| 1 |
On the addimissionof a new partner the increase int he value of assets is debited |
- A. Revaluation account
- B. Assets account
- C. Old partners capital account
- D. New partners capital account
|
| 2 |
Old prifit sharing ratio minus new profit sharing ratio is equal for. |
- A. Sacrifing ratios
- B. Gaining ratios
- C. Distributing ratios
- D. None of these
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| 3 |
When the incoming partner pays the firm for good willin cash the amount should be debited to firms books to. |
- A. Good will accounts
- B. Cash Account
- C. Capital account of the incoming partner
- D. All of the above
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| 4 |
The balance of revaluation accoun tis transferred to the old partners capital accounts in their. |
- A. Sacrificing ratio
- B. Old profit shairng ratio
- C. New profit sharing ratio
- D. Equal profit shairng ratio
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| 5 |
If the goods will raised at the tim e of admissionof a new partner will be written off in. |
- A. Old prifit sharing ratios
- B. Capitals ratios
- C. New profit - Old ratios
- D. Sacrificing ratios
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| 6 |
Good will is |
- A. Expense
- B. Profit
- C. Assets
- D. Liability
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| 7 |
The extra amount charged fromt he new partner over and above the capital is for. |
- A. Purchase of Machinery
- B. Good will
- C. Purchaser of furniture
- D. Payment of liabilities
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| 8 |
General reserve at the time of admission of anew partner is credited. |
- A. New partner capital account
- B. General reserve account
- C. Old parners capital account
- D. All partners capital account
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| 9 |
When a new partner is admitted with out the consent of the old partner. |
- A. Partnership will be dissolved
- B. Will value
- C. Agreed value
- D. None of these
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| 10 |
On the admission of a new partneer the decreasein the value of assets is debited to. |
- A. Revaluation account
- B. Assets account
- C. Old parner's capital account
- D. New partner capital account
|