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UGC NET Exam  >  UGC NET Tests  >  UGC NET Commerce Preparation Course  >  Test: Admission of a Partner - UGC NET MCQ

Test: Admission of a Partner - UGC NET MCQ


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10 Questions MCQ Test UGC NET Commerce Preparation Course - Test: Admission of a Partner

Test: Admission of a Partner for UGC NET 2024 is part of UGC NET Commerce Preparation Course preparation. The Test: Admission of a Partner questions and answers have been prepared according to the UGC NET exam syllabus.The Test: Admission of a Partner MCQs are made for UGC NET 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Admission of a Partner below.
Solutions of Test: Admission of a Partner questions in English are available as part of our UGC NET Commerce Preparation Course for UGC NET & Test: Admission of a Partner solutions in Hindi for UGC NET Commerce Preparation Course course. Download more important topics, notes, lectures and mock test series for UGC NET Exam by signing up for free. Attempt Test: Admission of a Partner | 10 questions in 18 minutes | Mock test for UGC NET preparation | Free important questions MCQ to study UGC NET Commerce Preparation Course for UGC NET Exam | Download free PDF with solutions
Test: Admission of a Partner - Question 1
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This a MCQ (Multiple Choice Question) based practice test of Chapter 3 - Admission of a Partner of Accountancy of Class XII (12) for the quick revision/preparation of School Board examinations

Q  Why a new partner is admitted in the firm?

Detailed Solution for Test: Admission of a Partner - Question 1

The main purpose of admission of a new partner is to increase the capital of the firm. When old partners feel that the capital they have employed in the business is not enough for the future growth of the business. They may admit a new partner to maintain or to build up the financial strength of the business.

Test: Admission of a Partner - Question 2
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Out of the following, which is the main right of a partner?

Detailed Solution for Test: Admission of a Partner - Question 2

When a new partner is admitted into a partnership business. He gets following rights:
1.Right to share future profits of the firm
2.Right to share in the assets of the firm
New partner is not entitled to the profits and other incomes earned by a partnership business before his admission

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Test: Admission of a Partner - Question 3
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According to Section 30 of Partnership Act 1932:

Detailed Solution for Test: Admission of a Partner - Question 3

A new partner can be admitted in the partnership firm only with the consent of all the existing partners. A new partner cannot be admitted if all existing partners are not ready to admit him as a partner.

Test: Admission of a Partner - Question 4
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Goodwill Given in the old Balance Sheet will be:
Detailed Solution for Test: Admission of a Partner - Question 4

Goodwill existing in the old balance sheet of a partnership firm before admitting a new partner will be written off by the old partners in their old profit sharing ratio. A new partner cannot be debited for the same.

Test: Admission of a Partner - Question 5
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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 3 : 1 : 1. Sacrificing ratio will be:
Detailed Solution for Test: Admission of a Partner - Question 5

Calculation of sacrificing ratio of partners:
Old Ratio = 2:1
New Ratio = 3:1:1
Sacrificing Ratio = A : 2/3 – 3/5 = 1/15
B : 1/3 – 1/5 = 2/15

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Test: Admission of a Partner - Question 6
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Premium brought by the new partner will be shared by the existing partners in:
Detailed Solution for Test: Admission of a Partner - Question 6

When a new partner is admitted into the partnership firm, he brings some amount of premium for goodwill which will be shared/distributed by the sacrificing partners in their sacrificing ratio

Test: Admission of a Partner - Question 7
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 Which of the following is not an example of Reconstitution of partnership firm?
Detailed Solution for Test: Admission of a Partner - Question 7

Reconstitution on a partnership means change in the number of partners through Admission, Retirement or Death of the partners or change in the ratio of partners. Puchase of Assets will not change the constitution of the partnership.

Test: Admission of a Partner - Question 8
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According to section 31(1) of _____ new partner can be admitted only with consent of all existing partners
Detailed Solution for Test: Admission of a Partner - Question 8

When there is no proper guidelines or when there is no partnership deed or when partnership deed is silent on the issue of admission of a new partner. In such a case all provisions of the Partnership Act, 1932 will be applicable according to which a new partner can be admitted into the partnership only with the consent of all existing partners.

Test: Admission of a Partner - Question 9
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Amount brought by a new partner for his share in goodwill is known as _____
Detailed Solution for Test: Admission of a Partner - Question 9

When a new partners is admitted into the partnership he brings some amount in cash as his capital and some amount for his share in goodwill. The amount he brings for the share of goodwill is known as premium for goodwill.

Test: Admission of a Partner - Question 10
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Any change in the existing agreement amounts to ______
Detailed Solution for Test: Admission of a Partner - Question 10

Correct option is B. Reconstitution of the partnership firm

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