ISC ACCOUNTS 12 Admission of a new partner MCQs with Solved answers

ISC ACCOUNTS 12 Admission of a new partner MCQs with Solved answers

ISC ACCOUNTS 12 Admission of a new partner MCQs with Solved answers

ISC ACCOUNTS 12 Admission of a new partner MCQs with Solved answers
ISC ACCOUNTS 12 Admission of a new partner MCQs with Solved answers

Question-1

On 1st April 2019, C is admitted as a new partner on the following terms:

(a)The new profit sharing ratio of A, B, and C to be 5:3:2.

(b)Provision for doubtful debts to be raised to 10% of the debtors.

(c)Goodwill of the firm to be valued at ₹ 60,000.

(d)C is unable to bring his share of goodwill in cash.

(e) C’s Loan transfer to his capital Account.

(f)Plant and machinery depreciated by 10%.

(g)Investment valued ₹ 15,000 taken into account.

(h)Provision for Workmen compensation claim ₹ 10,000

(I)Provision for Discount on creditors @ 10 %.

(i) At the time of C’s admission, the Workmen Compensation Reserve of:
(a) ₹ 5,000 will be credited to the capital accounts of all the partners
(b) ₹ 3,000 will be credited to the capital accounts of all the partners.
(c) ₹ 5,000 will be credited to the capital accounts of the old partners.
(d) ₹ 2,000 will be debited to the capital accounts of the old partners.

(ii) Amount of C’s share of Goodwill  will be:
(i) ₹ 60,000
(ii) ₹ 6,000
(iii) ₹ 12,000
(iv) ₹ 10,000

(iii) C’s Loan transfer to his capital Account…
(a) ₹ 36,000 will be debited to C’s Loan account and  credited to the C’s capital account 
(b) (₹ 36,000-₹12,000) will be debited to C’s Loan account and  credited to the C’s capital account
(c) (₹ 36,000+₹12,000)  will be debited to C’s Loan account  and credited to the C’s capital account 
(d) ₹ 36,000 will be credited to C’s Loan account and  debited to the C’s capital account 

(iv) Amount of Provision for doubtful debts debited to revaluation Account…
(a) ₹ 2,200
(b) ₹ 2,000
(c) ₹ 200
(d) None of these 

(v) Profit/Loss on revaluation of assets and reassessment of liabilities will be.. 
(a) ₹ 12,200 (profit)
(b) ₹ 10,200(Loss)
(c) ₹ 10,200 (profit)
(d) ₹ 7,400 (profit)

Answer – Question 1

i.Answer- (c) ₹ 5,000 will be credited to the capital accounts of the old partners.

ii.Answer- (iii) ₹ 12,000

iii.Answer- (a) ₹ 36,000 will be debited to C’s Loan account and  credited to the C’s capital account

iv.Answer- (c) ₹ 200

v.Answer- (c) ₹ 10,200 (profit)

Admission of a new partner MCQs with Solved answer 12 cbse

ISC ACCOUNTS 12 Admission of a new partner MCQs with Solved answers

ISC ACCOUNTS 12 Admission of a new partner MCQs with Solved answers
ISC ACCOUNTS 12 Admission of a new partner MCQs with Solved answers

Question-2

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.
(i) C gets his share equally from A and B. New profit sharing ratio will be …

(a) 5 : 3 : 2
(b) 7 : 5 : 3
(c) 9 : 7 : 4
(d) 2 : 2 : 1
(ii) C gets it from A and B in 2 : 1. New profit sharing ratio will be …

(a) 5 : 3 : 2
(b) 7 : 5 : 3
(c) 9 : 7 : 4
(d) 2 : 2 : 1
(iii) C gets it 3/20 from A and 1/20 from B. New profit sharing ratio will be …

(a) 5 : 3 : 2
(b) 7 : 5 : 3
(c) 9 : 7 : 4
(d) 2 : 2 : 1
(iv) C gets it wholly from A . New profit sharing ratio will be …

