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MCQs

Total Questions : 50 | Page 5 of 5 pages
Question 41. Which of the following statements is not true in relation to admission of a partner
  1.    Generally mutual rights of the partners change
  2.    The profits and losses of the previous years are distributed to the old partners
  3.    The firm is reconstituted under a new agreement
  4.    The existing agreement does not come to an end
 Discuss Question
Answer: Option D. -> The existing agreement does not come to an end
Question 42. Partnership firms in India are governed under the Partnership Act
  1.    1932
 Discuss Question
Answer: Option D. -> The existing agreement does not come to an end
Question 43. At the time of admission of partner, if the book value and the market value of investment is same, the balance in Investment Fluctuation Reserve is transferred to which account ?
  1.    Old partners'Capital A/c
  2.    Revaluation A/c
  3.    New partner Capital A/c
  4.    Reserve A/C
 Discuss Question
Answer: Option A. -> Old partners'Capital A/c
Question 44. When goodwill existing in the books is written off at the time of admission of a partner
  1.    New profits sharing ratio
  2.    Sacrificing Ratio
  3.    Gaining Ratio
  4.    Old profit-sharing ratio
 Discuss Question
Answer: Option D. -> Old profit-sharing ratio
Question 45. Change in the relationship of existing partners which results coming to an end in agreement and a new agreement coming into effect is:
  1.    Dissolution of Firm
  2.    Realisation of Partnership
  3.    Revaluation of Partnership
  4.    Reconstitution of Partnership
 Discuss Question
Answer: Option D. -> Reconstitution of Partnership
Question 46. Goodwill of the firm of A and B is valued at Rs
  1.    Rs. 3,000
  2.    Rs. 4,500
  3.    Rs. 7,500
  4.    Rs. 10,500
 Discuss Question
Answer: Option C. -> Rs. 7,500
Question 47. In which ration is utilised for distribution of goodwill by existing partner in the case of admission of new partner?
  1.    gaining ratio
  2.    S R 
  3.    O R
  4.    N 
 Discuss Question
Answer: Option B. -> S R 
Question 48. A and B are partners in the ratio of 2:1
  1.    2:2:1
  2.    2:1:1
  3.    3:2:1
  4.    3:3:2
 Discuss Question
Answer: Option A. -> 2:2:1
Question 49. A and B are partners in the ratio of 3:2
  1.    2:3:5
  2.    3:2:5
  3.    5:3:2
  4.    None of the above
 Discuss Question
Answer: Option B. -> 3:2:5
Question 50. Need of Valuation of goodwill arises at the time of
  1.    Admission of partner
  2.    Retirement of a partner
  3.    Change in the profit-sharing Ratio of existing partner.
  4.    All of the above.
 Discuss Question
Answer: Option D. -> All of the above.

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