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MCQs

Total Questions : 50 | Page 3 of 5 pages
Question 21. On admission of a new partner, increase in value of assets is debited to
  1.    Asset account
  2.    Profit & Loss adjustment account
  3.    Old partners capital account
  4.    None of these
 Discuss Question
Answer: Option A. -> Asset account
Question 22. The difference between old profit sharing ratio and new profit sharing ratio at time of admission is ________ ratio
  1.    gaining
  2.    Sacrifice
  3.    agreed
  4.    None of these
 Discuss Question
Answer: Option B. -> Sacrifice
Question 23. In admission, profit from revaluation of assets and liabilities will be transferred to the capital accounts of the old partners in the
  1.    Old profit sharing ratio
  2.    Sacrifice ratio
  3.    New profit sharing ratio
  4.    None of these
 Discuss Question
Answer: Option A. -> Old profit sharing ratio
Question 24. At the time of admission, when goodwill is raised, the old partners capital account will be credited in the ________ ratio
  1.    Old profit sharing
  2.    new profit sharing
  3.    agreed
  4.    None of these
 Discuss Question
Answer: Option A. -> Old profit sharing
Question 25. The capital accounts of partners may be ________ or fluctuating
  1.    fixed
  2.    current
  3.    capital
  4.    All of above
 Discuss Question
Answer: Option A. -> fixed
Question 26. Indian Partnership Act was enacted in the year ________
  1.    1948
  2.    1932
  3.    1956
  4.    None of these
 Discuss Question
Answer: Option B. -> 1932
Question 27. If a firm is maintaining both ‘Capital Accounts’ and ‘Current Accounts’ of the partners A and B
  1.    B’s Current Account
  2.    B’s Capital Account
  3.    either B’s Capital Account or Current Account
  4.    Both A & B
 Discuss Question
Answer: Option B. -> B’s Capital Account
Question 28. In the absence of an agreement profits and losses are divided
  1.    in the ratio of capitals
  2.    in the ratio of time devoted by each partner
  3.    equally
 Discuss Question
Answer: Option C. -> equally
Question 29. Under fixed capital method salary payable to a partner is recorded
  1.    in Current Account
  2.    in Capital Account
  3.    either in Current Account or Capital Account
  4.    none of the above
 Discuss Question
Answer: Option A. -> in Current Account
Question 30. The minimum number of persons in a partnership firm is
  1.    one
  2.    two
  3.    seven
 Discuss Question
Answer: Option B. -> two

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