Q. A new partner may be admitted into a partnership :
β
Correct Answer: (C)
With the consent of all old partners
Admission of a Partner MCQs with answers
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Q. On the admission of a new partner :
β
Correct Answer: (B)
Old partnership is dissolved
Q. A and B are partners sharing profit in the ratio of 3 : 2. They admit C as a partner by giving him 1/3 share in future profits. The new ratio will be
β
Correct Answer: (D)
None of the above
Q. X and Y are partners sharing profit in the ratio of 3 : 2. Z was admitted with 1/4 share in profits which he acquires equally from X and Y. The new ratio will be:
β
Correct Answer: (B)
19 : 11 : 10
Q. A and B share profits in the ratio of 2 : 1. C is admitted with 1/4 share in profits. C acquires 3/4 of his share from A and 1/4 of his share from B. The new ratio will be:
β
Correct Answer: (B)
23 : 13 : 12
Q. B and N are partners in a firm sharing profits in the ratio of 3 : 2. They admit S as a partner for l/4th share in the profits. S acquires his share from B and N in the ratio of 2 : 1. The new profit-sharing ratio will be :
β
Correct Answer: (D)
26 : 19 : 15
Q. A and B are partners sharing profits and losses in the ratio of 7 : 5. They agree to admit C, their manager, into partnership who is to get 1/6th share in the profits. He acquires this share as 1/24th from A and 1/8th from B, The new profit sharing ratio will be :
β
Correct Answer: (A)
13 : 7 : 4
Q. A and B share profits in the ratio of 3 : 2. They agreed to admit C on the condition that A will sacrifice 325th of his share of profit in favour of C and B will sacrifice 125th of his profits in favour of C. The new profit sharing ratio will be :
β
Correct Answer: (C)
66 : 48 : 11
Q. A and B are partners in a firm sharing profits and losses in the ratio of 3 : 2. A new partner C is admitted. A surrenders 1/15th share of his profit in favour of C and B surrenders 2/15th of his share in favour of C. The new ratio will be :
β
Correct Answer: (B)
42 : 26 : 7
Q. A and B are partners sharing profits and losses in the ratio of 5 : 3. On admission, C brings βΉ70,000 as cash and βΉ43,000 against Goodwill. New profit ratio between A, B and C is 7 : 5 : 4. The sacrificing ratio of A and B is:
β
Correct Answer: (A)
3 : 1
Q. X and Y are partners in a firm with capital of βΉ1,80,000 and βΉ2,00,000. Z was admitted for 1/3rd share in profits and brings βΉ3,40,000 as capital, calculate the amount of goodwill:
β
Correct Answer: (D)
βΉ3,00,000
Q. Sacrificing ratio is used to distribute in case of admisstion of a partner :
β
Correct Answer: (B)
Goodwill
Q. 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.
β
Correct Answer: (A)
5 : 5 : 3 : 2
Q. X and Y are partners sharing profits in the ratio 2 : 3. They admitted Z for 1/5th share of profits, for which he paid βΉ1,20,000 against capital and 760,000 as goodwill. Find the capital balances for each partner taking Zβs capital as base capital.
β
Correct Answer: (C)
βΉ1,92,000, βΉ2,88,000 and βΉ1,20,000
Q. X and Y are partners sharing profits in the ratio 2 : 3. They admitted Z for 1/5th share of profits, for which he paid βΉ1,20,000 against capital and 760,000 as goodwill. Find the capital balances for each partner taking Zβs capital as base capital.
β
Correct Answer: (C)
βΉ1,92,000, βΉ2,88,000 and βΉ1,20,000
Q. A and B are partners sharing profits in the ratio of 2 : 3. Their Balance Sheet shows Machinery at βΉ2,00,000; Stock at βΉ80,000 and Debtors at βΉ1,60,000. C is admitted and new profit sharing ratio is agreed at 6 : 9 : 5. Machinery is revalued at βΉ1,40,000 and a provision is made for doubtful debts @5%. Aβs share in loss on revaluation amount to βΉ20,000. Revalued value of Stock will be :
β
Correct Answer: (D)
βΉ98,000
Q. X and Tare partners sharing profits in the ratio of 4 : 3. Z is admitted for 1/5th share and he brings in βΉ1,40,000 as his share of goodwill in cash of which βΉ1,20,000 is credited to X and remaining amount to Y. New profit sharing ratio will be :
β
Correct Answer: (B)
2 : 2 : 1
Q. A and B are in partnership sharing profits in the ratio of 3 : 2. They take C as a new partner. Goodwill of the firm is valued at βΉ3,00,000 and C brings βΉ30,000 as his share of goodwill in cash which is entirely credited to the Capital Account of A. New profit sharing ratio will be :
β
Correct Answer: (C)
5 : 4 : 1
Q. A and B are partners in a firm having capital balances of βΉ54,000 and ?36,000 respectively. They admit C in partnership for 1/3rd share and C is to bring proportionate amount of capital. The capital amount of C would be :
β
Correct Answer: (B)
βΉ45,000
Q. Ramesh and Suresh are partners sharing profits in the ratio of 2 : 1 respectively. Ramesh Capital is βΉ1,02,000 and Suresh Capital is βΉ73,000. They admit Mahesh and agree to give him 1/5th share in future profit. Mahesh brings βΉ14,000 as his share of goodwill. He agrees to contribute capital in the new profit sharing ratio. How much capital will be brought by Mahesh?
