MCQ - Admission of a New Partner | Principles and Practice of Accounting - CA Foundation PDF Download

 Page 1


Partnership Accounts  
Admission of a New Partner 
CPT Section A Fundamentals of Accountancy Chapter 8 Unit 3 
Prof. Deepak Jaggi 
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Partnership Accounts  
Admission of a New Partner 
CPT Section A Fundamentals of Accountancy Chapter 8 Unit 3 
Prof. Deepak Jaggi 
MCQ”s 
Page 3


Partnership Accounts  
Admission of a New Partner 
CPT Section A Fundamentals of Accountancy Chapter 8 Unit 3 
Prof. Deepak Jaggi 
MCQ”s 
MCQ:1 
Q.1. Profit or loss on revaluation is shared 
among the partners in  _____ ratio. 
a) Old Profit 
b) New Profit Sharing 
c) Capital 
d) Equal 
A) Old Profit 
Page 4


Partnership Accounts  
Admission of a New Partner 
CPT Section A Fundamentals of Accountancy Chapter 8 Unit 3 
Prof. Deepak Jaggi 
MCQ”s 
MCQ:1 
Q.1. Profit or loss on revaluation is shared 
among the partners in  _____ ratio. 
a) Old Profit 
b) New Profit Sharing 
c) Capital 
d) Equal 
A) Old Profit 
MCQ.2 
Q.2. X, Y and  Z are  equal  partners  in a  firm  with  capital of ?16,800,  ? 
12,600   and  ? 6,000 respectively.  With bills payable ? 3,300,  creditors ? 
6,000, cash ? 600,  debtors ? 10,800 , stocks ? 11,400 , furniture ? 2,400  and  
building ? 19,500 R is admitted  to the firm and brings ? 9,000  as goodwill and 
? 15,000 as capital.  Half the goodwill is withdrawn by old partners, and stock 
and furniture is depreciated by 10%.  A provision of 5% on debtors is created 
and value of building is taken at ? 27,000.  The profit on revaluation will be: 
(a) ?5,500 
(b) ?5,580 
(c) ?5,400 
(d) ?5,680 
b) ?5580 
Page 5


Partnership Accounts  
Admission of a New Partner 
CPT Section A Fundamentals of Accountancy Chapter 8 Unit 3 
Prof. Deepak Jaggi 
MCQ”s 
MCQ:1 
Q.1. Profit or loss on revaluation is shared 
among the partners in  _____ ratio. 
a) Old Profit 
b) New Profit Sharing 
c) Capital 
d) Equal 
A) Old Profit 
MCQ.2 
Q.2. X, Y and  Z are  equal  partners  in a  firm  with  capital of ?16,800,  ? 
12,600   and  ? 6,000 respectively.  With bills payable ? 3,300,  creditors ? 
6,000, cash ? 600,  debtors ? 10,800 , stocks ? 11,400 , furniture ? 2,400  and  
building ? 19,500 R is admitted  to the firm and brings ? 9,000  as goodwill and 
? 15,000 as capital.  Half the goodwill is withdrawn by old partners, and stock 
and furniture is depreciated by 10%.  A provision of 5% on debtors is created 
and value of building is taken at ? 27,000.  The profit on revaluation will be: 
(a) ?5,500 
(b) ?5,580 
(c) ?5,400 
(d) ?5,680 
b) ?5580 
MCQ.3 
Q.3. X and Y are partners sharing profits and 
losses in the ratio of 3:2(X’s Capital is ? 30,000 
and Y’s Capital is ? 15,000) .  They admitted Z 
agreed to give 1/5
th
 share of profits to him.  How 
much Z should bring in towards his capital? 
Ans. d) ? 11,250  
a)?9,000 b) ?12,000 
c) ?14,500 d) ?11,250