Admission of a Partner Test

Result

Admission of a Partner Test - 35

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SHARING IS CARING

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Weekly Quiz Competition

Question 1
1 / -0

In settling the accounts of the firm after dissolution, the goodwill of the firm can be sold ____________.

A
separately

B
along with other assets

C
Either (a) or (b)

D
cannot be sold
Question 2
1 / -0

Match the following.
A B
$$1$$. Patents and copyright $$1$$. Admission of partner
$$2$$. Raising goodwill $$2$$. Conservation
$$3$$. Forfeiture $$3$$. Fictitious Assets
$$4$$. Provision for discount on debtors $$4$$. Shares

A
$$(1, 4), (2, 3), (3, 2), (4, 1)$$

B
$$(1, 2), (2, 3), (3, 4), (4, 1)$$

C
$$(1, 4), (2, 2), (3, 4), (4, 3)$$

D
$$(1, 3), (2, 1), (3, 4), (4, 2)$$
Question 3
1 / -0

$$XYZ$$ Associates a registered firm closes its business at Delhi, the notice thereof to the Registrar of firms can be given by _______.

A
any partner

B
agent of the firm

C
either (a) or (b)

D
Legal Advisor of the firm
Question 4
1 / -0

A firm has goods worth Rs. $$120,000$$ available for sale. If the firm intends to earn a profit of $$20\%$$ of total sales. What should be the total selling price of the goods available for sale

A
Rs$$140,000$$

B
Rs$$150,000$$

C
Rs$$144,000$$

D
Rs$$139,000$$
Question 5
1 / -0

The concept of partnership commensurate with _______.

A
principal and agent

B
co-owners property

C
joint owners of property

D
all the above

Solution

In the Partnership, the business must be carried out by all the partners together. Or alternatively, it can be carried out by any of the partners (one or several) acting for all of them or on behalf of all of them. So this means every partner is an agent as well as the principal of the partnership. He represents the other partners in some cases so he is their agent. But in other circumstances, he is bound by the actions of any of the other partners asking him the principal as well.
Therefore, A is the correct option.
Question 6
1 / -0

An action for indemnity against a partner can be brought by ______.

A
the firm only

B
an individual partner

C
either (a) or (b)

D
neither (a) nor (b)
Question 7
1 / -0

Goodwill, Trade Marks, Patents and Copyright constitutes __________.

A
property of the firm

B
property of the managing partner

C
property of the partner having the highest share in the profits

D
property of the partner having the lowest share in the profits
Question 8
1 / -0

Which of the following is an example of real asset

A
Building A/c

B
Goodwill A/c

C
Patent A/c

D
Copyright A/c
Question 9
1 / -0

X and Y enters into a Joint venture for sale of antique items, X send goods worth Rs 60000 to Y 3/4 of which were sold by Y for Rs 90000 and remaining were taken over by him at the same gross profit margin at which the goods were sold to the outside customers less 20% discount on such value. What is the profit on this particular Joint Venture

A
Rs 50000

B
Rs 60000

C
Rs 54000

D
Rs 45000
Question 10
1 / -0

If there is no agreement between the partners a partner is entitles to have __

A
Salary

B
Interest on capital

C
Commission on sales

D
Interest on loan or advance given to the firm

User

Question Analysis

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Re-Attempt Weekly Quiz Competition

A		B
$$1$$.	Patents and copyright	$$1$$.	Admission of partner
$$2$$.	Raising goodwill	$$2$$.	Conservation
$$3$$.	Forfeiture	$$3$$.	Fictitious Assets
$$4$$.	Provision for discount on debtors	$$4$$.	Shares

Admission of a Partner Test - 35

Result

Admission of a Partner Test - 35

Score

-

Rank

-

SHARING IS CARING

Question 1

separately

along with other assets

Either (a) or (b)

cannot be sold

Question 2

$$(1, 4), (2, 3), (3, 2), (4, 1)$$

$$(1, 2), (2, 3), (3, 4), (4, 1)$$

$$(1, 4), (2, 2), (3, 4), (4, 3)$$

$$(1, 3), (2, 1), (3, 4), (4, 2)$$

Question 3

any partner

agent of the firm

either (a) or (b)

Legal Advisor of the firm

Question 4

Rs$$140,000$$

Rs$$150,000$$

Rs$$144,000$$

Rs$$139,000$$

Question 5

principal and agent

co-owners property

joint owners of property

all the above

Solution

Question 6

the firm only

an individual partner

either (a) or (b)

neither (a) nor (b)

Question 7

property of the firm

property of the managing partner

property of the partner having the highest share in the profits

property of the partner having the lowest share in the profits

Question 8

Building A/c

Goodwill A/c

Patent A/c

Copyright A/c

Question 9

Rs 50000

Rs 60000

Rs 54000

Rs 45000

Question 10

Salary

Interest on capital

Commission on sales

Interest on loan or advance given to the firm

User

Question Analysis

My Perfomance

Score

-

Rank

-

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