1 out of 10
Mona and Tina were partners in a firm sharing profits in the ratio of 3:2. Naina was admitted with 1/6th share in the profits of the firm. At the time of admission, Workmen’s Compensation Reserve appeared in the Balance Sheet of the firm at Rs. 32,000. The claim on account of workmen’s compensation was determined at Rs. 40,000. Excess of claim over the reserve will be :
2 out of 10
Sun and Star were partners in a firm sharing profits in the ratio of 2 : 1. Moon was admitted as a new partner in the firm. New profit sharing ratio was 3 : 3 : 2. Moon brought the following assets towards his share of goodwill and his capital: Machinery - Rs. 2,00,000, Furniture - Rs. 1,20,000, Stock - Rs. 80,000, Cash - Rs. 50,000. If his capital is considered as Rs. 3,80,000, the goodwill of the firm will be :
3 out of 10
Aditya and Shiv were partners in a firm with capitals of Rs. 3,00,000 and Rs. 2,00,000, respectively. Naina was admitted as a new partner for 1/4th share in the profits of the firm. Naina brought Rs. 1,20,000 for her share of goodwill premium and Rs. 2,40,000 for her capital. The amount of goodwill premium credited to Aditya will be:
4 out of 10
Ashok and Sudha were partners in a firm sharing profits and losses in the ratio of 3:1. They admitted Bani as a new partner. Ashok sacrificed 1/4th of his share and Sudha sacrificed 1/4th of her share is favour of Bani. Bani’s share in the profits of the firm will be :
5 out of 10
Disha and Abha were partners in a firm. Farad was admitted as a new partner for 1/5th share in the profits of the firm. Farad brought proportionate capital. Capitals of Disha and Abha after all adjustments were Rs. 64,000 and Rs. 46,000 respectively. Capital brought by Farad was :
6 out of 10
A and B are partners in a firm having a capital of ₹ 54,000 and ₹ 36,000 respectively. They admitted C for 1/3rd share in the profits C brought proportionate amount of capital. The Capital brought in by C would be:
7 out of 10
A newly admitted partner acquires the right to
8 out of 10
According to Section 31(1) of the Indian Partnership Act, 1932, "A person can be admitted as a new partner only with the ..... unless otherwise agreed upon."
9 out of 10
X and Y are partners in a firm which develops software for industries. X's minor son 2 is a computer wizard. Can he be admitted in the partnership firm?
10 out of 10
When share of new or incoming partner is given without giving the details of sacrifice made by old or existing partners, then (i) it is assumed that old partners make sacrifice in their old profit sharing ratio. (ii) there is no change in profit sharing ratio of the old partners.