Partnership Admission Quiz

Partnership Admission Quiz

University

10 Qs

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Partnership Admission Quiz

Partnership Admission Quiz

Assessment

Quiz

Business

University

Practice Problem

Hard

Created by

Uday Malla

Used 1+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

When a partner is admitted to a firm, which of the following is not explicitly listed as a necessary adjustment in the provided sources?

Change in profit sharing ratio

Treatment of goodwill

Revaluation of assets and liabilities

Employee salary adjustments

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

P and Q are partners sharing profits in the ratio of 3:2. They admit Z for a 1/5th share. What is the new profit sharing ratio of P, Q, and Z?

12:8:5

3:2:1

4:3:2

1:1:1

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Following the scenario where P and Q share profits 3:2 and admit Z for a 1/5th share, what is the sacrificing ratio of P and Q?

1:1

3:2

5:2

2:3

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

P and Q are partners sharing in the ratio of 3:2. Z is admitted. Z gets 3/20th share from P and 1/20th share from Q. What is the new profit sharing ratio of P, Q, and Z?

9:7:4

3:2:4

12:8:5

7:9:4

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

When an incoming partner pays premium for goodwill in cash, which of the following is the correct journal entry to record the premium being brought in?

Premium a/c Dr. To Cash a/c

Cash a/c Dr. To Premium a/c

Old partners' capital a/c Dr. To Premium a/c

Premium a/c Dr. To Old partners' capital a/c

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

After the premium for goodwill is brought in cash by the incoming partner, how is this premium typically credited to the old partners' capital accounts?

It is credited equally to all old partners.

It is credited to old partners in their old profit sharing ratio.

It is credited to old partners in their sacrificing ratio.

It is credited only to the partner who sacrifices the most.

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A & B are partners sharing profits as 7:5. C is admitted as a new partner, and the new profit sharing ratio becomes 5:3:2. The book value of goodwill is ₹8,000 whereas the agreed value is ₹20,000. If C brings the required premium for goodwill in cash, what is the amount of premium C brings?

₹20,000

₹8,000

₹12,000

₹2,400

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