All questions of Reconstitution of a Partnership Firm: Admission of a Partner for Commerce Exam

• a)
  900
• b)
  1200
• c)
  600
• d)
  No interest will be charged.

• a)
  Section 61
• b)
  Section 13
• c)
  Section 48
• d)
  Section 4

• a)
  Dispute
• b)
  Audit
• c)
  Loss
• d)
  Case

• a)
  Sacrificing ratio 1 : 1
• b)
  Sacrificing ratio 2 : 1
• c)
  A’s Sacrifice 6/15 and B’s Gain 3/15
• d)
  Sacrificing ratio 3 : 5

• a)
  To Increase the Number of partners
• b)
  To Increase the Capital of the firm.
• c)
  To Increase the Profit sharing Ratio
• d)
  To increase the goodwill of the firm

• a)
  Capital more than 15 Crore
• b)
  Registration
• c)
  Sharing of Profits
• d)
  More than 10 Persons

• a)
  Not Allowed
• b)
  Compulsory
• c)
  Optional
• d)
  Under Companies Act 2013

• a)
  Interest on Debentures
• b)
  Interest on Partners capital and drawings
• c)
  Name of the firm.
• d)
  Ratio in which profit or losses shall be share

• a)
  Written off by the Sacrificing partners
• b)
  Distributed by Gainer partners
• c)
  Credited to old Partners Capital accounts
• d)
  Written off by the old partners

• a)
  Rs. 30000
• b)
  Rs. 7500
• c)
  Rs. 120000 
• d)
  Rs. 7000

• a)
  New Ratio
• b)
  Gain Ratio
• c)
  Sacrificing Ratio
• d)
  Old Ratio

• a)
  240
• b)
  960
• c)
  480
• d)
  600

• a)
  For 12months
• b)
  For 0 months
• c)
  For 6 months
• d)
  For 8 months

• a)
  It is 3:2:1
• b)
  It is 2:4:3
• c)
  It is 3:4:2
• d)
  It is 4:2:3

• a)
  Rs.119700
• b)
  Rs.29400
• c)
  Rs.90300
• d)
  Rs.90200

• a)
  Premium for Goodwill
• b)
  Average Goodwill
• c)
  Hidden Goodwill
• d)
  Purchased Goodwill

• a)
  Financial Security to the weaker section of society
• b)
  Right to Education
• c)
  Social Responsibility
• d)
  Both Financial Security to the weaker section of society and Social Responsibility

• a)
  Right to Stop other partners for drawings
• b)
  Right to Share the Assets of the firm.
• c)
  Right to share the old profits of the firm
• d)
  Right to Say no for Goodwill

• a)
  Profit and loss appropriation account
• b)
  Partners current account only
• c)
  Profit and loss account
• d)
  Partners capital account only

• a)
  Profit and Loss Account
• b)
  Profit and Loss appropriation Account
• c)
  Partners capital Account
• d)
  Partners current Account

• a)
  A= ?1,000 and B= ?500
• b)
  A= ?2,000 and B= ?500
• c)
  A= ?1,000 and B= ?1500
• d)
  A= ?1,500 and B=?500

• a)
  It is related to old partners
• b)
  It is related to all partners
• c)
  It is related to new partners
• d)
  It is related to all partners (including new)

• a)
  Firm
• b)
  Co-operatives
• c)
  Partner
• d)
  Company

• a)
  Lawful Business
• b)
  Agreement
• c)
  Law
• d)
  Section 4

• a)
  1934
• b)
  1935
• c)
  1933
• d)
  1932

• a)
  Not liable for any loss in the partnership
• b)
  Only to the extent of capital introduced
• c)
  Only 50 % of Loss occurred
• d)
  His private assets can also be used for paying off the firm’s debt

• a)
  900 and 600
• b)
  300 and 200
• c)
  600 and 900
• d)
  3000 and 2000

• a)
  Revaluation Account 
• b)
  Capital Accounts of all partners, including new partner 
• c)
  None of the these
• d)
  Old Partner's Capital Account 

• a)
  Interest on Bank Loan
• b)
  Interest on Partner’s Loan
• c)
  Interest on Capital
• d)
  Interest on Drawings

• a)
  3:1
• b)
  4:7
• c)
  5:4
• d)
  2:1

• a)
  Partners
• b)
  Managers
• c)
  Directors
• d)
  Proprietors

• a)
  Firm’s name
• b)
  Company
• c)
  Business
• d)
  Firm

• a)
  Not separate from the owners.
• b)
  a separate business entity.
• c)
  Both a separate business entity and Not separate from the owners
• d)
  None of these

• a)
  4.5 months
• b)
  6 months
• c)
  5.5 months
• d)
  7.5 months

• A:

  2 : 1

• B:

  1 : 7

• C:

  3 : 5

• D:

  1 : 2

The answer is D.

• a)
  Only for 6 months @ 6% p.a.
• b)
  6% p.a. on capital
• c)
  No interest on capital
• d)
  10 % p.a. on capital

• a)
  Profit A/c
• b)
  Goodwil A/c
• c)
  Partner’s account
• d)
  Bank A/c

• a)
  6% interest on capital is allowed
• b)
  No interest on capital is allowed
• c)
  2% interest on capital is allowed
• d)
  5% interest on capital is allowed

• a)
  New partner will bring capital and goodwill in cash
• b)
  New partner will inspect the books of accounts
• c)
  New partner is allowed to share old profits
• d)
  New partner is admitted by the consent of all partners

• a)
  1
• b)
  2
• c)
  3
• d)
  4

• a)
  Rs. 1,00,000
• b)
  Rs. 4,00,000
• c)
  Rs. 1,20,000
• d)
  Rs. 6,00,000

• a)
  2,60,000 : 2,06,000 : 50,000
• b)
  2,20,000 : 1,82,000 : 66,000
• c)
  2,92,500 : 2,25,500 : 50,000
• d)
  2,82,500 : 2,19,500 : 66,000

• a)
  21:11:8
• b)
  20:10:4
• c)
  15:10:4
• d)
  None

• a)
  Equal ratio irrespective of partners capitals.
• b)
  Profits will not be distributed
• c)
  Capital Ratio
• d)
  Senior partner will get more profit

• a)
  sale of fixed assets
• b)
  revaluation of assets and liabilities
• c)
  sale of goods
• d)
  sale of services

• a)
  Sacrificing ratio 1 : 1
• b)
  Sacrificing ratio 2 : 1
• c)
  A’s Sacrifice 6/15 and B’s Gain 3/15
• d)
  Sacrificing ratio 3 : 5

• a)
  5 : 7 : 8
• b)
  20 : 49 : 64
• c)
  38 : 28 : 21
• d)
  None of these

• a)
  
• b)
  3:1:1:1
• c)
  2:2:2:1
• d)
  None

• a)
  No change in agreement
• b)
  Change in the agreement among all partners
• c)
  Ratio keeps on changing in every six month
• d)
  Due to change in external environment

• a)
  8,000:2,000
• b)
  5,000:5,000
• c)
  Old partners will not get any share in the goodwill brought in by C
• d)
  6,000:4,000