| 1 |
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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| 2 |
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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| 3 |
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
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| 4 |
The amount of good will broght in cash by nw partner will be credited to old partner in. |
- A. Gaining Ratio
- B. New Ratio
- C. Old Ratio
- D. Sacrifice Ratio
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| 5 |
Good will is. |
- A. Tangible asset
- B. Imtamgon;e asset
- C. Wasting assets
- D. Frictious assets
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| 6 |
Profit on revalutin is to be caredited to old partners in their |
- A. Sacrificing ratio
- B. New profit shiaring ratio
- C. Old prift sharing ratio
- D. Equal prift sharing ratio
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| 7 |
Revaluation loss should be debited to. |
- A. Revaluation account
- B. All partners capital account
- C. Old partners capital accounts
- D. New partners capital account
|
| 8 |
Good will is |
- A. Expense
- B. Profit
- C. Assets
- D. Liability
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| 9 |
Value of the good will is calculated under capitalization formula. |
- A. Average profit / reasonable return x 100
- B. Resonable return / average profit x 100
- C. Averager profit x 100 / resonable return
- D. None of these
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| 10 |
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
|