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Admission of a Partner Test - 48

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Admission of a Partner Test - 48
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Weekly Quiz Competition
  • Question 1
    1 / -0
    At the time of entry of a new partner, no money is paid towards goodwill by the new partner. It is __________.

  • Question 2
    1 / -0
    A & B shares profit and losses equally. The admit C as an equal partner and assets were revalued as follow:Stock at Rs.$$10,000$$ (book value Rs.$$12,000$$); Machinery at Rs.$$50,000$$ (book value Rs.$$55,000$$): Building would be appreciated by $$10\%$$ (book value Rs.$$15,000$$). Find the profit/loss on revaluation to be shared among A and B.
  • Question 3
    1 / -0
    The correct equation for calculation of super profit method used for calculation of Goodwill is

  • Question 4
    1 / -0
    A,B & C are in partnership sharing profits and losses in the ratio $$2:2:1$$. They want to admit D into partnership with $$1/5$$ share. D brings in Rs.$$30,000$$ as capital and Rs.$$10,000$$ as premium for goodwill. If premium money is retained in business which of the following journal entry is correct for sharing premium for goodwill?

    A Capital A/c      Dr.
    B Capital A/c      Dr.
    C Capital A/c      Dr.
       To Premium for Goodwill A/c    		$$4,000$$
    $$4,000$$
    $$2,000$$




    $$10,000$$
    Premium for Goodwill A/c      Dr.
       To A Capital A/c
       To B Capital A/c
       To C Capital A/c    		$$10,000$$




    $$2,000$$
    $$4,000$$
    $$4,000$$
    Premium for Goodwill A/c      Dr.
       To A Capital A/c
       To B Capital A/c
       To C Capital A/c    		$$10,000$$




    $$4,000$$
    $$4,000$$
    $$2,000$$
    Premium for Goodwill A/c      Dr.
       To A Capital A/c
       To B Capital A/c
       To C Capital A/c     		$$10,000$$




    $$3,000$$
    $$3,000$$
    $$4,000$$
  • Question 5
    1 / -0
    A & B are partners sharing the profit in the ratio of $$3:2$$. They take C as the new partner, who is supposed to bring Rs.$$25,000$$ against capital and Rs.$$10,000$$ against goodwill. New profit sharing ratio is $$1:1:1$$. C is able to bring Rs.$$30,000$$ only. How this will be treated in the books of the firm?
  • Question 6
    1 / -0
    Goodwill should be tested for value impairment at which of the following levels?

  • Question 7
    1 / -0
    Goodwill valuation is not required to be done in the following condition
  • Question 8
    1 / -0
    The correct equation for calculation of super profit method used for calculation of Goodwill is
  • Question 9
    1 / -0
    When the value of goodwill appearing in the books is less than the agreed value, _______________ account is credited
  • Question 10
    1 / -0
    At the time of entry of a new partner no money is paid toward goodwill by the new partner. It is 
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