MCQ Class 12 Accountancy Chapter 3 Reconstitution Of A Partnership Firm – Admission Of A Partner

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Reconstitution Of A Partnership Firm – Admission Of A Partner Class 12 Accountancy MCQs Questions with Answers

Refer below for MCQ Class 12 Accountancy Chapter 3 Reconstitution Of A Partnership Firm – Admission Of A Partner with solutions. Solve questions and compare with the answers provided below

Question. When is Revaluation A/c prepared?
(a) At the time of admission
(b) At the time of retirement
(c) At the time of death
(d) All of the above

Question: In the event of death of a partner, the amount of general reserve is transferred to partners capital accounts in
(a) The old profit sharing ratio
(b) The new profit sharing ratio
(c) the capital ratio
(d) None of the options

Question. All accumulated losses are transferred to the capital a/c of the partners in:
(a) New profit sharing ratio
(b) Old profit sharing ratio
(c) Capital ratio
(d) None of the above

Question: The partners whose share Increase as a result of change in profit sharing ratio are known as
(a) Gaining Partners
(b) Sacrificing Partners
(c) Sleeping Partners
(d) None of the options

Question. When new partner brings cash for goodwill, the amount is credited to:
(a) Realization account
(b) Cash account
(c) Premium for goodwill account
(d) Revaluation account

Question. If the new partner brings any additional cash other than his capital contributions then it is termed as:
(a) Capital
(b) Reserves
(c) Profits
(d) Premium for goodwill

Question: Profit of the firm that have not been distributed among the partners, called
(a) Accumulated Profits
(b) Average Profit
(c) Super Profit
(d) None of the options

Question: X and Y shares profits in the ratio of 2:3, how they decided to share profits equally in the future, Which partner will sacrifice and in which ratio
(a) None of the options
(b) X Sacrifice 1/10
(c) Both
(d) Y Sacrifice 1/10

Question: Profit & loss adjustment account, which
(a) Both
(b) Increase value of the assets
(c) Decrease Value of Liabilities
(d) None of the options

Question. At the time of admission of a new partner, the entry for unrecorded investment will be:
(a) Dr. Investment A/c and Cr. Revaluation A/c
(b) Dr. Partners’ Capital A/c and Cr. Investment A/c
(c) Dr. Revaluation A/c and Cr. Investment A/c
(d) None of the above

Question. Anil and Aman are partners sharing profits and losses in the ratio of 3:2. Akhil is admitted as a new partner for 1/3rd share in the profits. Goodwill of the firm is valued at ₹60000 and goodwill already appears in the books at ₹18000. It is decided that the existing goodwill should continue to appear in the books at its old value. Akhil’s share of goodwill is:
(a) ₹26,000
(b) ₹14,000
(c) ₹20,000
(d) ₹6,000

Question. A, B and C are partners in a firm, if D is admitted as a new partner :
(a) Old firm is dissolved
(b) Old firm and old partnership is dissolved
(c) Old partnership is reconstituted
(d) None of the above

Question: On the admission of a new partner:
(a) Old partnership is dissolved
(b) Both old partnership and firm are dissolved
(c) Old firm is dissolved
(d) None of the above

Question: Sacrificing ratio is used to distribute —————— in case of admission of a partner.
(a) Goodwill
(b) Revaluation Profit or Loss
(c) Profit and Loss Account (Credit Balance)
(d) Both b and c

Question: Which of the following is not the reconstitution of partnership?
(a) Admission of a partner
(b) Dissolution of Partnership
(c) Change in Profit Sharing Ratio
(d) Retirement of a partner

Question:Heena and Sudha share Profit & Loss equally. Their capitals were Rs.1,20,000 and Rs.80,000 respectively. There was also a balance of Rs. 60,000 in General reserveandrevaluation gain amounted to Rs. 15,000. They admit friend Teena with 1/5 share. Teenabrings Rs.90,000 as capital. Calculate the amount of goodwill of the firm.
(a) Rs.85,000
(b) Rs.1,00,000
(c) Rs.20,000
(d) None of the above

Question: Which of the following is not true with respect to Admission of a partner?
(a) A new partner can be admitted if it is agreed in the partnership dee(d)
(b) If all the partners agree, a new partner can be admitte(d)
(c) A new partner has to bring relatively higher capital as compared to the existing partners
(d) A new partner gets right in the assets of the firm

Question: 11 As per ———, only purchased goodwill can be shown in the Balance Sheet.
(a) AS 37
(b) AS 26
(c) Section 37
(d) AS 37

Question: Yash and Manan are partners sharing profits in the ratio of2:1. They admit Kushagra intopartnership for 25% share of profit. Kushagra acquired the share from old partners in theratio of 3:2. The new profit sharing ratio will be:
(a) 14:31:15
(b) 3:2:1
(c) 31:14:15
(d) 2:3:1

Question: Premium brought by newly admitted partner should be:
(a) Credited to sacrificing partners
(b) Credited to all partners in the new profit sharing ratio
(c) Credited to old partners in the old profit sharing ratio
(d) Credited to only gaining partners

Question: Sacrificing ratio is calculated because:
(a) Profit shown by Revaluation Account can be credited to sacrificing partners
(b) Goodwill brought in by the incoming partner can be credited to the new partner
(c) Goodwill brought in by the incoming partner can be credited to the sacrificing partners
(d) Both a and c

Question: A and B are partners sharing profit and losses in ratio of 5:3. C is admitted for 1/4th share.On the date of reconstitution, the debtors stood at Rs 40,000, bill receivable stood at Rs.10,000 and the provision for doubtful debts appeared at Rs. 4000. A bill receivable, of Rs10,000 which was discounted from the bank, earlier has been reported to bedishonore(d)
The firm has sold, the debtor so arising to a debt collection agency at a loss of 40%. If baddebts now have arisen for Rs 6,000 and firm decides to maintain provisions at same rate as
before then amount of Provision to be debited to Revaluation Account would be:
(a) Rs 4,400
(b) Rs 4,000
(c) Rs 3,400
(d) None of the above

Question: Himanshu and Naman share profits & losses equally. Their capitals were Rs.1,20,000 andRs. 80,000 respectively. There was also a balance of Rs. 60,000 in General reserve andrevaluation gain amounted to Rs. 15,000. They admit friend Ashish with 1/5 share.Ashish brings Rs.90,000 as capital. Calculate the amount of goodwill of the firm.
(a) Rs.1,00,000
(b) Rs. 85,000
(c) Rs.20,000
(d) None of the above 

Question: A, and B are partners sharing profits in the ratio of 2:3. Their balance sheet shows machinery at ₹2,00,000; stock ₹80,000, and debtors at ₹1,60,000. C is admitted and thenew profit sharing ratio is 6:9:5. Machinery is revalued at ₹1,40,000 and a provision ismade for doubtful debts @5%. A’s share in loss on revaluation amount to ₹20,000.Revalued value of stock will be:
(a) ₹62,000
(b) ₹1,00,000
(c) ₹60,000
(d) ₹98,000

Question: 15 At the time of admission of a partner, Employees Provident Fund is:
(a) Distributed to partners in the old profit sharing ratio
(b) Distributed to partners in the new profit sharing ratio
(c) Adjusted through gaining ratio
(d) None of the above

Question: If at the time of admission if there is some unrecorded liability, it will be ————- to ————– Account.
(a) Debited, Revaluation
(b) Credited, Revaluation
(c) Debited, Goodwill
(d) Credited, Partners’ Capital

Question: At the time of admission of a new partner, the balance of Workmen CompensationReserve will be transferred to:
(a) Old partners in the old profit sharing ratio
(b) Sacrificing partners in the sacrificing ratio
(c) Revaluation Account
(d) All partners in the new profit sharing ratio

Question: The firm of P, Q and R with profit sharing ratio of 6:3:1, had the balance in GeneralReserve Account amounting Rs. 1,80,000. S joined as a new partner and the new profitsharing ratio was decided to be 3:3:3:1. Partners decide to keep the General Reserveunchanged in the books of accounts. The effect will be:
(a) P will be credited by Rs. 54,000
(b) P will be debited by Rs. 54,000
(c) P will be credited by Rs. 36.000
(d) P will be credited by Rs. 36,000

Question: Which statement is true with respect to AS-26?
(a) Purchased goodwill can be shown in the Balance Sheet
(b) Revalued goodwill can be shown in the Balance Sheet
(c) Both purchased goodwill and revalued can be shown in the Balance Sheet
(d) None of the above 

Question: Aryaman and Bholu are partners sharing profit and losses in ratio of 5 :3. Chirag isadmitted for 1/4th share. On the date of reconstitution, the debtors stood at Rs 40,000, billreceivable stood at Rs. 10,000 and the provision for doubtful debts appeared at Rs. 4000.A bill receivable, of Rs 10,000 which was discounted from the bank, earlierhasbeenreported to be dishonore(d) The firm has sold, the debtor so arising to a debt collectionagency at a loss of 40%. If bad debts now have arisen for Rs 6,000 and firm decides to maintain provisions at same rate as before then amount of Provision to be debited toRevaluation Account would be:
(a) Rs 4,400
(b) Rs 4,000
(c) Rs.3,400
(d) None of the above

Question: Revaluation Account is a ———— Account.
(a) Real
(b) Nominal
(c) Personal
(d) Liability

Question:  Match the following:

i. Sacrificing Ratio	A Nominal Account
ii. Gaining Ratio	B Reconstitution of Partnership
iii. Revaluation Account	C New Ratio – Old Ratio
iv. Admission of a Partner	D Old Ratio – New Ratio

(a) i- B, ii-C, iii-A, iv-D
(b) i- D, ii-B, iii-A, iv-C
(c) i- D, ii-C, iii-A, iv-B
(d) i- D, ii-C, iii-B, iv-A

Question: Match the following with respect to journal entries for treatment of goodwill.i. Incoming partner brings his share ofgoodwill.

i. Incoming partner brings his share of goodwill	A No Entry
ii. Incoming partner does not bring his share	B Premium for Goodwill A/c Dr.of goodwill Incoming Partner’s Capital A/c Dr.To Sacrificing Partners Capital A/c
iii. Incoming partner pays his share ofgoodwill privately	C Premium for Goodwill A/c Dr.To Sacrificing Partners Capital A/c
iv. Incoming partner brings only a part of hisshare of goodwill	D Incoming Partner’s Capital A/c Dr.To Sacrificing Partners Capital A/c

(a) i- B, ii-C, iii-A, iv-D
(b) i- C, ii-D, iii-A, iv-B
(c) i- D, ii-C, iii-A, iv-B
(d) i- D, ii-C, iii-B, iv-A 

Question: Revaluation A/c ( alternatively Profit & Loss Adjustment Account ) is a
(a) Nominal Account
(b) Real Account
(c) Personal Account
(d) None of the options

Question. On the admission of a new partner:
(a) Old partnership is dissolved
(b) Both old partnership and firm are dissolved
(c) Old firm is dissolved
(d) None of the above

Question. Which of the following is not true with respect to Admission of a partner?
(a) A new partner can be admitted if it is agreed in the partnership deed.
(b) If all the partners agree, a new partner can be admitted.
(c) A new partner has to bring relatively higher capital as compared to the existing partners
(d) A new partner gets right in the assets of the firm

Question. Balance in the Investment Fluctuation Reserve, after meeting the loss on Revaluation of Investments, at the time of admission of a partner will be transferred to :
(a) Old Partners’ Capital Accounts
(b) Revaluation Account
(c) Sacrificing Ratio
(d) None of the above

Question. The firm of P, Q and R with profit sharing ratio of 6:3:1, had the balance in General Reserve Account amounting ₹1,80,000. S joined as a new partner and the new profit sharing ratio was decided to be 3:3:3:1. Partners decide to keep the General Reserve unchanged in the books of accounts. The effect will be:
(a) P will be credited by ₹54,000
(b) P will be debited by ₹. 54,000
(c) P will be credited by ₹36,000
(d) P will be debited by ₹36,000

Question: If the adjustment in the values of assets at the time of the admission of a partner shows profits, the same should be credited to the capital accounts of
(a) The old partners in their old profit sharing ratio
(b) The old partners in their new profit sharing ratio
(c) All partners in their old profit sharing ratio
d) None of the options

Question. A and B are partners sharing profits in the ratio of 3:1. C is admitted to partnership firm for 1/4th share. The sacrificing ratio of A and B will be:
(a) Equal
(b) 2:1
(c) 3:2
(d) 3:1

Question. On admission of a new partner, the method of valuation of goodwill is decided by:
(a) the new partner only
(b) the old partners only
(c) the old partners and the new partner
(d) the accountant of the firm

Question. If the incoming partner is to bring Premium for Goodwill in cash and also a balance exists in Goodwill Account, then this Goodwill Account is written among Old Partners in :
(a) New Profit Sharing Ratio
(b) Old Profit Sharing Ratio
(c) Sacrificing Ratio
(d) None of the above

Question: The _ ratio is useful for making adjustment for goodwill among the old partners.
(a) new
(b) sacrifice
(c) old
(d) Profit and Loss Adjustment

Question. Calculate the value of goodwill at 3 years’ purchase when: Capital employed Rs. 2,50,000; Average profit Rs. 30,000 and normal rate of return is I0%.
(a) Rs. 3000
(b) Rs. 25,000
(c) Rs. 30,000
(d) Rs. 5,000 

Question. Goodwill of the firm on the basis of 2 years’ purchase of average profit of the last 3 years is Rs. 25,000. Find average profit.
(a) Rs. 50,000
(b) Rs. 25,000
(c) Rs. 10,000
(d) Rs. 2500

Question. When Goodwill is not purchased goodwill account can :
(a) Never be raised in the books
(b) Be raised in the books
(c) Be partially raised in the books
(d) Be raised as per the agreement of the partners

Question: Excess of the credit side over the debit side of revaluation account
(a) Profit
(b) Loss
(c) Gain
(d) Expense

Question: Balance sheet prepared after new partnership agreement, assets and liabilities are recorded at
(a) Original value
(b) At realisable value
(c) None of the options
(d) Revalued figure

Question: Share of goodwill brought in by new partner in cash is called
(a) Premium
(b) Profit
(c) Assets
(d) LiabilitiesAnswer:

Question: Profit or loss on revaluation is borne by
(a) New partners
(b) All partners
(c) Old Partners
(d) All of the options Answer: 

Question: Sacrificing ratio is ascertained at the time of
(a) Death of partner
(b) Retirement of partner
(c) Admission of a new partner
(d) None of the options Answer: Admission of a new partner

Question: Partners Salary is debited to
(a) Profit & loss Appropriation A/c
(b) Profit & loss A/c
(c) Revaluation A/c
(d) None of the options 

Question: Which items may appear on the credit side of the partners current account
(a) Interest on Capital
(b) Salary
(c) Commission
(d) All of the options 

Question: When is brought in cash by the new partner, then the method is known as
(a) Revaluation Method
(b Memorandum Revaluation Method
(c) Premium Method
(d) None of the options

Question: On the admission of a new partner, if goodwill account is to be raised then this should be debited to
(a) Goodwill Account
(b) Old Partners capital Account
(c) Profit & Loss Appropriation A/c
(d) None of the options

Question: When we use super profit Method for goodwill Valuation
(a) Firm earns higher Profit
(b) Firm earns normal Profit
(c) Average profit
(d) None of the options

Question.Under which method of valuation of goodwill, normal rate of return is not considered?
(a)Loss on sale of fixed assets
(b) Loss due to fire, earthquake etc
(c) Undervaluation of closing stock
(d) All of the above

Question. Following are the methods of calculating goodwill except:
(a)Super profit method
(b) Average profit method
(c) Weighted Average profit method
(d) Capital profit method

Question. The excess amount which the firm can get on selling its assets over and above the saleable value of its assets is called :
(a)Surplus
(b) Super profits
(c) Reserve
(d) Goodwill

Question. The goodwill of the firm is not affected by:
(a) Location of the firm
(b) reputation of the firm
(c)Better customer services
(d)None of the above

Question. The net assets of the firm including fictitious assets of 5,000 are 85,000.The net liabilities of the firm are 30,000.The normal rate of return is 10% and the average profits of the firm are 8,000.Calculate the goodwill as per capitalization of super profits.
(a) Rs.20,000
(b) Rs. 30,000
(c) Rs. 25,000
(d) None of the above

Question. Goodwill is _____
(a) tangible asset
(b) intangible asset
(c) fictitious asset
(d) both (b) & (c)

Question.Weighted average profit method of calculating goodwill is used when:
(a) Profits are not equal
(b) Profits show a trend
(c) Profits are fluctuating
(d)None of the above

Question. What are super profits
(a)Actual profit – Normal Profit 
(b) Normal Profit – Actual profit
(c) Actual profit + Normal Profit
(d)None of the above

Question: Any change in agreement of partnership is called
(a) Dissolution of partnership firm
(b) Reconstitution of partnership firm
(c) Reconstitution of partners
(d) None of the options

Question: Which circumstances a partnership firm may be reconstituted
(a) All of the options
(b) Admission of a partner
(c) Retirement/Death of a partner
(d) Change in Profit Sharing Ratio

Question: At the time of admission of a new partner, Which adjustments are required
(a) Accounting treatment of Goodwill.
(b) Accounting treatment of accumulated profit.
(c) Calculation of new profit sharing ratio and sacrificing ratio.
(d) All of the options

Question: share of goodwill brought in by new partner in cash is shared by old partners in
(a) Sacrificing ration
(b) Old ratio
(c) New ratio
(d) All of the options 

Question: Profit Sharing ratio is the ration in which the partners have agreed to share
(a) Profit only
(b) Profit & Losses
(c) Losses only
(d) None of the options

Question: In guarantee of profit, given to a partner
(a) Minimum Guarantee profit
(b) Equal Profit
(c) 0.25
(d) None of the options 

Question: In the partnership, every partner has the right to
(a) Consulted about the business
(b) Both
(c) Participate in management
(d) None of the options 

Question: When the new partners pays for goodwill in cash, the amount should be debited in the firms book to
(a) Cash A/c
(b) Goodwill A/c
(c) Capital Account
(d) All of the options

Question: in the absence of partnership deed, Interest on Capital and drawing to be
(a) Not paid
(b) Paid
(c) 6% p.a
(d) None of the options

Question: a partner may retire from firm
(a) Both
(b) With an Express agreement among the partners
(c) With the consent of all the partners
(d) None of the options

 

Question: If the partners capital account are fixed , Commission payable to partner will show
(a) Dr. Side of current A/C
(b) Both
(c) Cr. Side of current A/C
(d) None of the options 

Question: The firm number of partner increase
(a) Admission of a new partner
(b) Dissolution of a new partner
(c) Retirement of new partner
(d) Death of new partner Answer:

Question: At the time of admission of a new partner, Which adjustments are required
(a) Calculation of new profit sharing ratio and sacrificing ratio.
(b) Accounting treatment of Goodwill.
(c) Accounting treatment of accumulated profit.
(d) All of the options 

Question: Which clause should be mentioned in partnership deed
(a) All of the options
(b) Description of Firms
(c) Nature of business
(d) Description of partners

Question: If partners capitals are fixed, premium for goodwill will be:
(a) Credited to the current A/cs of the Sacrificing partners
(b) Credited to the Partners Capital A/cs
(c) Credited to the P/L Adjustment A/c
(d) None of the options

Question: If the new partner brings his share of goodwill in cash, it will be shared by old partners in :
(a) Ratio of sacrifice
(b) Old profit-sharing ratio
(c) New profit-sharing ratio
(d) In Capital ratio

Question: When the incoming partner pays his share of goodwill privately to the sacrificing partner outside the business Which account should be debited in the books of account
(a) No entry should be recorded
(b) Premium for goodwill A/c
(c) Partners capital A/c
(d) None of the options 

Question: If a new partner is admitted during the year the profits for the year should be divided between ____ period on an agreed basis
(a) Old profit sharing
(b) Equal
(c) None of the options
(d) Pre-admission and post admission 

Question: Which of following account is prepared at the time of admission of a new partner?
(a) Revaluation Account
(b) Realisation Account
(c) Profit & loss A/c
(d) None of the options

Question: A and B are partners sharing profits and losses in the ratio of 7 : 5. They agree to admit C, their manager, into partnership who is to get l/6th share in the profits. He acquires this share as l/24th from A and l/8th from B. The new profit sharing ratio will be :
(a) 13:7:4
(b) 7 : 13 : 4
(c) 7 : 5 : 6
(d) 5 ; 7 : 6

Fill In The Blanks

Question.Goodwill is not valued during ……Dissolution of the firm……. An amount previously written off as bad debt is promised to be paid by the debtor. The promised amount will not be credited to _________________ Account.

