Reconstitution of a Partnership Firm Admission of a Partner MCQ Questions Class 12 Accountancy Chapter 3
NCERT MCQ Questions for Class 12 Accountancy Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner. Reconstitution of a Partnership Firm Admission of a Partner MCQ Questions with Answers from Class 12 Accountancy.
(1) Reconstitution of Partnership firm implies ——-.
(a) Change in relationship between partners
(b) Both (a) and (c)
(c) End of existing agreement & advent of new agreement.
(d) Only change in profit sharing ratio between partners
Ans: (b) Both (a) and (c).
(2) Change in profit sharing ratio will lead to ——– of a partnership firm.
(a) Dissolution
(b) Reconstitution
(c) Creation of goodwill
(d) Conversation
Ans: (b) Reconstitution.
(3) A new is admitted to the partnership firm for some benefits like ——–.
(a) Additional capital
(b) Managerial help
(c) Supplement the existing resources of the firm
(d) All of the above
Ans: (d) All of the above
(4) For the right to acquire share in the assets of the firm or profit of the firm the new partner must bring ———.
(a) An equal amount of goodwill
(b) An asset for the firm
(c) An agreed of capital either in cash or in kind
(d) His/her personal property
Ans: (c) An agreed of capital either in cash or in kind.
(5) The new partner needs to contribute some additional amount called ——– in case of firms earning more profits than normal rate of return.
(a) Premium/goodwill
(b) Capital
(c) Honorarium
(d) Commission
Ans: (a) Premium/goodwill
(6) ——– of assets and liabilities takes place at the time of admission of a new partner.
(a) Realisation
(b) Revaluation
(c) Auction
(d) Depriciation
Ans: (b) Revaluation.
(7) New Profit sharing ratio is the amount that the new partner ———.
(a) Surrenders to old partners
(b) Acquires from old partners
(c) Both (a) and (b)
(d) Invests in the form of premium
Ans: (b) Acquires from old partners.
(8) In case nothing is specified about how the new partner acquires his/her share firm old partners, it is assumed that ——-.
(a) He/she acquires ratio from old partners
(b) He/she acquires in their existing profit sharing ratio.
(c) He/she acquires it to the amount of capital invested
(d) He/she acquires it in the amount of goodwill brought.
Ans: (b) He/she acquires in their existing profit sharing ratio.
(9) Under ——- goodwill is calculated on the basis of surplus profit.
(a) Average profit method of calculation of goodwill
(b) Capitalisation method of valuation of goodwill
(c) Super profit method of valuation of goodwill
(d) Both (b) and (c)
Ans: (c) Super profit method of valuation of goodwill.
(10) Akash and Binod are partners in firm with a profit sharing ratio of 2:3 they admit Charu as a partner with 2/10th share which she acquires 1/10th from Akash and 1/10th from Binod. Calculate the new profit sharing ratio of the partners. ———.
(a) 3:4:3
(b) 3:5:2
(c) 1:6:3
(d) 4:4
Ans: (b) 3:5:2
- In case you have missed:- Previous Chapter MCQ Questions
(11) The ratio in which the old partners agree to sacrifice their share of profit to new partner is called ——-.
(a) Profit sharing ratio
(b) Gaining ratio
(c) Sacrificing ratio
(d) Both (a) and (c)
Ans: (c) Sacrificing ratio.
(12) Rahul and Rohit partners in the firm sharing profits & loss in 5:1. They admit Raman as a new partner with 1/5 share in profit which is acquired wholly from Rahul. Calculate new profit sharing ratio among the partners.
(a) 10:10:10
(b) 12:8:10
(c) 19:5:6
(d) 15:5:10
Ans: (c) 19:5:6
(13) Aman and Bimal are partners in a firm sharing profits in ratio of 2:3. They admit Mohan as a new partner for 1/4th share. The new profit sharing ratio between old partners are Calculate the sacrificing ratio.
(a) 2:8
(b) 8:2
(c) 1:9
(d) 9:1
Ans: (c) 1:9
(14) In accounting, the monetary value of wide business connection, good name, surplus profit is called ——-.
(a) Reputation
(b) Goodwill
(c) Profit maximisation
(d) Shareholder’s wealth maximisation
Ans: (b) Goodwill.
(15) ——– are the factors that affect the value of goodwill of a firm.
(a) Market situation
(b) Efficiency of management
(c) Nature of business
(d) All of these
Ans: (d) All of these.
(16) The need for valuation of goodwill arises due to —–.
(a) Reconstitution of a partnership firm
(b) Long term contracts
(c) Amalgamation of a partnership firm
(d) Both (a) and (c)
Ans: (d) Both (a) and (c).
(17) Under super profit method of valuation of goodwill, normal profit is calculated as ———-.
(a) Average profit × normal rate of return
(b) Capital employed × Number of year’s of goodwill purchased
(c) Capital employed × Normal rate of return/100
(d) Both (a) and (b)
Ans: (c) Capital employed × Normal rate of return/100.
(18) Under capitlisation method of valuation of goodwill, the capitalised value of average profit is ascertained by ——.
(a) Average profit × 100/Normal profit
(b) Average profit × 100/Normal rate of return
(c) Total asset – average profit
(d) Average profit × normal rate of return/100
Ans: (b) Average profit × 100/Normal rate of return
(19) Outside liabilities of a firm includes ——-.
(a) Short term liabilities
(b) Long term liabilities
(c) Only partners personal liabilities
(d) Both (a) and (b)
Ans: (d) Both (a) and (b)
(20) The amount of premium brought by new partner is shared among old partners in their ——–.
(a) Gaining ratio
(b) Sacrificing ratio
(c) New profit sharing ratio
(d) Old profit sharing ratio
Ans: (b) Sacrificing ratio
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