Admission of a new partner MCQs with Solved answer 12 cbse

Admission of a new partner MCQs with Solved answers 12 cbse-

Admission of a new partner MCQs with Solved answer 12 cbse (Question 1 to5)

1. Why a new partner is admitted?

(a) To Increase in Additional Capital
(b) Managerial Help
(c) To increase the goodwill and reputation 

(d) All of these  

2. After admission, the new partner gets rights?

(a) Right to share future profits of the firm
(b) Right to share in the assets of the firm
(c) a and b both

3. Share of goodwill brought in cash by the new partner is called ….

(a) Profit and Loss
(b) Premium
(c) Assets

(d) Liabilities

4. At the time of admission of A new partner Premium for goodwill distributed among the sacrificing partner in their ….

(a) New ratio
(b) Sacrificing Ratio 
(c) Gaining Ratio

(d) Old Ratio

5. Profit or Loss on revaluation is transferred to old partner’s capital account  in their ….

(a) New ratio
(b) Sacrificing Ratio 
(c) Gaining Ratio

(d) Old Ratio

Answer – Question Number 1 To 5 

1.Answer- (d) All of these  

2.Answer- (c) a and b both

3.Answer- (b) Premium

4.Answer- (b) Sacrificing Ratio

5.Answer- (d) Old Ratio

Admission of a new partner MCQs with Solved answer 12 cbse(Question 6 to10)

6. Sacrificing Ratio?

(a) New Ratio – Old Ratio
(b) New Ratio+Old Ratio
(c) Old Ratio – New Ratio

(d) None of these

7. A and B are partners in a firm sharing profit and losses in the ratio of
3 : 2. C is admitted for 1/5th share in profits of the firm. C gets his share equally from A and B .New Ratio?

(a) 5 : 3 : 2
(b) 12:8:5
(c) 4:3: 2

(d) None of these

8. A and B are partners in a firm sharing profit and losses in the ratio of
3 : 2. C is admitted for 1/5th share in profits of the firm. C gets gets it from A and B in 2 : 1 . New Ratio?

(a) 5 : 3 : 2
(b) 12:8:5
(c) 7 : 5 : 3

(d) None of these

9. A and B are partners in a firm sharing profit and losses in the ratio of
3 : 2. C is admitted for 1/5th share in profits of the firm. C gets it 3/20 from A and 1/20 from B. New Ratio?

(a) 5 : 3 : 2
(b) 12:8:5
(c) 7 : 5 : 3

(d) 9 : 7 : 4

10. A and B are partners in a firm sharing profit and losses in the ratio of
3 : 2. C is admitted for 1/5th share in profits of the firm. C gets 1/5 wholly from A.  New Ratio?

(a) 5 : 3 : 2
(b) 2 : 2 : 1
(c) 7 : 5 : 3

(d) 9 : 7 : 4

Answer – Question Number 6 To 10

6.Answer- (c) Old Ratio – New Ratio

7.Answer- (a) 5 : 3 : 2

8.Answer- (c) 7 : 5 : 3

9.Answer- (d) 9 : 7 : 4

10.Answer- (b) 2 : 2 : 1

Also read : Concept of Goodwill mcqs with Solved answers 12 cbse

Admission of a new partner MCQs with Solved answer 12 cbse(Question 11 to 15)

11. X and Y are partners sharing profit in the ratio 3 : 2. They admit P and Q as new partners. X surrendered 1/3rd of his share in favour of P and Y surrendered 1/4th of his share in favour of Q. Sacrificing ratio of X and Y is …

(a) 3 : 2
(b)  2 : 1
(c) 1:1

(d) None of these

12.  X and Y are partners sharing profit and losses in the ratio 3 : 2. They admit Z into the partnership, who acquires 1/4th of his share from X and 3/16th share from Y.  New Profit Sharing Ratio ?

(a) 43 : 17 : 20
(b)  12 : 8:4
(c) 9:4:3

(d) None of these

13. A & B are partners sharing profits and losses in the ratio 5:3. On admission, C brings Rs. 85,000 as capital and Rs. 48,000 for his share of  goodwill in cash . New profit sharing ratio between A, B and C are 7:5:4. The scarificing ratio among A:B will be
(a) 3:1.
(b) 4:7.
(c) 5:4.
(d) 2:1.

14. A and B are partners sharing profits and losses in the ratio of 3:2 (A’s Capital is Rs. 60,000 and B’s Capital is Rs. 30,000). They admitted C agreed to give 1/5
th share of profits to him. How much C should bring in towards his capital?
(a)  18,000.
(b)  24,000.
(c)  29,000.
(d)  22,500.

