Welcome to "Partnership Admission (Quiz3)" - presented by Accounts Aptitude.

You will get 10 questions to attempt in 5 minutes time.

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1.

X and Y are partners sharing profits in the ratio of 2:3. They admitted Z for 1/5th share of profits, for which he paid Rs. 1,20,000 against capital and Rs. 60,000 as goodwill. Find the capital balances for each partner taking Z's' capital as base capital.

Rs.3,00,000, Rs. 1,20,000 and Rs.1,20,000

Rs.1,92,000, Rs. 2,88,000 and Rs.1,20,000

Rs.3,00,000, Rs. 1,20,000 and Rs. 1,80,000

Rs.3,00,000, Rs. 1,80,000 and Rs. 1,80,000

1 out of 10

2.

A and B are partners sharing profit in the ratio of 3 : 2. They admit C as a partner by giving him 1/3 share in future profits. The new ratio will be :

12 : 8 : 5

8: 12 : 5

5 : 5 : 12

None of the Above

2 out of 10

3.

A and B are partners in a business sharing profits and losses in the ratio of 7 : 3 respectively. They admit C as a new partner. A sacrificed 1/7th share of his profit and B sacrificed 1/3rd of his share in favour of C. The new profit sharing ratio of A, B and C will be :

3 : 1 : 1

2 : 1 : 1

2 : 2 : 1

None of the above

3 out of 10

4.

If at the time of admission, some profit and loss account balance appears in the books, it will be transferred to :

Profit & Loss Adjustment Account

All partners’ Capital Accounts

Old partners’ Capital Accounts

Revaluation Account

4 out of 10

5.

Ramesh and Suresh are partners sharing profits in the ratio of 2 : 1 respectively. Ramesh Capital is ₹1,02,000 and Suresh Capital is ₹73,000. They admit Mahesh and agree to give him 1/5th share in future profit. Mahesh brings ₹14,000 as his share of goodwill. He agrees to contribute capital in the new profit sharing ratio. How much capital will be brought by Mahesh?

₹43,750

₹45,000

₹47,250

₹48,000

5 out of 10

6.

A and B are partners in a firm having capital balances of ₹54,000 and ?36,000 respectively. They admit C in partnership for 1/3rd share and C is to bring proportionate amount of capital. The capital amount of C would be :

₹90,000

₹45,000

₹5,400

₹36,000

6 out of 10

7.

profits and brings ₹3,40,000 as capital, calculate the amount of goodwill:

₹2,40,000

₹1,00,000

₹1,50,000

₹3,00,000

7 out of 10

8.

A and B are partners sharing profits and losses in the ratio of 5 : 3. On admission, C brings ₹70,000 as cash and ₹43,000 against Goodwill. New profit ratio between A, B and C is 7 : 5 : 4. The sacrificing ratio of A and B is:

3 : 1

1 : 3

4 : 5

5 : 9

8 out of 10

9.

A, B, C and D are partners. A and B share 2/3rd of profits equally and C and D share remaining profits in the ratio of 3 : 2. Find the profit sharing ratio of A, B, C and D.

5 : 5 : 3 : 2

7 : 7 : 6 : 4

2.5 : 2.5 : 8 : 6

3 : 9 : 8 : 3

9 out of 10

10.

Sacrificing ratio is used to distribute in case of admission of a partner :

Reserves

Goodwill

Revaluation Profit

Balance in Profit and Loss Account

10 out of 10

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