COMMERCE TEACHERS FORUM DELHI
Test-6 MCQ-Admission of Partners (Revaluation of Assets, Reassessment of Liabilities, Journal Entries and Revaluation Account)   based on the class held on 03/09/2020

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 Q. 1    X & Y were partners in a firm sharing profits and losses in the ratio of 4 : 3.  Z was admitted for 1/3rd share in the profits. On the date of Z‟s admission, the balance sheet of X and Y showed a balance of 4,200 in Profit and Loss Account shown on the asset side of balance sheet and a General Reserve of 42,000. The final effect on X‟s Capital A/c will be : *
2 points
 Q. 2   P and Q are partners sharing Profits in the ratio of 2:1.  R is admitted to the partnership with effect from 1st April on the terms that he will bring 20,000 as his capital for 1/4th share and pays 9,000 for goodwill, half of which is to be withdrawn by P and Q. If profit on revaluation is 6,000 and opening capital of P is 40,000 and of Q is 30,000, find the closing balance of each partner . *
2 points
 Q. 3  A is admitted as a new partner for 1/3 share and agrees to pay 5,000 as premium, but brings only 4,000 in cash. The balance must be debited to *
2 points
 Q. 4  Ansal and Bansal are partners of a partnership firm sharing profits in the ratio of 3 : 2 respectively. Kansal 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
 Q. 5  Ravi and Shayam are partners in a company with capital of Rs. 2,75,000 and Rs. 3,00,000. Anand was admitted for 1/4th share of profits and brings Rs. 3,25,000 as capital. Calculate the amount of goodwill of the Firm. *
2 points
 Q. 6  A and B are partners sharing profits in the ratio of 2 : 3. Their Balance Sheet shows Machinery at  Rs. 2,00,000; Stock at Rs. 80,000 and Debtors at Rs. 1,60,000. C is admitted and new profit sharing ratio is agreed at 6 : 9 : 5. Machinery is revalued at Rs. 1,40,000 and a provision is made for doubtful debts @5%. A’s share in loss on revaluation amount to Rs. 20,000. Revalued value of Stock will be : *
2 points
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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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