15. Neena and Pari are partners, sharing profit in the ratio of 5 : 3. They admit Gairi as a new partner for 1/6 share in profit. She acquires this share as 1/8 from Neena and 1/24 share from Pari. New profit sharing ratio and sacrificing
ratio.
(a) 3 : 2 : 1 and  3:1
(b)  5:3:1 and 5:3
(c) 3 : 2 : 1 and  4:1
(d) 4 : 2 : 1 and  3:1

Answer – Question Number 11 To 15

11.Answer- (b)  2 : 1

12.Answer- (a) 43 : 17 : 20

13.Answer- (a) 3:1

14.Answer-  (d)  22,500.

15.Answer- (a) 3 : 2 : 1 and  3:1

Admission of a new partner MCQs with Solved answer 12 cbse (Question 16 to 20)

16. H and I shared profits in the ratio of 5:3. J was admitted as a partner. H surrendered 1/5 of his share and I 1/3 of his share in favour of J. New profit sharing ratio?.
(a) 3 : 2 : 1 
(b)  5:3:1
(c) 2 : 1: 1
(d) 4 : 2 : 1 

17. Tina and Sonu are partners in a firm sharing profit in the ratio 5 : 3. They admitted Gati as a new partner for 1/4th share in the profit. Gati brings 50,000 for her share of goodwill is cash . What journal entries passed in the books of the firm after the admission of Gati? The new profit sharing ratio will be 2 : 1 : 1.

(a) (i)Cash/Bank A/c Dr. 50,000

 To Premium for goodwill A/c 50,000

(ii) Premium for goodwill A/c Dr 50,000

To Tina’s Capital A/c 25,000

To Sonu’s Capital A/c 25,000

 

(b) (i) Cash/Bank A/c Dr. 50,000

 To Premium for goodwill A/c 50,000

(ii) Premium for goodwill A/c Dr 50,000

To Tina’s Capital A/c 30,000

To Sonu’s Capital A/c 20,000

 

(c) (i) Gati’s Capital A/c Dr. 50,000

 To Premium for goodwill A/c 50,000

(ii) Premium for goodwill A/c Dr 50,000

To Tina’s Capital A/c 25,000

To Sonu’s Capital A/c 25,000

 

(d) (i) Cash A/c Dr. 50,000

 To Gati’s Capital A/c A/c 50,000

(ii) Premium for goodwill A/c Dr 50,000

To Tina’s Capital A/c 25,000

To Sonu’s Capital A/c 25,000

18. Tina and Sonu are partners in a firm sharing profit in the ratio 5 : 3. They admitted Gati as a new partner for 1/4th share in the profit. Gati brings 50,000 for her share of goodwill is cash . What journal entries passed in the books of the firm after the admission of Gati?  Goodwill withdrawn by  Tina and Sonu. The new profit sharing ratio will be 2 : 1 : 1.

(a) (i)Cash/Bank A/c Dr. 50,000

 To Premium for goodwill A/c 50,000

(ii) Premium for goodwill A/c Dr 50,000

To Tina’s Capital A/c 25,000

To Sonu’s Capital A/c 25,000

(iii) Tina’s Capital A/c  Dr. 25,000

 Sonu’s Capital A/c  Dr. 25,000

To Premium for goodwill 50,000

 

(b) (i) Cash/Bank A/c Dr. 50,000

 To Premium for goodwill A/c 50,000

(ii) Premium for goodwill A/c Dr 50,000

To Tina’s Capital A/c 30,000

To Sonu’s Capital A/c 20,000

(iii) Tina’s Capital A/c  Dr. 25,000

 Sonu’s Capital A/c  Dr. 25,000

To Premium for goodwill 50,000

 

(c) (i) Gati’s Capital A/c Dr. 50,000

 To Premium for goodwill A/c 50,000

(ii) Premium for goodwill A/c Dr 50,000

To Tina’s Capital A/c 25,000

To Sonu’s Capital A/c 25,000

(iii) Tina’s Capital A/c  Dr. 25,000

 Sonu’s Capital A/c  Dr. 25,000

To Premium for goodwill 50,000

 

(d) (i)Cash/Bank A/c Dr. 50,000

 To Premium for goodwill A/c 50,000

(ii) Premium for goodwill A/c Dr 50,000

To Tina’s Capital A/c 25,000

To Sonu’s Capital A/c 25,000

(iii)  Tina’s Capital A/c  Dr. 25,000

 Sonu’s Capital A/c  Dr. 25,000

To Cash/Bank A/c 50,000

19. Neena and Pari are partners, sharing profit in the ratio of 5 : 3. They admit Gairi as a new partner for 1/6 share in profit. Goodwill appear in Balance sheet 40,000 at the time of admission of Gairi. What journal entries passed in the books of the firm after the admission of Gairi  for Goodwill?
(a) Neena’s Capital A/c Dr. 25,000

