WorksheetsAdmission of a partner 3
Total questions: 10
Worksheet time: 9mins
Profit or loss on revaluation of assets and reassessment of liabilities is transferred to partners capital account in there
Capital ratio
Equal ratio
Old profit sharing ratio
Gaining ratio
In case of fixed capital, undistributed profits, general reserves, etc, are transferred to
Partners capital account
Partners current account
Revaluation account
Profit and loss adjustment account
Unrecorded assets or liabilities are transferred to
Partners capital account
Revaluation account
Profit and loss account
Partners current account
X and y are partners sharing profits in the ratio of 3: 2, and capitals as 1,00,000 and 50,000 respectively. Z is admitted for 1/5th share in profits.the amount Z will contribute as capital will be
50,000
35,000
37,500
60,000
Goodwill brought by the incoming partner is distributed among the old partners in their
Old profit sharing ratio
New profit sharing ratio
Sacrificing ratio
Gaining ratio
A and B are partners sharing profits in the ratio of 2: 3, they admit C as a partner for 1/4th share, the sacrificing ratio of a and b will be
2:3
1:1
3:2
2:1
P and q are partners in a firm having capital of rupees 15000 each.R is admitted for 1/3rdshare for which he has to bring rupees 20000 for his share of capital. The amount of goodwill will be
8000
10,000
9000
11000
At the time of admission if the profit sharing ratio among the old partner does not change then sacrificing ratio will be
Equal
According to the contribution of capital
Their old profit sharing ratio
According to new partner
At the time of admission of a partner, revaluation account is debited to record the increase in provision for doubtful debts
True
False
Increase in the value of assets is credited to revaluation account
True
False
