Admission of a Partner Test

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Admission of a Partner Test - 32

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Weekly Quiz Competition

Question 1
1 / -0

Which of these ratio is used to assess liquidity position of a firm

A
Debt equity ratio

B
Capital employed to net profit

C
Capital gearing ratio

D
Current ratio
Question 2
1 / -0

On admission of C as a new partner in a firm, the goodwill brought in by C Rs. 10,000 was credited to A and B's Capital A/c Rs. 6000 and Rs. 4000 respectively. What is the sacrificing ratio of A and B.

A
1:1

B
3:2

C
2:3

D
1:3
Question 3
1 / -0

A purchase goods from B on three months credit. Before making payment B is declared insolvent and nothing is recovered from his estate. The contract stand __________.

A
discharged by operation of law.

B
discharged by lapse of time.

C
discharged b mutual consent.

D
rendered illegal.
Question 4
1 / -0

A firm has a policy of valuing goodwill at 2 years purchase of average profit of last three years.From the following details estimate the goodwill of the firm
Profit for the year 2006 Rs.20,000 which includes an insurance claim of Rs.40,000 received
Loss for the year 2007 Rs.80,000 includes VRS payment of Rs.110,000
Profit for the year 2008 Rs. 105,000 which includes profit on sale of fixed assets Rs.25,000

A
Rs.60,000

B
Rs.90,000

C
Rs.75,000

D
Rs.80,000
Question 5
1 / -0

Calculate the value of goodwill of the firm under annuity method.
Super profit Rs. 10,000
No. of years over which super profit is to be paid =5 years.
Rate of annuity 5% per annum.

A
Rs. 40,000

B
Rs. 45,000

C
Rs. 43,300

D
Rs. 41,000
Question 6
1 / -0

An admission or report made by a partner concerning the affairs of the firm is evidence against the firm only when __________.

A
it is made in the ordinary course of business

B
its is made with the knowledge of all the partners

C
it is made with the connivance of remaining partners

D
it is made with the approval of all the partners
Question 7
1 / -0

ABC are three partners sharing profit and loss equally.The firm decides to give only 1/5th share of profit to C in future due to his illness. on the date of change in the profit sharing ratio the goodwill of the firm was valued Rs.6000. What entry would be made to give effect to this change in the profit sharing ratio

A
A's Capital A/c Dr. Rs.2500, B's Capital A/c Dr. Rs.3500, C's Capital A/c Cr. Rs.6000

B
A's Capital A/c Dr. Rs.4000, B's Capital A/c Dr. Rs.2000, C's Capital A/c Cr. Rs.6000

C
A's Capital A/c Dr. Rs.3000, B's Capital A/c Dr. Rs.3000, C's Capital A/c Cr. Rs.6000

D
A's Capital A/c Dr. Rs.2000, B's Capital A/c Dr. Rs.4000, C's Capital A/c Cr. Rs.6000
Question 8
1 / -0

Huge expenditure incurred at the time of launching of a new product in market is a / an.......

A
Revenue expenditure

B
Capital expenditure

C
Loss

D
Deferred Revenue expenditure
Question 9
1 / -0

Any asset taken over by a partner at the time of dissolution of the firm is debited to ____________________.

A
Realization A/c

B
Revaluation A/c

C
Concerned Partner's Capital A/c

D
All Partners' Capital A/c

Solution

When, at the time of dissolution of the firm, any partner takes over any asset of the firm, then such asset is credited in the books of the firm as an outgoing asset to eliminate its balance. Also, the concerned partner's capital account is debited with the amount of the asset taken over to reduce his/her capital from such amount.
Question 10
1 / -0

If in question no .44 normal profit is Rs.10,000 and goodwill is to be valued at 5 years purchase of super profit, what would be goodwill of the firm

A
Rs.75,000

B
Rs.25,000

C
Rs.30,000

D
Rs.50,000

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Re-Attempt Weekly Quiz Competition

Admission of a Partner Test - 32

Result

Admission of a Partner Test - 32

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SHARING IS CARING

Question 1

Debt equity ratio

Capital employed to net profit

Capital gearing ratio

Current ratio

Question 2

1:1

3:2

2:3

1:3

Question 3

discharged by operation of law.

discharged by lapse of time.

discharged b mutual consent.

rendered illegal.

Question 4

Rs.60,000

Rs.90,000

Rs.75,000

Rs.80,000

Question 5

Rs. 40,000

Rs. 45,000

Rs. 43,300

Rs. 41,000

Question 6

it is made in the ordinary course of business

its is made with the knowledge of all the partners

it is made with the connivance of remaining partners

it is made with the approval of all the partners

Question 7

A's Capital A/c Dr. Rs.2500, B's Capital A/c Dr. Rs.3500, C's Capital A/c Cr. Rs.6000

A's Capital A/c Dr. Rs.4000, B's Capital A/c Dr. Rs.2000, C's Capital A/c Cr. Rs.6000

A's Capital A/c Dr. Rs.3000, B's Capital A/c Dr. Rs.3000, C's Capital A/c Cr. Rs.6000

A's Capital A/c Dr. Rs.2000, B's Capital A/c Dr. Rs.4000, C's Capital A/c Cr. Rs.6000

Question 8

Revenue expenditure

Capital expenditure

Loss

Deferred Revenue expenditure

Question 9

Realization A/c

Revaluation A/c

Concerned Partner's Capital A/c

All Partners' Capital A/c

Solution

Question 10

Rs.75,000

Rs.25,000

Rs.30,000

Rs.50,000

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