MCQ Questions on Admission of New Partner: Below, You will find a list of Commerce MCQ Questions as per the latest prescribed syllabus. Ace up your preparation with the Objective Questions available on Admission of New Partner and enhance your subject knowledge. Understand the concept clearly by consistently practicing the Multiple Choice Questions and score well in your exams.
MCQ Questions on Admission of New Partner
1. In the case of admission of a partner, the entry for unrecorded investments will be
(a) Debit Partner Capital A/cs and Credit Investment A/c
(b) Debit Revaluation A/cs and Credit Investment A/c
(c) Debit Investment A/cs and Credit Revaluation A/c
(d) None of the above
Answer
Answer: (c)
2. Goodwill of a firm of A and B is valued at ₹30,000. It is appearing in the books at ₹12,000. C is admitted for 1/4share. What amount he is supposed to bring for goodwill?
(a) ₹ 30,000
(b) ₹ 4,500
(c) ₹ 7,500
(d) ₹ 10,500
Answer
Answer: (c)
3. Ramesh and Suresh are partners sharing profits in the ration of 2:1 respectively. Ramesh capital ₹ 1,02,000 and Suresh capital are ₹73,000. They admit Mahesh and agree to give him 1/5th share in future profit. Mahesh brings ₹14,000 as his share of goodwill. He agrees to contribute capital in the new profit-sharing ration. How much capital will be brought by Mahesh?
(a) ₹ 43,750
(b) ₹ 45,000
(c) ₹ 47,250
(d) ₹ 48,000
Answer
Answer: (c)
4. A and Bare in partnership sharing profits in the ratio of 3 : 2. They take C as a new partner. Goodwill of the firm is valued at 33,00,000 and C brings ₹30,000 as his share of goodwill in cash which is entirely credited to the capital account of A. New profit sharing ratio will be
(a) 3 : 2 : 1
(b) 6 : 3 : 1
(c) 5 : 4 : 1
(d) 4 : 5 : 1
Answer
Answer: (c)
5. X and Y are partners sharing profits in the ratio of 4 : 3. Z is admitted for 1/5th share and he brings in ₹1,40,000 as his share of goodwill in cash of which ₹1,20,000 is credited to X remaining amount to Y. New profit sharing ratio will be
(a) 4 : 3 : 5
(b) 2 : 2 : 1
(c) 1 : 2 : 2
(d) 2 : 1 : 2
Answer
Answer: (b)
6. A, B, C, and D are partners. A and B share 2/3rd of profits equally and Cand D share remaining profits in the ratio of 3 : 2. Find the profit sharing ratio of A, B. C, and D
(a) 5 : 5 : 3 : 2
(b) 7 : 7 : 6 : 4
(c) 2.5 : 2.5 : 8 : 6
(d) 3 : 9 : 8 : 3
Answer
Answer: (a)
7. Sacrificing ratio is used to distribute ……………..in case of admission of a partner
(a) Reserves
(b) Goodwill
(c) Revaluation Profit
(d) Balance in Profit and Loss Account
Answer
Answer: (b)
8. X and Y are partners in a company with a capital of ₹1,80,000 and ₹2,00,000. Z was admitted for 1/3rd share in profits and brings ₹3,40,000 as capital. Calculate the amount of goodwill.
(a) ₹ 2,40,000
(b) ₹ 1,00,000
(c) ₹ 1,50,000
(d) ₹ 3,00,000
Answer
Answer: (d)
9. A and B are partners sharing profits and losses in the ration of 5 : 3. On admission, C brings ₹70,000 as cash and ₹43,000 against goodwill. The new profit ratio between A, B, and C is 7 : 5 : 4. The sacrifice ratio of A and B is
(a) 3 : 1
(b) 1 : 3
(c) 4 : 5
(d) 5 : 9
Answer
Answer: (a)
10. A, B, and C are partner sharing profits in ratio 3: 2: 1. They agree to admit D into the firm. A, B, and C agreed to give 1/3rd, 1/6th, 1/9th share of their profit. The share of profit of D will be
(a) 1/10
(b) 11/54
(c) 12/54
(d) 13/54
Answer
Answer: (d)