Partnership Accounting Quiz

Partnership Accounting Quiz

12th Grade

10 Qs

quiz-placeholder

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Partnership Accounting Quiz

Partnership Accounting Quiz

Assessment

Quiz

Business

12th Grade

Easy

Created by

Raza Mughal

Used 1+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When a new partner is admitted, the existing partners' share of profits will:

Always increase

Always decrease

Remain the same

Depend on the new profit-sharing ratio

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The amount paid by the new partner for goodwill is credited to:

Goodwill account

New partner's capital account

Existing partners' capital accounts

Revaluation account

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The sacrificing ratio is calculated as:

New ratio - Old ratio

Old ratio - New ratio

New ratio + Old ratio

Old ratio × New ratio

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a new partner pays ₹150,000 for 1/4 share in profits, the total value of goodwill is:

₹450,000

₹600,000

₹300,000

₹750,000

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When goodwill is raised in books at the time of admission:

Only new partner's account is debited

All partners share in the credit including new partner

Only old partners share in the credit

Goodwill is directly written off

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The sacrifice by existing partners should be:

Equal to their capital ratios

Equal to their old profit-sharing ratio

Equal to the new partner's share

Equal to their new profit-sharing ratio

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Premium for goodwill paid privately by the new partner is:

Recorded in the books of the firm

Shared by all partners

Not recorded in the books of the firm

Debited to revaluation account

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