(a) 5 : 3 : 2
(b) 7 : 5 : 3
(c) 9 : 7 : 4
(d) 2 : 2 : 1

(v) C gets his share equally from A and B. New profit sharing ratio will be …

(a) 5 : 3 : 2 and 1:1
(b) 5 : 3 : 2 and 3:2
(c) 5 : 3 : 2 and 4:1
(d) 5 : 3 : 2 and 3:1

Answer – Question 2

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

ii.Answer- (b) 7 : 5 : 3

iii.Answer- (c) 9 : 7 : 4

iv.Answer- (d) 2 : 2 : 1

v.Answer- (a) 5 : 3 : 2 and 1:1

ISC ACCOUNTS 12 Fundamental of Partnership MCQs With solved Answers

ISC ACCOUNTS 12 Admission of a new partner MCQs with Solved answers

ISC ACCOUNTS 12 Admission of a new partner MCQs with Solved answers
ISC ACCOUNTS 12 Admission of a new partner MCQs with Solved answers

Question-3

Jay and Vijay were partners in a firm. They admitted Sanjay as a new partner for 20% share in the profits. After all adjustments regarding general reserve, goodwill, gain or loss on revaluation, the balances in capital accounts of Jay
and Vijaywere ₹ 7,70,000 and ₹8,30,000 respectively. Sanjay bought proportionate capital so as to give him 20% share in the profits. Value of goodwill of the firm ₹ 2,00,000.

(i)The amount of capital to be brought by Sanjay will be…

(a) ₹ 3,20,000
(b) ₹ 4,00,000
(c) ₹ 16,00,000
(d) ₹20,00,000

(ii)The total amount of capital of the firm will be…

(a) ₹ 3,20,000
(b) ₹ 4,00,000
(c) ₹ 16,00,000
(d) ₹20,00,000

(iii) The combined capital of Jay and Vijay will be …

(a) ₹ 3,20,000
(b) ₹ 8,00,000
(c) ₹ 16,00,000
(d) ₹20,00,000

(iv)The amount of Sanjay share of goodwill will be…

(a) ₹ 2,00,000
(b) ₹ 40,000
(c) ₹ 60,000
(d) None of these

Answer – Question 3

i.Answer- (b) ₹ 4,00,000

ii.Answer- (d) ₹20,00,000

iii.Answer- (c) ₹ 16,00,000

iv.Answer-(b) ₹ 40,000

Fundamentals of partnership MCQs and Answer 

ISC ACCOUNTS 12 Admission of a new partner MCQs with Solved answers

ISC ACCOUNTS 12 Admission of a new partner MCQs with Solved answers
ISC ACCOUNTS 12 Admission of a new partner MCQs with Solved answers

Question-4

N and S are partners in a firm sharing profits and losses in the ratio of 3 : 1. On April 1st 2019, they admitted R as a partner for 1/5th share in the profits of the firm. On the date of admission, the balance sheet showed a General Reserve of ₹ 2,40,000; a debit balance of ₹ 1,20,000 in Profit and Loss A/c; Workmen compensation Reserve of ₹ 3,00,000 and Investment fluctuation Reserve of ₹ 40,000. 

The following terms were agreed upon–
(i) R will bring ₹3,00,000 as his capital and his share of goodwill in cash.
(ii) Goodwill of the firm be valued at ₹ 4,80,000.
(iii) There was a claim of Workmen compensation for ₹3,40,000
(iv) The market value of investment was₹ 36,000 less than the Book value.
(v) The partners decided to share future profits in the ratio of 3 : 1 : 1.

