Admission of a Partner Test

Result

Admission of a Partner Test - 73

Score
-
out of -
Rank
-
out of -

TIME Taken - -

SHARING IS CARING

If our Website helped you a little, then kindly spread our voice using Social Networks. Spread our word to your readers, friends, teachers, students & all those close ones who deserve to know what you know now.

Weekly Quiz Competition

Question 1
1 / -0

Section ____ of the Indian Partnership Act provides that a new partner shall not be inducted into a firm without the consent of all existing partners

A
31

B
32

C
33

D
30

Solution

Section 31 of the Indian Partnership Act provides that a new partner shall not be inducted into a firm without the consent of all existing partners.The consent of all the existing partners is required for admission of a new partner.
Question 2
1 / -0

What adjustments are mainly done at the time of admission of a new partner?

(i) Adjustment in Profit sharing ratio

(ii) Goodwill

(iii) Accumulated profits, Reserves and losses

A
Only (i) and (ii)

B
All (i), (ii) and (iii)

C
Only (ii)

D
Only (i)

Solution

Adjustments to be done at the time of admission of a partner are:

1.Change in profit sharing ratio

2.Adjustment for premium for goodwill

3.Adjustment of old goodwill (given in balance sheet)

4.Revaluation account (revaluation of assets and re-assessment of liabilities)

5.Accumulated profits and reserves

6.Adjustment of capital
Question 3
1 / -0

Sacrificing ratio is calculated for :

A
It is related to all partners

B
It is related to all partners (including new)

C
The old partners

D
It is related to new partners

Solution

When the new partner is admitted he gets his share of profits from the old partners. In other words the old partners sacrifice a part of their share to admit the new partner. Hence the sacrificing ratio is calculated for the old partners. Sacrificing ratio = Old ratio - New ratio.(of the old partners)
Question 4
1 / -0

Hari and Mohan are partners in the ratio 3:2. On 1st April, 2015 they admitted John as a new partner with 1/6 share in profit of the firm. Find out the sacrifice or gain of Mohan.

A
Mohan’s Sacrifice 2/30

B
Mohan’s Gain 2/5

C
Mohan’s Sacrifice 1/5

D
Mohan’s Gain 1/5

Solution

Calculation of Mohan’s Sacrifice/gain:

Old Ratio = 3:2

New Ratio = 3:2:1

Sacrificing Ratio = 3:2

Sacrifice of Hari = 3/5 – 3/6 = 3/30

Mohan = 2/5 – 2/6 = 2/30
Question 5
1 / -0

Anand and Nitin are partners sharing profits in the ratio of 3:2. They admitted Jayshree as a new partner for 3/10 share which she acquired 2/10 from Anand and 1/10 from Nitin. Calculate the new profit sharing ratio of Anand, Nitin and Jay

A
2:1:1

B
3:2:2

C
4:3:3

D
1:2:2

Solution

Jayshree’s share = 3/10

Anand’s share = 3/5 – 2/10 = 4/10

Nitin’s share = 2/5 – 1/10 = 3/10

New profit sharing ratio = 4:3:3
Question 6
1 / -0

A and B are partners in a firm sharing profits in the ratio of 2 : 1. They admit C as a new partner for 1/5 share. New Ratio will be 8:4:3. Sacrificing ratio will be:

A
2 : 1

B
1 : 2

C
3 : 5

D
1 : 7

Solution

If C is admitted for 1/5th share then 1-1/5= 4/5th share is available for A and B which they share in the ratio of 2:1. So the new profit sharing ratio for A is = 4/5*2/3=8/15

For B new profit sharing ratio is 4/5*1/3=4/15. So New ratio is 8:4:3.

