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Chapter 16 - Partnership 2

Authored by Phaik Gek Lim

Other

11th - 12th Grade

Used 4+ times

Chapter 16 - Partnership 2
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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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