NCERT Class 12 Accountancy MCQ Chapter 2 Reconstitution of a Partnership Firm – Admission of a Partner Solutions, AHSEC Class 12 Accountancy Multiple Choice Question Answer to each chapter is provided in the list so that you can easily browse throughout different chapters NCERT Class 12 Accountancy MCQ Chapter 2 Reconstitution of a Partnership Firm – Admission of a Partner Question Answer and select needs one.
NCERT Class 12 Accountancy MCQ Chapter 2 Reconstitution of a Partnership Firm – Admission of a Partner
Also, you can read the SCERT book online in these sections NCERT Class 12 Accountancy Multiple Choice Solutions by Expert Teachers as per SCERT (CBSE) Book guidelines. AHSEC Class 12 Accountancy MCQ Solutions. These solutions are part of SCERT All Subject Solutions. Here we have given HS 2nd Year Accountancy Objective Type Question Answer for All Subjects, You can practice these here.
Reconstitution of a Partnership Firm – Admission of a Partner
Chapter: 2
| PART – Ⅰ |
MULTIPLE CHOICE QUESTION ANSWER
1. If a partner retires and the remaining partners decide to continue the business, the firm:
(i) Is dissolved.
(ii) Is reconstituted with the remaining partners.
(iii) Is converted to a joint venture.
(iv) Is legally required to liquidate.
Ans: (ii) Is reconstituted with the remaining partners.
2. When a new partner is admitted, the partnership agreement:
(i) Must be terminated immediately.
(ii) Remains unchanged if no capital is contributed.
(iii) Needs to be amended to reflect the new partner’s share.
(iv) Automatically dissolves the partnership.
Ans: (iii) Needs to be amended to reflect the new partner’s share.
3. A and B are partners in a firm having a capital of ₹ 54,000 and ₹ 36,000 respectively. They admitted C for 1/3rd share in the profits C brought proportionate amount of capital. The Capital brought in by C would be:
(i) ₹ 90,000
(ii) ₹ 45,000
(iii) ₹ 5,400
(iv) ₹ 36,00
Ans: (ii) ₹ 45,000
4. What is the term used for the adjustment made to compensate the sacrificing partners in case the new partner brings in additional capital?
(i) Capital ratio.
(ii) Sacrificing ratio.
(iii) Profit-sharing ratio.
(iv) Capital goodwill.
Ans: (ii) Sacrificing ratio.
5. When a new partner is admitted, the partnership firm is:
(i) Dissolved.
(ii) Reconstituted.
(iii) Liquidated.
(iv) Registered.
Ans: (ii) Reconstituted.
6. According to the Partnership Act, 1932, a new partner can be admitted to the firm with the consent of:
(i) The new partner.
(ii) All existing partners.
(iii) Only the majority of partners.
(iv) Any one of the existing partners.
Ans: (ii) All existing partners.
7. Goodwill is an _____________ Assets.
(i) Fixed.
(ii) Intangible.
(iii) Current.
(iv) Fictitious.
Ans: (ii) Intangible.
8. If the method of acquiring a new partner’s share is not mentioned, it is assumed that the new partner’s share is acquired by the old partners:
(i) Based on their capital ratio.
(ii) In their existing profit-sharing ratio.
(iii) In equal amounts.
(iv) Based on their liabilities ratio.
Ans: (ii) In their existing profit-sharing ratio.
9. XYZ Partners have a profit-sharing ratio of 3:2. They admit a new partner, Mr. A, who will receive 1/5th of the total profit. What will be the new profit-sharing ratio between the old partners (X and Y) after the admission of Mr. A?
(i) 3:2:5
(ii) 3:2:1
(iii) 9:6:5
(iv) 9:6:1
Ans: (iii) 9:6:5
10. A new partner, Mr. X, is admitted into a partnership firm with an agreed capital of Rs. 60,000. The total capital of the firm before Mr. X’s admission is Rs. 2,40,000. If Mr. X is to share profits equally, what is the change in the profit-sharing ratio among the old partners?
(i) 3:3
(ii) 2:1
(iii) 1:1
(iv) 2:2
Ans: (iii) 1:1
11. When the new partner brings cash for goodwill, the amount is credited to:
(i) Realisation Account.
(ii) Cash Account.
(iii) Premium for Goodwill Account.
(iv) Revaluation Account.
Ans: (iii) Premium for Goodwill Account.
12. If the old partners have a profit-sharing ratio of 5:3, and the new partner receives a 1/4th share of the total profit, how much profit will remain for the old partners to share?
(i) 1/2
(ii) 3/4
(iii) 1/4
(iv) 2/3
Ans: (ii) 3/4
13. How is the sacrifice by a partner calculated in the case of the admission of a new partner?
(i) Old Share of Profit + New Share of Profit.
(ii) New Share of Profit – Old Share of Profit.
(iii) Old Share of Profit – New Share of Profit.
(iv) New Share of Profit × Old Share of Profit.
Ans: (iii) Old Share of Profit – New Share of Profit.
14. In a case where the old profit-sharing ratio is 5:3:2, and the new partner receives 1/4th of the total profit, what is the sacrifice by each of the old partners?
(i) Sacrifice is divided equally among the old partners.
(ii) Sacrifice is based on the old ratio of profit-sharing.
(iii) Sacrifice is based on the new profit-sharing ratio.
(iv) Sacrifice is calculated based on the capital contribution of the old partners.
Ans: (ii) Sacrifice is based on the old ratio of profit-sharing.
15. A, B, and C are partners with a profit-sharing ratio of 5:3:2. A is admitting Mr. D as a new partner with a share of 1/6th of the profits. What will be the new profit-sharing ratio among A, B, C, and D?
(i) 5:3:2:1
(ii) 15:9:6:4
(iii) 20:12:8:6
(iv) 10:6:4:2
Ans: (ii) 15:9:6:4