Sacrificing ratio= Old ratio- new ratio. For A Sacrificing ratio = 2/3-8/15=2/15 and For B Sacrificing ratio = 1/3-4/15 = 1/15.
Question 7
1 / -0

A and B are partners in a firm sharing profits in the ratio of 5 : 3. They admit C as a new partner for 1/5 share. New Ratio will be 3 : 1 : 1. Sacrificing ratio will be:

A
1 : 2

B
5 : 3

C
2 : 1

D
1 : 7

Solution

OLD RATIO OF A AND B 5 : 3

NEW RATIO OF A , B AND C IS 3 : 1: 1

SACRIFICING RATIO OF A = 5/8-3/5 = 1 /40

SACRIFICING RATIO OF B = 3 / 8 - 1 / 5 = 7 / 40

SACRIFICING RATIO OF A AND B = 1 : 7
Question 8
1 / -0

A and B are partners in a firm sharing profits in the ratio of 4 : 3. They admit C as a new partner. New Ratio will be 2 : 3 : 1. Sacrificing ratio will be:

A
4 : 3

B
2 : 3

C
Only B is Sacrificing

D
Only A is sacrificing

Solution

Calculation of sacrificing ratio of partners:

Old Ratio = 4:3

New Ratio = 2:3:1

Sacrificing Ratio = A : 4/7 – 2/6 = 10/42

B : 3/7 – 3/6 = 3/42 Gain
Question 9
1 / -0

A and B are partners in a firm sharing profits in the ratio of 3 : 2. They admit C as a new partner for 1/4 share. New Ratio of A and B will be 2 : 1 . Sacrificing ratio will be:

A
2 : 3

B
2 : 1

C
1 : 1

D
3 : 2

Solution

Calculation of sacrificing ratio of partners:

Old Ratio = 3:2

New Ratio of A and B = 2:1

New Ratio of A, B and C will be : 1 – 1/4 = 3/4

A’s new share = 2/3 × 3/4 = 6/12

B’s new share = 1/3 × 3/4 = 3/12

C’s Share 1/4 OR 3/12

New Ratio 6 : 3: 3 OR 2:1:1

Sacrificing Ratio = A : 3/5 – 2/4 = 2/20

B : 2/5 – 1/4 = 3/20
Question 10
1 / -0

A and B are partners in a firm sharing profits in the ratio of 5 : 3. They admit C as a new partner for 1/7 share. New Ratio will be 4 : 2 : 1. Sacrificing ratio will be:

A
4 : 2

B
3 : 5

C
5 : 3

D
3 : 2

Solution

Calculation of sacrificing ratio of partners:

Old Ratio = 5:3

New Ratio = 4:2:1

Sacrificing Ratio = A : 5/8 – 4/7 = 3/56

B : 3/8 – 2/7 = 5/56

User

Question Analysis

Correct -
Wrong -
Skipped -

My Perfomance

Score
-
out of -
Rank
-
out of -

Re-Attempt Weekly Quiz Competition

Admission of a Partner Test - 73

Result

Admission of a Partner Test - 73

Score

-

Rank

-

SHARING IS CARING

Question 1

31

32

33

30

Solution

Question 2

Only (i) and (ii)

All (i), (ii) and (iii)

Only (ii)

Only (i)

Solution

Question 3

It is related to all partners

It is related to all partners (including new)

The old partners

It is related to new partners

Solution

Question 4

Mohan’s Sacrifice 2/30

Mohan’s Gain 2/5

Mohan’s Sacrifice 1/5

Mohan’s Gain 1/5

Solution

Question 5

2:1:1

3:2:2

4:3:3

1:2:2

Solution

Question 6

2 : 1

1 : 2

3 : 5

1 : 7

Solution

Question 7

1 : 2

5 : 3

2 : 1

1 : 7

Solution

Question 8

4 : 3

2 : 3

Only B is Sacrificing

Only A is sacrificing

Solution

Question 9

2 : 3

2 : 1

1 : 1

3 : 2

Solution

Question 10

4 : 2

3 : 5

5 : 3

3 : 2

Solution

User

Question Analysis

My Perfomance

Score

-

Rank

-

Results Announcement on: coming Monday

Stay Tuned: We’ll update you on your result via email or SMS.