β
Correct Answer: (C)
βΉ47,250
Q. X and Y are partners sharing profits in the ratio 5:3. They admitted Z for 1/5th profits, for which he paid βΉ60,000 against capital and βΉ30,000 against goodwill. Find the capital balance for each partner taking Zβs capital as base capital.
β
Correct Answer: (B)
βΉ1,50,000; βΉ90,000 and βΉ60,000
Q. A and B are partners of a partnership firm sharing profits in the ratio of 3 : 2 respectively. C was admitted for 1/5th share of profit. Machinery would be appreciated by 10% (book value βΉ80,000) and building would be depreciated by 20% (βΉ2,00,000). Unrecorded debtors of βΉ1,250 would be brought into books now and a creditor amounting to βΉ2,750 died and need not pay anything on this account. What will be profit/loss on revaluation?
β
Correct Answer: (A)
Loss βΉ28.000
Q. A and B are partners in a business sharing profits and losses in the ratio of 7 : 3 respectively. They admit C as a new partner. A sacrificed 1/7th share of his profit and B sacrificed 1/3rd of his share in favour of C. The new profit sharing ratio of A, B and C will be :
β
Correct Answer: (A)
3 : 1 : 1
Q. A and B are partners in a firm sharing profits and losses in the ratio of 2 : 3. C is admitted for 1/5 share in the profits of the firm. If C gets it wholly from A, the new profit sharing ratio after Cβs admission will be :
β
Correct Answer: (D)
1 : 3 : 1
Q. A and B are partners sharing profits in the ratio of 4 : 3. They admitted C as a new partner who gets 1/5th share of profit, entirely from A. The new profit sharing ratio will be :
β
Correct Answer: (C)
13 :15: 7
Q. A, B, C, D are in partnership sharing profits and losses in the ratio of 9 : 6 : 5 : 5. E joins the partnership for 20% share. A. B, C and D would in future share profits among themselves as 3/10 : 4/10 : 2/10 : 1/10. The new profit sharing ratio will be:
β
Correct Answer: (C)
6 : 8 : 4 : 2 : 5
Q. A and B are in partnership sharing profits and losses as 3 : 2. C is admitted for 1/4th share. Afterwards, D enters for 20 paisa in the rupee. The new profit sharing ratio after Dβs admission will be :
β
Correct Answer: (A)
9 : 6 : 5 : 5
Q. The formula for calculating the sacrificing ratio is :
β
Correct Answer: (B)
Old share β New share
Q. X and Y are partners sharing profits in the ratio of 3 : 2. Z is admitted as a partner. Calculate sacrifi cing ratio if new profit sharing ratio is 9 : 7 : 4.
β
Correct Answer: (A)
3 : 1
Q. A and B are partners sharing profits in the ratio of 5 : 3. A surrenders 14th of his share and B surrenders 15 of his share in favour of C, a new partner. What is the sacrificing ratio?