Pari’s Capital A/c Dr. 15,000

 To Goodwill A/c 40,000
(b) Neena’s Capital A/c Dr. 20,000

Pari’s Capital A/c Dr. 10,000

 To Goodwill A/c 40,000

(c)Neena’s Capital A/c Dr. 22,000

Pari’s Capital A/c Dr. 18,000

 To Goodwill A/c 40,000

(d)Neena’s Capital A/c Dr. 15,000

Pari’s Capital A/c Dr. 25,000

 To Goodwill A/c 40,000

20. Ashi and Sahil are partners sharing profit in the ratio of 3 : 2. They agree to admit Charu for 1/6share in future profit. Charu brings  2,50,000 as capital and her share of goodwill in cash, the goodwill of the firm to be valued  on the Basis of two year purchase of super profit . What will be amount of goodwill of Charu share. Capital employed of Ashi and Sahil 8,50,000 normal rate of return @ 10%. Average profit 1,45,000.
(a) 1,45,000
(b)  85,000
(c) 1,20,000
(d) 20,000

Answer – Question Number 16 To 20

16.Answer– (c) 2 : 1 : 1

17.Answer-  (a) 

18.Answer-  (d) 

19.Answer-  (a)

20.Answer-  (d) 20,000

Also read : Fundamentals of partnership MCQs and Answer

Admission of a new partner MCQs with Solved answer 12 cbse (Question 21 to 25)

21. Neena and Pari are partners, sharing profit in the ratio of 5 : 3. They admit Gairi as a new partner for 1/6 share in profit. She acquires this share as 1/8 from Neena and 1/24 share from Pari. New profit sharing ratio and sacrificing
ratio?
(a) 3 : 2 : 1 and  3:1
(b)  5:3:1 and 5:3
(c) 3 : 2 : 1 and  4:1
(d) 4 : 2 : 1 and  3:1

22. X and Y are partners sharing profit in the ratio 3 : 2. They admit P and Q as new partners. X surrendered 1/3rd of his share in favour of P and Y surrendered 1/4th of his share in favour of Q. New ratio  of X , Y,P and Q is …

(a) 4 : 3 : 2 : 1
(b)  2 : 1:1:1
(c) 9:6:5:3

(d) None of these

23. If, at the time of admission of A partner , there are Reserves or Accumulated profits/losses existing in the books of the firm, these should be transferred to…. 

(a) Old  Partner’s Capital Accounts (if capitals are fluctuating)
(b) Old  Partner’s Current Accounts (if capitals are fixed)
(c) a and b

(d) New Partner’s Capital Accounts

Answer- (c) a and b

24. A and B are partners sharing profits in the ratio of 3:2. They admit C as a new partner for 3/10 th share, which he acquires 2/10 from A and 1/10 from B. The new profit sharing ratio of A, B and C is ………
(a) 3:4:3
(b) 4:3:3
(c) 3:3:3

(d) None of these

25. If the incoming partner brings any additional amount in cash other than his capital contributions then it is termed as ……
(a) Capital.
(b) Reserves and Surplus.
(c) Profits and Loss.
(d) Premium for goodwill.

Answer – Question Number 21 To 25

21.Answer– (a) 3 : 2 : 1 and  3:1

22.Answer-  (a) 4 : 3 : 2 : 1

23.Answer-  (c) a and b

24.Answer-  (a) 4:3:3

25.Answer-  (d) Premium for goodwill.

Admission of a new partner MCQs with Solved answer 12 cbse (Question 26 to 30)

26. Archna and Bapna are partners sharing profits equally. They admitted Hani for 1/3 share in the firm. The new profit sharing ratio will be….

(a) 3 : 2 : 1 
(b)  2:2:1
(c) 1:1:1
(d) 4 : 2 : 1 

27.A,B and C are partners in the ratio of 3:2:1. D is admitted in the firm for 1/6 th share in profits. C would retain his original share. The new profit sharing ratio between A,B,C and D will be…….
(a) 12:8:5:5
(b) 8:12:5:5
(c) 5:5:12:8
(d) 5:5:8:12

28. A and B  are partners in the ratio of 3:2 C is admitted in the firm for 1/5 th share in profits. Firm earns profit of Rs.1,10,000. The normal rate of return in a similar type of business is 10%. The value of total assets (excluding goodwill) and total outside liabilities are Rs.11,00,000 and Rs.1,00,000 respectively.  The value of goodwill of the firm and c share of goodwill is …..
(a) 1,00,000 and 20,000
(b) 10,00,000 and 2,00,000
(c) Nil.
(d) None of the above

29. At the time of admission of a  partners, where will you record an unrecorded liability?

(a)  Revaluation Account-Debit side

(b) Revaluation Account-Credit side
(c) Balance sheet assets side
(d) None of the above

30. At the time of admission of a  partners, where will you record an unrecorded Assets?

(a)  Revaluation Account-Debit side

(b) Revaluation Account-Credit side
(c) Balance sheet liabilities side
(d) None of the above

Answer – Question Number 25 To 30

26.Answer– (c) 1:1:1

27.Answer- (b)  12:8:5:5

28.Answer-   (a) 1,00,000 and 20,000

29.Answer- (a)  Revaluation Account-Debit side

30.Answer- (b) Revaluation Account-Credit side

Also read : Financial Accounting Quiz Questions and Answers