Admission of a Partner One Mark Question

12th Standard EM

    Reg.No. :
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Accountancy

Time : 00:30:00 Hrs
Total Marks : 10
    10 x 1 = 10
  1. Revaluation A/c is a

    (a)

    Real A/c

    (b)

    Nominal A/c

    (c)

    Personal A/c

    (d)

    Impersonal A/c

  2. On revaluation, the increase in the value of assets leads to

    (a)

    Gain

    (b)

    Loss

    (c)

    Expense

    (d)

    None of these

  3. The profit or loss on revaluation of assets and liabilities is transferred to the capital account of

    (a)

    The old partners

    (b)

    The new partner

    (c)

    All the partners

    (d)

    The Sacrificing partne

  4. At the time of admission, the goodwill brought by the new partner may be credited to the capital accounts of

    (a)

    all the partners

    (b)

    the old partners

    (c)

    the new partner

    (d)

    the sacrificing partne

  5. Revaluation account is also called

    (a)

    Accumulation profit and loss account

    (b)

    Profit and loss adjustment account

    (c)

    Profit and loss appropriation account

    (d)

    None of these

  6. When the value of an asset increases, it results in

    (a)

    profit

    (b)

    loss

    (c)

    income

    (d)

    expense

  7. When an unrecorded liabilities is brought into books, is results in

    (a)

    profit

    (b)

    loss

    (c)

    income

    (d)

    expense

  8. In order to maintain fair dealings, at the time of admission, it is necessary to revalue assets and liabilities of the firm to their

    (a)

    Cost price

    (b)

    True value

    (c)

    Selling price

    (d)

    None of these

  9. On admission of a partner if goodwill account is to be raised this should be debited to

    (a)

    Partner's capital account

    (b)

    Partner's capital account

    (c)

    Revaluation account

    (d)

    None of these

  10. The old partners share all the accumulated profits and reserve in their

    (a)

    new profit sharing ratio

    (b)

    old profit sharing ratio

    (c)

    capital ratio

    (d)

    sacrificing ratio

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