
Partnership Accounting Quiz
Quiz
•
Business
•
12th Grade
•
Easy
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
Create a free account and access millions of resources
Create resources
Host any resource
Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever
or continue with

Microsoft
%20(1).png)
Apple

Others
By signing up, you agree to our Terms of Service & Privacy Policy
Already have an account?
Similar Resources on Wayground
14 questions
Business Ownership and Image BME 12 General
Quiz
•
12th Grade
12 questions
Unit 3 A,B,C finance exam BTEC
Quiz
•
12th Grade
11 questions
Chapter 4 The Marketing Mix - Promotion (Part 2)
Quiz
•
9th - 12th Grade
10 questions
COMERCIO INTERNACIONAL
Quiz
•
9th - 12th Grade
10 questions
Unit 1 Business Management - Identifying Business opportunities
Quiz
•
11th - 12th Grade
9 questions
MSME India Quiz 1
Quiz
•
11th Grade - University
10 questions
Unit 1 - Business Management - Sources of Finance - 3.4
Quiz
•
11th - 12th Grade
10 questions
Coordinating
Quiz
•
12th Grade
Popular Resources on Wayground
20 questions
Brand Labels
Quiz
•
5th - 12th Grade
11 questions
NEASC Extended Advisory
Lesson
•
9th - 12th Grade
10 questions
Ice Breaker Trivia: Food from Around the World
Quiz
•
3rd - 12th Grade
10 questions
Boomer ⚡ Zoomer - Holiday Movies
Quiz
•
KG - University
25 questions
Multiplication Facts
Quiz
•
5th Grade
22 questions
Adding Integers
Quiz
•
6th Grade
10 questions
Multiplication and Division Unknowns
Quiz
•
3rd Grade
20 questions
Multiplying and Dividing Integers
Quiz
•
7th Grade