COMMERCE TEACHERS FORUM DELHI

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Test-9 MCQ-Admission of Partners (Revision Class) based on the class held on 10/09/2020

NAME OF STUDENT & Roll No. *

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NAME OF TEACHER *

Q. 1 A and B are partners sharing profits and losses in the ratio 5:3. They admitted C and agreed to give him 3/10th of the profit. What is the new ratio after C‟s admission? *

2 points

49:22:29

35:42:17

35:21:24

34:20:12

Q. 2 T and R are partners who share net Profit in the ratio of 4 : 3 respectively and have Capital balances of 12,000 and 10,000 respectively. J is admitted for 1/8 share and brings 8,000 for Capital and 4,200 for goodwill. The new Capital balances of T, R and J respectively are *

1 point

12,000, 10,000 and 12,200

12,000, 10,000 and 8,000

14,100, 12,100 and 8,000

14,400, 11,800 and 8,000

Q. 3 What treatment should be given to Employee’s Provident Fund appearing in the liabilities side of the Balance Sheet in case of admission of a partner. *

1 point

to be distributed in equal ratio

should be distributed as part of general reserve

Not be distributed

None of the above

Q. 4 At the time of admission of a new partner C , A provision of Rs. 2000 was made for an outstanding Bill for repairs. Select the correct Journal entry from following on admission of Partner *

1 point

Revaluation a/c Dr 2000 To Provision for o/s repair Bill 2000

Provision for o/s repair Bill a/c Dr 2000 To Revaluation A/c 2000

C's Capital a/c Dr 2000 To Provision for o/s repair Bill 2000

None of the above

Q. 5 Ram and Shyam are partners of a partnership firm sharing profits in the ratio of 3 : 2 respectively. Kaushal was admitted for 1/5th share of profit. Machinery would be appreciated by 10% (book value Rs. 80,000) and building would be depreciated by 20% ( Rs. 2,00,000). Unrecorded debtors of Rs. 1,250 would be brought into books now and a creditor amounting to Rs. 2,750 died and need not pay anything on this account. What will be profit/loss on revaluation? *

2 points

Loss ₹30,000

Profits ₹28,000

Profits ₹30,000

Loss ₹28.000

Q. 6 X and Y are partners in a firm with capital of Rs. 1,80,000 and Rs. 2,00,000. Z was admitted for 1/3rd share in profits and brings Rs. 3,40,000 as capital, calculate the amount of goodwill: *

2 points

Rs. 3,00,000

Rs. 2,00,000

Rs. 3,20,000

Rs. 1,60,000

Q. 7 Select the correct Journal entry from following on admission of Partner: Unrecorded investment worth Rs. 20000. *

1 point

Investment A/c Dr To Revaluation A/c Rs. 20,000.

Revaluation A/c Dr To Investment A/c Rs. 20,000.

Investment A/c Dr To Partner's A/c Rs. 20,000.

None of the above

Q. 8 Select the correct Journal entry from following on admission of Partner: A provision of 7% is to be created for Doubtful debts (Book Value of Debtors Rs. 40,000) *

1 point

Prov. for Doubtful debts A/c Rs Dr. 2,800, To Revaluation A/c Dr Rs. 2,800

Revaluation A/c Dr Rs. 2,800 , To Prov. for Doubtful debts A/c Rs. 2,800

New partner Capital A/c Dr Rs. 2,800 , To Prov. for Doubtful debts A/c Rs. 2,800

None of the above

Q. 9 Claim against a workmen compensation reserve is Rs. 24,000. Workmen Compensation reserve exist in the books at Rs 14,000. Select the correct Journal Entry. *

1 point

Workmen Comp. Claim A/c Dr. Rs. 15,000, To Workmen Comp. Res. A/c 10,000, To Revaluation A/c Rs. 5,,000

Workmen Comp. Reserve A/c Dr Rs. 14000, New Partner Capital A/c Dr. 10,000 To Workmen Comp. Claim A/c Rs. 24,000

Workmen Comp. Reserve A/c Dr Rs. 14000, Revaluation A/c Dr. 10,000 To Workmen Comp. Claim A/c Rs. 24,000

None of the above

Q. 10 Journal Entry for Accounting the unrecorded Liabilities. *

1 point

Unrecorded Liability A/c Dr Rs. ___ , To Revaluation A/c Rs.____

Old Partner's Capital A/c Dr Rs. ___ , To Unrecorded Liability A/c___

Revaluation A/c Dr Rs. ___ , To Unrecorded Liability A/c___

None of the above

Q. 11 A and B are partners sharing profits in the ratio of 4 : 3. They admitted C as a new partner who gets 1/5th share of profit, entirely from A. The new profit sharing ratio will be : *

1 point

22 : 8 : 7

13 : 15 : 17

15 : 14 : 5

13 : 15 : 7

Q. 12 Bad debts of Rs. 8000 is to be written off (Prov. for Doubtful debts is Rs. 5000) and debtor of Rs. 40,000 are given in Balance Sheet. What amount of Debtor will be shown in the new Balance Sheet after admission of New Partner? *

1 point

Rs. 37,000

Rs. 32,000

Rs. 40,000

None of the above

Solution of Accountancy Assignment dated 23/07/2020 https://youtu.be/Kwy2RfEnd1s Solution of Accountancy Assignment dated 13/08/2020 https://youtu.be/9tIMNh2-l8Q Solution of Accountancy Assignment dated 20/08 https://youtu.be/V5wAQHZ-mF4 Solution of Accountancy Assignment dated 27/08/2020 https://youtu.be/AjfyZCLWOOM

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