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Accountancy Test - 3
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  • Question 1/10
    5 / -1
    The ratio in which the old partners are surrendering their share of profits in favour of the incoming partner is called__________.
  • Question 2/10
    5 / -1
    The matters that require adjustment at the time of admission of a new partner are:
  • Question 3/10
    5 / -1
    In case of admission of a partner, unrecorded asset and unrecorded liability are to be recorded in:
  • Question 4/10
    5 / -1
    A, B and C are partners in the ratio of 1/5 : 1/3 : 7/15 .C retires and his share is taken up by A and B in the ratio of 3 : 2.The new profit-sharing ratio will be
  • Question 5/10
    5 / -1
    A, B and C are partners sharing profits in the ratio of 2: 2: 1. C retired. The new profit-sharing ratio will be:
  • Question 6/10
    5 / -1
    The General Reserve at the time of admission of the partner is transferred to:
  • Question 7/10
    5 / -1
    Capital employed in a business is Rs. 150000. Profit gained was Rs. 50000/-and the normal rate of profit is 20%. The amount of goodwill as per the capitalization method would be
  • Question 8/10
    5 / -1
    X and Y share profits and losses in the ratio of 2: 1. They take Z as a partner and the new profit-sharing ratio becomes 3: 2: 1. Z brings Rs. 4,500 as a premium for goodwill. What will be the value of the firm’s goodwill?
  • Question 9/10
    5 / -1
    Profit on revaluation of assets and liabilities is shared by old partners in:
  • Question 10/10
    5 / -1
    Calculation of sacrificing ratio is necessary when the new partner will bring in ________________.
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