Admission of a Partner

1. Anju and Eeshan are two partners sharing profits and losses in the ratio of 3:2. They decided to admit Aaroh for 1/5^th share, the new Profit-sharing ratio will be______.

• 12:8:5

• 4:3:1

• 12:8:1

• 12:3:1

2. Excess of Proportionate capital over actual capital represents_________.

• Equal Capital

• Surplus Capital

• Deficit Capital

• Gain

3. _______is credited when the unrecorded asset is brought into the business.

• Revaluation Account

• Balance sheet

• Trading Account

• Partners Capital Account

4. When goodwill is withdrawn by the partner_______ account is debited.

• Revaluation

• Cash/Bank

• Current

5.New partners can bring capital in cash or kind.

• True

• False

6. If Asset is taken over by the partner_______ account is debited.

• Revaluation

• Capital

• Assets

• Balance Sheet

Find the Odd one.

• General reserve

• Creditors

• Machinery

• Capital