| 1 |
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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| 2 |
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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| 3 |
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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| 4 |
A new partner may be admitted to a partnership. |
- A. With the consent of all the partners
- B. With the consent of any one of the partners
- C. With consent of two third the old partners
- D. Without the consent of old partners
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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 |
Sacrificing rations are equal to. |
- A. Capital Ratios- New ratios
- B. Old ratios - New ratios
- C. New ratio - old ratios
- D. None of these
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| 7 |
Good will is. |
- A. Tangible asset
- B. Imtamgon;e asset
- C. Wasting assets
- D. Frictious assets
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| 8 |
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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| 9 |
Good will is |
- A. Expense
- B. Profit
- C. Assets
- D. Liability
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| 10 |
In the absence of an agreement, the share of new partner in patnership will be. |
- A. In the portion of capital
- B. Equal
- C. According to work
- D. None of the above
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