Admission of a Partner

Admission of a Partner

12th Grade

7 Qs

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Admission of a Partner

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Assessment

Quiz

Other

12th Grade

Hard

Created by

Kajal Thakur

Used 6+ times

FREE Resource

7 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

1. Anju and Eeshan are two partners sharing profits and losses in the ratio of 3:2. They decided to admit Aaroh for 1/5th share, the new Profit-sharing ratio will be______.

12:8:5

4:3:1

12:8:1

12:3:1

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

2. Excess of Proportionate capital over actual capital represents_________.

Equal Capital

Surplus Capital

Deficit Capital

Gain

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

3. _______is credited when the unrecorded asset is brought into the business.

Revaluation Account

Balance sheet

Trading Account

Partners Capital Account

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

4. When goodwill is withdrawn by the partner_______ account is debited.

Revaluation

Cash/Bank

Current

5.

MULTIPLE CHOICE QUESTION

30 sec • Ungraded

5.New partners can bring capital in cash or kind.

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

6. If Asset is taken over by the partner_______ account is debited.

Revaluation

Capital

Assets

Balance Sheet

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Find the Odd one.

General reserve

Creditors

Machinery

Capital