Admission of Partner

A new partner may be admitted into a partnership :

• (A) With the consent of any one partner

• (B) With the consent of majority of partners

• (C) With the consent of all old partners

• (D) With the consent of 2/3rd of old partners

On the admission of a new partner :

• (A) Old firm is dissolved

• (B) Old partnership is dissolved

• (C) Both old partnership and firm are dissolved

• (D) Neither partnership nor firm is dissolved

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:

• (A) 9 : 6 : 5

• (B) 19 : 11 : 10

• (C) 3 : 3 : 2

• (D) 3 : 2 : 4

Workmen compensation reserve shown in the balance sheet liability site Rs 35000 and in adjustment it is said workmen compensation claim is to be created Rs 10000. The amount shown in the new balance sheet will be Rs...............

• 35000

• 10,000

• 25000

• 45000

A,B and c were partners in a firm sharing profits in the ratio of 3:2:1. They admitted D as a new partner for 1/8 share in the profits, which he acquired 1/16 from B and 1/16 from C.

Calculate new profit sharing ratio of A ,B,C and D.

What right a newly admitted partner acquires in the firm after his admission?

• Right to vote

• Right to admit any partner

• Right to share assets of the firm

• None of the above

P and Q are two partners in a firm having capitals of Rs 15000 each.R is admitted for 1/3 rd share for which he has to bring Rs 20000 for his share of capital. The amount of goodwill will be ............

• 5000

• 15000

• 10,000

[1] Reserve appearing in the Balance Sheet at the time of admission of a partner, is distributed among partners in their ____________ Ratio.

At the time of admission, the assets are revalued and liabilities are reassessed. The increase or decrease in the values is debited or credited in ________________ Account.

Revaluation account is a __________________ account.