12th Grade > Accountancy
RECONSTITUTION OF A PARTNERSHIP FIRM ADMISSION OF A PARTNER MCQs
:
B
C's share =1/4=2/8
Balance share= 1-1/4=3/4
Balance share to be shared equally.
A's share = 3/4*1/2=3/8
B's share= 3/4*1/2 =3/8
New Profit sharing ratio of A,B & C = 3:3:2
:
A
If the value of assets is increased, the gain will be credited to the revaluation account
:
B
New share of X= 3/5-2/7=11/35
New share of Y=2/5-1/7=9/35
Z's share = 2/7+1/7=3/7=15/35
New ratio= 11:9:15
:
A
Capitalisation method = Super Profits / Normal Rate of Return
:
B
Realisation method is not a method for valuation of goodwill
:
D
Revaluation A/c is debited for an increase in provision for doubtful debts
:
C
Accumulated profits and reserves are distributed to partners in their old profit sharing ratio.
:
D
General Reserve is distributed among partners in the old ratio.
:
A
Profit/loss on revaluation of assets is shared by the old partners in their old profit sharing ratio.
:
B
In case of revaluation account is prepared, the assets & liabilities appear in the books of the reconstituted firm at their revalued figures.