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Accountancy Test - 13
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  • Question 1/10
    5 / -1

    X and Y are sharing profits and losses in the ratio of 3 : 2. Z is admitted with 1/5th share in profits of the firm which he gets entirely from X. Find out the new profit sharing ratio.

  • Question 2/10
    5 / -1

    Taxation fund should never be distributed among the old partners at the time of admission of partners.

  • Question 3/10
    5 / -1

    On the admission of a new partner, old partnership continues.

  • Question 4/10
    5 / -1

    According to AS -10, value of goodwill should be adjusted through the capital accounts of the partners.

  • Question 5/10
    5 / -1

    When the existing goodwill in books is written-off at the time of admission of new partner, the new partners’ capital account is not debited.

  • Question 6/10
    5 / -1

    Contingency reserve, profit and loss account (credit) balance and deferred revenue expenditure account are credited to capital accounts of old partner in old ratio at the time of admission of new partners.

  • Question 7/10
    5 / -1

    Good will of the firm of X and Y is valued at ₹ 45,000. It is appearing in the books at ₹18,000. Z is admitted in the firm. What amount is she supposed to bring an account of goodwill?

  • Question 8/10
    5 / -1

    There are two statements marked as Assertion (A) and Reason (R). Read the statements and choose the appropriate option from the options given below

    Assertion (A): In certain cases, the premium for goodwill paid by the incoming partner is not recorded in the books of accounts.

    Reason (R): Sometimes, the incoming partner pays his share of goodwill privately to the sacrificing partners, outside the business.

  • Question 9/10
    5 / -1

    Which of the following capitals is shown in the company’s balance sheet?

  • Question 10/10
    5 / -1

    Which document is prepared by the company as an invitation to the public to subscribe for company’s shares?

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