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WorksheetsFA II (AOP)
Total questions: 20
Worksheet time: 10mins
Name
Class
Date
1.
Admission of a new partner results in…
a)
Dissolution of firm
b)
Dissolution of partnership
c)
Reconstitution of a firm
d)
Insolvency of firm
2.
A minor can be admitted into a firm as a partner for…
a)
Guaranteed profit
b)
Equal profit and loss
c)
Profit only
d)
Reasonable profit and nominal loss
3.
Admission of a partner does not requires….
a)
Revaluation A/c
b)
Realization of assets
c)
Distribution of goodwill
d)
Finding sacrificing ratio
4.
Profit or loss on revaluation of assets and liabilities is distributed in the ……. Ratio
a)
Gaining
b)
Sacrificing
c)
Old profit sharing
d)
New profit sharing
5.
Premium brought in by the new partner is meant to…
a)
Appease the old partners
b)
To compensate the old partners
c)
No purpose but it is a custom
d)
Comply with legal requirement
6.
The amount which a new partner pay for the sacrifice made by others partners is called….
a)
Capital reserve
b)
Goodwill
c)
Reserve capital
d)
Reserve
7.
As per AS-26 only……….will be recorded in books of account
a)
Hidden goodwill
b)
Full goodwill
c)
Purchased goodwill
d)
Hidden goodwill, full goodwill and purchased goodwill
8.
Upon admission of Champak lal in a partnership firm as a new partner for 1/4th share of profit, the goodwill of the firm is valued at Rs. 40,000. Goodwill to be brought in cash by Champak will be…..
a)
Rs. 40,000
b)
Rs. 10,000
c)
Rs. 30,000
d)
Rs. 20,000
9.
X and Associates is a partnership firm, it intends to revalue its goodwill, average profit for the past five years is Rs. 15,000 per annum, and goodwill is being valued 5 years purchase of super profit. What would be the value of goodwill of the firm if normal profit of the firm is Rs. 12,000.
a)
Rs. 15,000
b)
Rs. 30,000
c)
Rs. 20,000
d)
Rs. 25,000
10.
Sacrificing ratio is ….
a)
Old profit sharing ratio- new profit sharing ratio
b)
New profit sharing ratio- old profit sharing ratio
c)
Equal to old profit sharing ratio
d)
Equal
11.
A and B are partners in a firm with profit sharing ratio of 2:3, they admit C as a partner for 1/4th share of profit. What is the new profit sharing ratio?
a)
6:9:5
b)
9:6:5
c)
5:6:9
d)
6:5:9
12.
Which of the following would not appear in the partnership's profit and loss appropriation account
a)
Partner's Salaries
b)
Interest on Loan
c)
Interest on Capital
d)
Interest on Drawings
13.
Where will interest on drawings appear?
a)
debit Profit and Loss Appropriation account
b)
Credit Profit and Loss Appropriation Account
c)
Debit Profit and Loss Account
d)
Credit Profit and Loss Account
14.
Balance of realization A/c is transferred to the capital A/c of the partners in:-
a)
Capital ratio
b)
Profit sharing ratio
c)
Interest ratio
d)
Equally
15.
If all the partners, but one, are insolvent it is
a)
Dissolution of partnership agreement
b)
Dissolution of firm
c)
May or may not cause dissolution
d)
None of the above
16.
Loss on realization is distributed among partners:
a)
According to profit and loss ratio
b)
According to capital ratio
c)
As decided among them
d)
None of the above
17.
At the time of dissolution non-cash assets are credited with
a)
Market value
b)
Book value
c)
As the agreed amount among the partners
d)
Cost or market whichever is low
18.
Retirement or death of a partner
a)
Is dissolution of partnership agreement
b)
Is dissolution of a firm
c)
May or may not be a dissolution of partnership agreement
d)
None of the above
19.
Loss on realization is
a)
Debited to partners’ capital A/c
b)
Credited to partners’ capital A/c
c)
Debited to realization A/c (d) Credited to realization A/c
d)
Debited to realization A/c
20.
3-realization account is a
a)
a) nominal account
b)
b) personal account
c)
c) real account
d)
d) impersonal account
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