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MCQs

Total Questions : 50 | Page 2 of 5 pages
Question 11. What is the formula of sacrificing ratio
  1.    new ratio
  2.    Old - new
  3.    Both A & B
  4.    None of these
 Discuss Question
Answer: Option C. -> Both A & B
Question 12. At the time of admission of a partner, undistributed profits appearing in the balance sheet of the old firm is transferred to capital Account of
  1.    Old partner in old ratio
  2.    Old partner in new ratio
  3.    All partner in new ratio
  4.    Old partners in sacrifice ratio
 Discuss Question
Answer: Option A. -> Old partner in old ratio
Question 13. On the admission of a new partner increase in the value of assets is debited to
  1.    Revaluation Account
  2.    Assets Account
  3.    Old partners capital account
  4.    None of the above
 Discuss Question
Answer: Option A. -> Revaluation Account
Question 14. A, B and C are partners in a Firm
  1.    Old Firm is dissolved
  2.    Old Firm and partnership is dissolved
  3.    Old partnership is reconstitution.
  4.    None of the above
 Discuss Question
Answer: Option C. -> Old partnership is reconstitution.
Question 15. At the time of admission of a partner , general reserve appearing in the old Balance sheet is transferred to
  1.    All partners capital account
  2.    New partner capital account
  3.    Old partner capital account
  4.    None of the above
 Discuss Question
Answer: Option C. -> Old partner capital account
Question 16. When the balance sheet is prepared after the new partnership agreement, the assets and liabilities are recorded at
  1.    Historical cost
  2.    Current cost
  3.    Revalued figures
  4.    All of above
 Discuss Question
Answer: Option C. -> Revalued figures
Question 17. On admission of a new partner balance of General Reserve Account should be transferred to the capital account of
  1.    all partners in their new profit sharing ratio
  2.    old partners in their old profit sharing ratio
  3.    old partners in their new profit sharing ratio
  4.    None of these
 Discuss Question
Answer: Option B. -> old partners in their old profit sharing ratio
Question 18. At the time of admission of a new partner, ________ of assets and liabilities should be taken up
  1.    revaluation
  2.    realisation
  3.    reserve
  4.    None of these
 Discuss Question
Answer: Option A. -> revaluation
Question 19. _________ ratio is computed at the time of admission of a new partner
  1.    Gaining ratio
  2.    Capital ratio
  3.    Sacrificing ratio
  4.    None of these
 Discuss Question
Answer: Option C. -> Sacrificing ratio
Question 20. The old partners share all the accumulated profits and reserves in their
  1.    new profit sharing ratio
  2.    old profit sharing ratio
  3.    capital ratio
  4.    none of the above
 Discuss Question
Answer: Option B. -> old profit sharing ratio

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