Free MCQ’s Quiz for Class 12 Accountancy Part 1 Chapter 3 – Reconstitution of a Partnership Firm – Admission of a Partner with Answers is prepared based on the latest CBSE Exam Pattern for the Academic Session. Students can solve NCERT based Class 12th Accountancy – ‘Reconstitution of a Partnership Firm – Admission of a Partner’ Multiple Choice Questions with Answers to know their preparation level on the Success Roar Classes website.

Here, we have provided Free MCQ’s Quiz on Class 12 Accountancy Part 1 – Chapter 3 – Reconstitution of a Partnership Firm – Admission of a Partner. In Reconstitution of a Partnership Firm – Admission of a Partner, we will go over all of this in detail, as well as the accounting implications of admitting a new partner or changing the profit-sharing ratio. According to the Partnership Act of 1932, unless otherwise agreed upon, a new partner can be admitted into the firm only with the consent of all existing partners.

To make you perfect in this topic – Reconstitution of a Partnership Firm – Admission of a Partner, we are here with a set of MCQs Quiz that will help you in brushing up the understanding of the concepts.

Free MCQ’s on Reconstitution of a Partnership Firm – Admission of a Partner.

Each set of MCQ’s consists of 10 Questions and you can see the results immediately after submitting the Set.

Free MCQ’s on Reconstitution of a Partnership Firm – Admission of a Partner

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#1. If A, B, and C are partners in a firm. If D is admitted as a new partner:

Old firm is dissolved

Old firm is dissolved

Old firms and old partnerships are dissolved

Old firms and old partnerships are dissolved

Old partnership is reconstituted

Old partnership is reconstituted

None of the above

None of the above

#2. On the admission of a new partner increase in the value of assets is debited:

Revaluation account

Revaluation account

Assets account

Assets account

Old partners capital account

Old partners capital account

None of the above

None of the above

#3. On the admission of a new partner, the decrease in the value of acids debited to:

asset account

asset account

Profit and loss adjustment account

Profit and loss adjustment account

old partner's capital account

old partner's capital account

old partner's current account

old partner's current account

#4. General reserve at the time of admission of a new partner is transferred to:

Old partner’s capital A/c

Old partner’s capital A/c

Revaluation Accoun

Revaluation Accoun

Capital Accounts of all partners' including new partner

Capital Accounts of all partners' including new partner

None of the above

None of the above

#5. The sacrificing ratio is determined when:

Death of a partner

Death of a partner

Admission of a partner

Admission of a partner

Retirement of a partner

Retirement of a partner

None of the above

None of the above

#6. Profit or loss on revaluation is borne by ___.

New partner

New partner

All partners

All partners

Old partner

Old partner

Two partners

Two partners

#7. Excess of the credit side over the debit side of Revaluation account is:

Gain

Gain

Loss

Loss

Profit

Profit

Expenditure

Expenditure

#8. On the admission of a new partner ___.

Old firm is dissolved

Old firm is dissolved

Both old partnership and firm are dissolved

Both old partnership and firm are dissolved

Old partnership has to be dissolved

Old partnership has to be dissolved

Neither partnership nor firm is dissolved

Neither partnership nor firm is dissolved

#9. Reputation of business measured in terms of money is -

Goodwill

Goodwill

Capital

Capital

Copyrights

Copyrights

Income

Income

#10. Gain ratio is calculated at the time of ____ of partner.

Admission

Admission

Retirement or death

Retirement or death

Dissolution

Dissolution

None of the above

None of the above

Finish