MCQ Admission Accounting Class 12

1. 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:

2. 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:

3.

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?

4. 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:

5. 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:

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

7. 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:

8. 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:

9.

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:

10. 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:

11. 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:

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

13. 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:

14.

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:

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. 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.

17.

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?

18.

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 :

19. 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:

20. 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:

21.

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?

22. 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.

23. 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.

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

25.

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: