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Admission of a Partner Test - 50

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Admission of a Partner Test - 50
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  • Question 1
    1 / -0
    In case of transfer of Partners' Interest u/s 29, the Transferee cannot inspect the books of the Firm.
  • Question 2
    1 / -0
    __________ may be described as the aggregate of those intangible attributes of a business which contribute to its superior earning capacity over a normal return on investment.
    Solution
    Goodwill in accounting is an intangible asset that arises when a buyer acquires an existing business. Goodwill represents assets that are not separately identifiable.
    Goodwill arises when a company acquires another entire business. The amount of goodwill is the cost to purchase the business minus the fair market value of the tangible assets, the intangible assets that can be identified, and the liabilities obtained in the purchase.
  • Question 3
    1 / -0
    As a general rule, an incoming partner is not liable for the debts incurred, however, he may liable for past debts if it is agreed between.
  • Question 4
    1 / -0
    Under average profit basis, goodwill is calculated by -
    Solution
    Average Profit Method: Under this method the value of Goodwill is calculated by multiplying the Average Future profit by a certain number of year's purchase.
  • Question 5
    1 / -0
    As a general rule, an incoming partner is not liable for the debts incurred _____________________.
  • Question 6
    1 / -0
    Which of the following asset is compulsory to revalue, at the time of admission of a new partner?
  • Question 7
    1 / -0
    P, Q and R as are in partnership Q dies on $$15$$th June, $$2018$$ which of the following statement is true?
  • Question 8
    1 / -0
    Balance sheet prepared after the new partnership agreement, assets and liabilities are recorded at - 
  • Question 9
    1 / -0
    Weighted average method of calculating goodwill should be followed when -
  • Question 10
    1 / -0
    A new partner can be admitted with the consent of -
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