Chapter 16 - Partnership 2
Quiz
•
Other
•
11th - 12th Grade
•
Medium
Phaik Gek Lim
Used 4+ times
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10 questions
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1.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
What is goodwill?
a tangible asset
an intangible asset
an income
an liability
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If Goodwill is appearing in the Statement Of Financial Position , it will be Credited to
New partner
Retiring partners
All partners
Remaining Partners’
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is correct entry for loss on revaluation asset?
Dr Revaluation account
Cr Existing partner’s capital account
Dr Assets account
Cr Revaluation account
Dr Revaluation account
Cr Assets account
Dr Existing partner’s capital account
Cr Revaluation account
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Profit on revaluation of assets and liabilities is distributed among the partners in their :
New profit sharing ratio
Old profit sharing ratio
Loss ratio
Gaining Ratio
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
A and B agree to admit C as a new partner on the condition that C is to contribute RM 50,000 as capital and RM 5,000 for his share of goodwill. The profit and loss sharing ratio among A, B and C is 2:1:2. What is the total goodwill of the partnership?
RM 5,000
RM 10,000
RM 12,500
RM 25,000
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the retiring partner is not paid full amount due to him immediately on retirement, his balance is transferred to:
Loan account
Capital account
Bank account
Suspense account
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
A, B and C are in partnership sharing profits and losses equally. On 1/4/2019, C decided to retire and D joined as a new partner. The new profit sharing ratio between A ,B and C is 3:1:1.
Upon the changes in partnership, the assets of partnership were to be revalued and value of motor vehicle decrease RM30,000 and office equipment increase RM3,000.
What is the profit/loss on revaluation for B?
Profit RM 9000
Loss RM 9000
Profit RM 5400
Loss RM 5400
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