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Admission of a Partner Test - 49

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Admission of a Partner Test - 49
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Weekly Quiz Competition
  • Question 1
    1 / -0
    Sometimes the value of _________ is not given at the time of admission of a new partner.
  • Question 2
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    If the amount of goodwill is less than the agreed value, the difference between the agreed value of goodwill and the amount of goodwill appearing in the books will be debited to the _______ account.
  • Question 3
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    Under revaluation method, when no goodwill exists in the books at the time of admission of partner, __________ account is debited with its full value.
  • Question 4
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    When the value of goodwill appearing in the books is more than the agreed value, under revaluation method., __________ account is credited
  • Question 5
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    Choose the correct answers from the alternatives given.
    A person may be admitted as a partner with the consent of ________. 
    Solution
    In terms of Section 31 of the Indian Partnership Act, 1932, a new person can be introduced as a partner into a firm with the consent of all the existing partners subject to the execution of a fresh Partnership Deed.
  • Question 6
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    Where in a partnership firm, the partners are entitled to interest on their capitals, such interest is payable _________.
  • Question 7
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    Where a Partner has advanced any loan to the Firm and the agreement provides for interest, but does not specify any rate, the rate shall be _____.
  • Question 8
    1 / -0
    Choose the correct answers from the alternatives given.
    A person may be admitted as a new partner ________. 
    Solution
    According to the Partnership Act 1932, a new partner can be admitted into the firm only with the consent of all the existing partners unless otherwise agreed upon.
    For the right to acquire share in the assets and profits of the partnership firm, the partner brings an agreed amount of capital either in cash or in kind.
  • Question 9
    1 / -0
    Choose the correct answers from the alternatives given.
    An incoming partner is liable for all the acts of the firm has done ________. 
    Solution

    Every partner is liable for all the acts of the firm done while he is a partner. It is clear that, as a general rule, the liability of an incoming partner begins from the date of his joining the firm.

    Nothing can prevent a partner from agreeing to be liable for the acts done before his admission. If the partner makes such an agreement with his co-partners, the creditors can make him liable if they can show the incoming partner had agreed with them expressly or impliedly, for being liable towards them for the acts done before admission.

  • Question 10
    1 / -0
    Common examples for non-profit corporations are ________________.
    Solution
    Non-profit corporations are all such organisations that do not operate for profit earning purpose and usually possess some social motive for the business. Common examples- educational corporations, charitable corporations and religious corporations.
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