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12th Standard Accounts Admission of a Partner English Medium Free Online Test One Mark Questions 2020 - 2021

12th Standard

    Reg.No. :
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Accountancy

Time : 00:10:00 Hrs
Total Marks : 10

    Answer all the questions

    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. 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

  3. Match List I with List II and select the correct answer using the codes given below:

    List I List II
    (i) Sacrificing ratio 1. Investment fluctuation fund
    (ii) Old profit sharing ratio 2. Accumulated profit
    (iii) Revaluation Account 3. Goodwill
    (iv) Capital Account 4. Unrecorded liability
    (a)
    (i) (ii) (iii) (iv)
    1 2 3 4
    (b)
    (i) (ii) (iii) (iv)
    3 2 4 1
    (c)
    (i) (ii) (iii) (iv)
    4 3 2 1
    (d)
    (i) (ii) (iii) (iv)
    3 1 4 2
  4. When the value of an asset increases, it results in

    (a)

    profit

    (b)

    loss

    (c)

    income

    (d)

    expense

  5. 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

  6. A ________ account is opened to record the increase or decrease in assets and liabilities

    (a)

    Capital

    (b)

    Partners

    (c)

    Revaluation

    (d)

    None of these

  7. The net result of revaluation is adjusted through the ___________ accounts of the partners

    (a)

    capital

    (b)

    revaluation

    (c)

    cash

    (d)

    bank

  8. ________ ratio is the proportion of the profit which is sacrificed or foregone by the old partners in favour of the new partner.

    (a)

    Old

    (b)

    New

    (c)

    Sacrifice

    (d)

    Agreed

  9. At the time of admission of a new partner, ________ profit ratio should be found out.

    (a)

    old

    (b)

    new

    (c)

    both (a) and (b)

    (d)

    none of these

  10. The new partner does not bring in cash for his share of goodwill under _______ method.

    (a)

    Memorandum revaluation

    (b)

    Revaluation

    (c)

    Premium

    (d)

    None of these

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