission the balance sheet of Amar and Samar showed a debit balance of ₹ 60,000 in the profit and loss account. The accounting treatment for the same in the books of accounts of the firm on Ganesh’s admission will be:

24. A and B are partners in a firm with capital of ₹ 1,80,000 and ₹ 2,00,000. C was admitted for 1/3rd share in profit and brings ₹ 3,40,000 as capital, calculate the amount of goodwill:

25. A and B are partners in a firm sharing profits in the ratio 3 : 2. C is admitted as a partner. The new profit sharing ratio of A, B and C is 7 : 3 : 2. The sacrificing ratio of A and B is: