1.
_____________ A/c is debited when an unrecorded liability is brought into
business.
a.
liability
b. revaluation
c.
capital
d.
current
2.
When goodwill is withdrawn by old partners ________________ a/c is credited.
a. Cash/ Bank
b.
Capital
c.
Revaluation
d.
Profit and Loss Adjustment A.c
3.
Excess of proportionate capital over actual capital represents _____________
a.
surplus capital
b. deficit capital
c.
sacrifice
d.
equal capital
4.
The proportion in which old partners make a sacrifice is called _____________
ratio.
a.
capital
b.
gaining
c. sacrifice
d.
new
5.
Jay, Vijay and Ajay are three partners sharing profits in 3:2:1. They decided
to admit Sanjay and give him 1/7th share, new profit sharing ratio
of partners will be ____________________
a.
equal
b.
3:2:1:2
c. 3:2:1:1
d.
2:3:1:2
6.
Akash, Prakash and Deepak are partners who share profits as 3:2:1. They admit
Suraj as a partner and decided to share future profits as 5:3:2:2, the sacrifice
ratio will be____
a. 1:1:0
b.
2:1:1
c.
0:1:3
d.
0:0:2
7.
The ____________ ratio is useful for making adjustment for goodwill among the
old partners.
a.
new
b. sacrifice
c.
old
d.
Profit and loss adjustment
8.
Krishna and Balram, who are equal partners, admit Arjun into partnership for ¼ th
share, their new profit sharing ratio will be
a.
3:3:1
b.
equal
c. 3:3:2
d.
2:2:1
9.
If any asset is taken over by partner from the firm ______________ account will be debited.
a. capital
b.
revaluation
c.
asset
d.
profit and loss adjustment
10
In case of admission of a partner, the profit or loss on revaluation of assets
and liabilities is shared by ______________ partners.
a.
all
b. old
c.
new
d.
none of these. 