(i) At the time of R’s admission, the Workmen Compensation Reserve of:
(a) ₹ 40,000 will be credited to the capital accounts of all the partners
(b) ₹ 40,000 will be credited to the capital accounts of all the partners.
(c) ₹ 4,000 will be credited to the capital accounts of the old partners.
(d) None of these

(ii) Amount of R’s share of Goodwill  will be:
(i) ₹ 60,000
(ii) ₹ 80,000
(iii) ₹ 82,000
(iv) ₹ 4,80,000

(iii) At the time of R’s admission, the Investment fluctuation Reserve of:
(a) ₹ 4,000 will be credited to the capital accounts of all the partners
(b) ₹ 40,000 will be credited to the capital accounts of all the partners.
(c) ₹ 4,000 will be credited to the capital accounts of the old partners.
(d) None of these

(iv) At the time of R’s admission, the debit balance of ₹ 1,20,000 in Profit and Loss Account  :
(a) will be Debited to the capital accounts of all the partners
(b) Will be Credited to the capital accounts of all the partners.
(c)  will be credited to the capital accounts of the old partners.
(d) will be Debited to the capital accounts of the old partners.

(v) At the time of R’s admission, entry for Investment fluctuation Reserve will be:
(a) Investment fluctuation ReserveA/c Dr 40,000
To Investment A/c 36,000
To N’s Capital A/c 3,000

To S’s Capital A/c 1,000
(b) Investment fluctuation ReserveA/c Dr 40,000
To Investment A/c 36,000
To Revaluation A/c 4,000

(c) Investment fluctuation ReserveA/c Dr 40,000
Revaluation A/c Dr 36,000
To Investment A/c 76,000
(d) None of these

Answer – Question 4

i.Answer- (d) None of these

ii.Answer- (ii) ₹ 80,000

iii. Answer- (c) ₹ 4,000 will be credited to the capital accounts of the old partners.

iv. Answer-(d) will be Debited to the capital accounts of the old partners.
v. Answer-

(a) Investment fluctuation ReserveA/c Dr 40,000
To Investment A/c 36,000
To N’s Capital A/c 3,000
To S’s Capital A/c 1,000

ISC COMMERCE 12 Concept and Nature of Management MCQs with solved answers

ISC ACCOUNTS 12 Admission of a new partner MCQs with Solved answers

ISC ACCOUNTS 12 Admission of a new partner MCQs with Solved answers
ISC ACCOUNTS 12 Admission of a new partner MCQs with Solved answers

Question-5

A and B are partners sharing profit in the ratio of 5:3 with capital of ₹ 8,00,000 and ₹ 7,00,000 respectively. They admit a new partner C. The new profit sharing ratio of A, B and C is 5:3:2 respectively. C brings ₹ 4,00,000 as capital. The profit on revaluation of assets and reassessment of liabilities is ₹ 64,000. it is agreed that capitals of the partner’s should be in the new profit sharing ratio. 

(i) A’s Capital after adjustment will be:
(a) ₹ 8,40,000 
(b) ₹ 8,64,000 
(c) ₹ 7,24,000 
(d) None of these

(ii) B’s Capital after adjustment will be:
(a) ₹ 8,40,000 
(b) ₹ 8,64,000 
(c) ₹ 7,24,000 
(d) None of these

(iii) Total capital of the new firm will be:
(a) ₹ 18,40,000 
(b) ₹ 20,00,000
(c) ₹ 19,00,000 
(d) None of these

(iv) A’s share in New Capitalwill be:
(a) ₹ 8,40,000 
(b) ₹ 8,64,000 
(c) ₹ 7,24,000 
(d) ₹10,00,000

(v) B’s share in New Capitalwill be:
(a) ₹ 6,00,000 
(b) ₹ 8,00,000 
(c) ₹ 4,00,000 
(d) None of these

Answer – Question 5

i.Answer- (a) ₹ 8,40,000 

ii.Answer- (c) ₹ 7,24,000 

iii. Answer- (b) ₹ 20,00,000

iv. Answer-(d) ₹10,00,000
v. Answer-(a) ₹ 6,00,000 

ISC Commerce 12 Sources of Finance MCQs with Solved Answers

ISC ACCOUNTS 12 Admission of a new partner MCQs with Solved answers

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