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Admission of a Partner Test - 36

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Admission of a Partner Test - 36
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Weekly Quiz Competition
  • Question 1
    1 / -0
    Unrecorded liabilities at the time of admission of a partner is....
    Solution
    Revaluation account is a nominal account, which is prepared for the distribution and transfer of profits and losses arising due to the increase and decrease of the book value of assets and liabilities during change in profit sharing ratio, admission of a partner, retirement of a partner and death of a partner. Increase in the value of asset, unrecorded assets, decrease in the value of liabilities are credited to revaluation account and Decrease in the value of assets, Increase in the value of liabilities and Unrecorded liabilities are debited to Revaluation A/c.
    Therefore, A is the correct option.
  • Question 2
    1 / -0
    At the time of admission or retirement of a partner which of the following account is opened to give effect to revaluation of assets and liabilities
  • Question 3
    1 / -0
    A,B and C are three partner sharing profit and loss in the ratio of 2:3:1, B retires from the firm. hat is the new profit sharing ratio of the remaining partners. What is the gaining ratio of the remaining partners.
  • Question 4
    1 / -0
    Which of the following statement is true?
  • Question 5
    1 / -0
    When goodwill account is subsequently written off after admission of a new partner the capital A/c of all the partners is debited in
  • Question 6
    1 / -0
    As per the Partnership Act partners are entitled to share profit
  • Question 7
    1 / -0
    Excell Associates is a partnership firm, it intent to revalue its goodwill, average profits for the past five years are Rs 25000 p.a. Goodwill is being valued 3 years purchase of average profit. Good will of the firm will be valued at Rs __pa
  • Question 8
    1 / -0
    A,B and C are three partner sharing profit and loss in the ratio of 2:3:1, B retires from the firm. hat is the new profit sharing ratio of the remaining partners
  • Question 9
    1 / -0
    Reconstitution of a firm is warranted when there is......
  • Question 10
    1 / -0
    Which of these powers are not available to the State Government under the Indian Partnership Act?
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