Question:  “A newly admitted partner cannot pay his share of the goodwill to the sacrificing partners
privately”. Is the statement True or False?

Question:  “Unless agreed otherwise, Sacrificing Ratio of the old partners will be the same as their
Old Profit Sharing Ratio”. Is the statement True or False?

Question: “At the time of admission, old partnership comes to an end”. Is the statement true or false?

Question:  “As per Section 26 of the Indian Partnership Act, 1932, a person can be admitted as a newpartner if it is agreed in the Partnership Deed”. Is the statement True or False?

Question. When the value of goodwill of the firm is not given but has to be inferred on the basis of the net worth of the firm ,it is called.    

Question. Under ———- method ,goodwill is the excess of capitalized value of business over actual capital employed. 

Question.  The value of goodwill is based on ———– judgment of the valuer .  

Question.If Super profit of a firm is 10,000,its value of goodwill will be ………….if rate of return is 8%.  

Question The newly admitted partner brings his / her share of capital for which he will get _______ in firm. 

Question.If Super profit of a firm is 10,000,its value of goodwill will be ……….if rate of return is 8%

Question At the time of admission, if the book value and the market value of investment is same Investment Fluctuation Reserve is transferred to __________ account of the old partners in their ______________ ratio.

Question For the distribution of revaluation profit in case firm is following Fixed Capital Accounts method is transferred to ________ accounts

Question.Goodwill is not valued during ……Dissolution of the firm……. An amount previously written off as bad debt is promised to be paid by the debtor. The promised amount will not be credited to _________________ Account.

Question The newly admitted partner brings his / her share of capital for which he will get _______ in firm. 

Question.If Super profit of a firm is 10,000,its value of goodwill will be ……….if rate of return is 8%

Question At the time of admission, if the book value and the market value of investment is same Investment Fluctuation Reserve is transferred to __________ account of the old partners in their ______________ ratio.

Question For the distribution of revaluation profit in case firm is following Fixed Capital Accounts method is transferred to ________ accounts

Question. The value of goodwill is based on ———– judgment of the valuer .

True or False  

Question.Location of business does not affect the goodwill of business.

Question.Goodwill can be sold in part. 

Question.  Purchased goodwill may arise on acquisition of an existing business concern. 

Question. Goodwill is a fictitious asset .

Question. “Average profit method” takes into consideration the future maintainable profits. 

Question. Self-Generated goodwill is recorded in the books of accounts as some consideration is paid for it  

Question.Goodwill is valued during dissolution of a firm . False

Question. While computing goodwill, abnormal incomes and expenses are not ignored to calculate the value of goodwill.

Question. Increase in Provision for Doubtful Debts will be credited to Revaluation Account.

Question.  Admission of a partner changes the relationship between / among existing partners.

Question.  Weighted Average Method is preferred over Average Profit method at the time of falling profits.

Question. Efficiency of management is a factor affecting goodwill of a firm.

Question New partner brings goodwill in the firm to get share in the past profits. 

Question. Gaining Partner(s) compensate Sacrificing Partner(s) when Profit-sharing Ratio changes.

Question. Reserves and accumulated profits are distributed in old Profit-sharingRatio at the time of change in Profit-sharing Ratio.

Question. While computing goodwill, abnormal incomes and expenses are not ignored to calculate the value of goodwill.

Question. Increase in Provision for Doubtful Debts will be credited to Revaluation Account.

Question.  Admission of a partner changes the relationship between / among existing partners.

Question.  Weighted Average Method is preferred over Average Profit method at the time of falling profits.

Question. Efficiency of management is a factor affecting goodwill of a firm.

Question New partner brings goodwill in the firm to get share in the past profits. 

Question. Gaining Partner(s) compensate Sacrificing Partner(s) when Profit-sharing Ratio changes.

Question. Reserves and accumulated profits are distributed in old Profit-sharingRatio at the time of change in Profit-sharing Ratio.

Question. Goodwill appearing in the Balance Sheet means Purchased Goodwill.

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