β
Correct Answer: (D)
25 : 12
Q. A and B are partners sharing profits in the ratio of 11 : 4. C was admitted. A surrendered 111th of his share and B14 of his share in favour of C. The sacrificing ratio will be :
β
Correct Answer: (B)
1 : 1
Q. A and B are partners sharing profits and losses as 2 : 1. C and D are admitted and profit sharing ratio becomes 3 : 2 : 4 : 1. Goodwill is valued at ?90,000. C and D bring required goodwill in Cash. Credit will be given to :
β
Correct Answer: (C)
A βΉ33,000; B βΉ12,000
Q. A and B are partners sharing profits and losses in 3 : 2. They admit C into partnership for 330th share in the profits. A surrenders 13rd of his share and B surrenders 14th of his share in favour of C. Goodwill of the firm is valued at βΉ3,00,000 but C is unable to bring his share of goodwill in cash. Credit will be given to :
β
Correct Answer: (B)
A βΉ60,000; B βΉ30,000
Q. A and B are partners sharing profits in the ratio of 7 : 5. C is admitted into the partnership for 16th share which he acquires 124th from A and 18th from B. C does not pay anything for his share of goodwill. On Cβs admission firmβs goodwill was valued at βΉ1,80,000. Credit will be given to :
β
Correct Answer: (B)
A βΉ7,500; B βΉ22,500
Q. X and Y are partners in a firm sharing profits in the ratio of 5 : 3. They admitted Z as a new partner. The new profit sharing ratio will be 4 : 3 : 2. The firmβs goodwill on Zβs admission was valued at βΉ1,26,000. But Z could not bring any amount of goodwill in Cash. Credit will be given to :
β
Correct Answer: (C)
X βΉ22,750; Y βΉ5,250
Q. A and B are partners sharing profits in the ratio of 3 : 2. They admit C into the partnership with 14th share in future profits. The new profit sharing ratio is 5 : 4 : 3. The firmβs goodwill on Cβs admission was valued at βΉ1,44,000. But C could not bring any amount for goodwill in Cash. Credit will be given to :
β
Correct Answer: (D)
A βΉ26,400; B βΉ9,600
Q. P, Q and R share profits in the ratio of 5 : 3 : 2. S is entitled for 15th share in profits which he acquires equally from P, Q and R. Goodwill of the firm is to be valued at three yearβs purchase of last four yearβs profits which are βΉ50,000; βΉ60,000; (-) βΉ30,000 and βΉ40,000. S cannot bring his share of goodwill in cash. Credit will be given to
β
Correct Answer: (B)
P βΉ6,000; Q βΉ6,000; R βΉ6,000
Q. When a new partner brings his share of goodwill in cash, the amount is debited to:
β
Correct Answer: (C)
Cash A/c
Q. When a new partner does not bring his share of goodwill in cash, the amount is debited to :
β
Correct Answer: (C)
Current A/c of the new partner
Q. If at the time of admission, some profit and loss account balance appears in the books, it will be transferred to
β
Correct Answer: (D)
Old partnersβ Capital Accounts
Q. If at the time of admission, there is some unrecorded liability, it will be :
β
Correct Answer: (A)
Debited to Revaluation Account
Q. If the new partner brings his share of goodwill in cash, it will be shared by old partners in :
β
Correct Answer: (A)
Ratio of sacrifice
Q. A and B share profits and losses equally. They have βΉ20,000 each as capital. They admit C as equal partner and goodwill was valued at βΉ30,000. C is to bring in βΉ30,000 as his capital and necessary cash towards his share of goodwill. Goodwill Account will not remain open in books. If profit on revaluation is βΉ13,000, find the closing balance of the capital accounts.
β
Correct Answer: (A)
βΉ31,500; βΉ31,500; βΉ30,000
Q. In the absence of an express agreement as to who will contribute to new partnersβ share of profi t, it is implied that the old partners will contribute :
β
Correct Answer: (C)
In their old profit sharing ratio
Q. When a new partner brings goodwill in Cash, it is credited to :
β
Correct Answer: (B)
Sacrificing Partnerβs Capital A/cs
Q. If the incoming partner brings the amount of goodwill in Cash and also a balance exists in goodwill account, then this goodwill account is written off among the old partners in
β
Correct Answer: (B)
The old profit sharing ratio
Q. If, at the time of admission, the revaluation A/c shows a profit, it should be credited to :
β
Correct Answer: (A)
Old partners capital accounts in the old profit sharing ratio.
Q. Revaluation Account or Profit and Loss Adjustment A/c is a
β
Correct Answer: (C)
Nominal Account
Q. In case of admission of a partner, the entry for unrecorded investments will be:
β
Correct Answer: (C)
Debit Investment A/c and Credit Revaluation A/c
Q. When the balance sheet is prepared after the new partnership agreement, the assets and liabilities are recorded at:
β
Correct Answer: (D)
Revalued figures
Q. Goodwill of a firm of A and B is valued at βΉ30,000. It is appearing in the books at βΉ12,000. C is admitted for 1/4 share. What amount he is supposed to bring for goodwill?
β
Correct Answer: (C)
βΉ7,500
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