WorksheetsAdmission of PArtner quiz 2
Total questions: 11
Worksheet time: 8mins
1. In the case of admission of a partner, the entry for unrecorded investments will be
A) Debit Partner Capital A/cs and Credit Investment A/c
B) Debit Revaluation A/cs and Credit Investment A/c
C) Debit Investment A/cs and Credit Revaluation A/c
D) None of the above
2. Goodwill of a firm of A and B is valued at ₹30,000. It is appearing in the books at ₹12,000. C is admitted for 1/4share. What amount he is supposed to bring for goodwill?
A) ₹ 30,000
B) ₹ 4,500
C) ₹ 7,500
D) ₹ 10,500
3. Ramesh and Suresh are partners sharing profits in the ration of 2:1 respectively. Ramesh capital ₹ 1,02,000 and Suresh capital are ₹73,000. They admit Mahesh and agree to give him 1/5th share in future profit. Mahesh brings ₹14,000 as his share of goodwill. He agrees to contribute capital in the new profit-sharing ration. How much capital will be brought by Mahesh?
A) ₹ 43,750
B) ₹ 45,000
C) ₹ 47,250
D) ₹ 48,000
4. A and Bare in partnership sharing profits in the ratio of 3:2. They take C as a new partner. Goodwill of the firm is valued at 33,00,000 and C brings ₹30,000 as his share of goodwill in cash which is entirely credited to the capital account of A. New profit sharing ratio will be
A) 3:2:1
B) 6:3:1
C) 5:4:1
D) 4:5:1
5. X and Y are partners sharing profits in the ratio of 4:3. Z is admitted for 1/5th share and he brings in ₹1,40,000 as his share of goodwill in cash of which ₹1,20,000 is credited to X remaining amount to Y. New profit sharing ratio will be
A) 4: 3: 5
B) 2: 2: 1
C) 1: 2: 2
D) 2: 1: 2
6. A, B, C, and D are partners. A and B share 2/3rd of profits equally and Cand D share remaining profits in the ratio of 3: 2. Find the profit sharing ratio of A, B. C, and D
A) 5: 5: 3: 2
B) 7: 7: 6: 4
C) 2.5: 2.5: 8: 6
D) 3: 9: 8: 3
7. Sacrificing ratio is used to distribute ……………..in case of admission of a partner
A) Reserves
B) Goodwill
C) Revaluation Profit
D) Balance in Profit and Loss Account
8. X and Y are partners in a company with a capital of ₹1,80,000 and ₹2,00,000. Z was admitted for 1/3rd share in profits and brings ₹3,40,000 as capital. Calculate the amount of goodwill.
A) ₹ 2,40,000
B) ₹ 1,00,000
C) ₹ 1,50,000
D) ₹ 3,00,000
9. A and B are partners sharing profits and losses in the ration of 5: 3. On admission, C brings ₹70,000 as cash and ₹43,000 against goodwill. The new profit ratio between A, B, and C is 7: 5: 4. The sacrifice ratio of A and B is
A) 3: 1
B) 1: 3
C) 4: 5
D) 5: 9
10. A, B, and C are partner sharing profits in ratio 3: 2: 1. They agree to admit D into the firm. A, B, and C agreed to give 1/3rd, 1/6th, 1/9th share of their profit. The share of profit of D will be
A) 1/10
B)11/54
C) 12/54
D) 12/54
1. In the case of admission of a partner, the entry for unrecorded investments will be
A) Debit Partner Capital A/cs and Credit Investment A/c
B) Debit Revaluation A/cs and Credit Investment A/c
C) Debit Investment A/cs and Credit Revaluation A/c
D) None of the above
