Q. A new partner may be admitted to a partnership:
✅ Correct Answer: (A)
with the consent of all partners
Financial Accounting 2 MCQs and Notes
Q. At the time of admission of a new partner, general reserve is:
✅ Correct Answer: (B)
credited to capital of old partners
Q. An incoming partner pays his share of goodwill in cash, and profit sharing ration of old partner is changed, Goodwill be distributed among old partners:
✅ Correct Answer: (C)
according to sacrifice ratio
Q. Goodwill of the firm is valued Rs. 30000. C an incoming partner purchase ¼ share of total profit Goodwill be raised in the books.
✅ Correct Answer: (A)
rs. 30000
Q. Value of goodwill agreed upon Rs. 30000 on C, S admission and allowing him ¼ share of total profit Goodwill is brought in cash, the amount of goodwill be as:
✅ Correct Answer: (B)
rs. 7500
Q. Goodwill is valued as two years purchase of the average profits of three previous years are Rs. 15000, the value of goodwill be:
✅ Correct Answer: (B)
rs. 30000
Q. At the time of admission an incoming partner contributes as goodwill:
✅ Correct Answer: (C)
may or may not pay cash for goodwill
Q. At the time of admission of a new partner the firm is:
✅ Correct Answer: (A)
dissolved
Q. Interest on capital Account:
✅ Correct Answer: (C)
debit to profit & loss and credited to partners capital a/c
Q. Salary paid to partner should be:
✅ Correct Answer: (D)
none of above