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12th Standard Accounts Admission of a Partner English Medium Free Online Test One Mark Questions with Answer Key 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. On revaluation, the increase in the value of assets leads to

    (a)

    Gain

    (b)

    Loss

    (c)

    Expense

    (d)

    None of these

  2. Which of the following statements is not true in relation to admission of a part

    (a)

    Generally mutual rights of the partners change

    (b)

    The profits and losses of the previous years are distributed to the old partners

    (c)

    The firm is reconstituted under a new agreement

    (d)

    The existing agreement does not come to an end

  3. Select the odd one out

    (a)

    Revaluation profit

    (b)

    Accumulated loss

    (c)

    Goodwill brought by new partner

    (d)

    Investment fluctuation fund

  4. Balaji and Kamalesh are partners sharing profits and losses in the ratio of 2:1. They admit Yogesh into partnership. The new profit sharing ratio between Balaji, Kamalesh and Yogesh is agreed to 3:1:1. Find the sacrificing ratio between Balaji and Kamalesh.

    (a)

    1:3

    (b)

    3:1

    (c)

    2:1

    (d)

    1:2

  5. Undistributed profits will appear on the _______ side of the balance sheet

    (a)

    assets

    (b)

    liabilities

    (c)

    both 'a' and 'b'

    (d)

    none of these

  6. Undistributed loss will appear on the  side of the Balance sheet.

    (a)

    Assets

    (b)

    Liabilities

    (c)

    Both (a) & (b)

    (d)

    None of these

  7. The accumulated profits, losses and reserves _________ admission are to be distributed to the existing partners.

    (a)

    After

    (b)

    Before

    (c)

    Later 

    (d)

    Future

  8. In partnership accounting, capital accounts are prepared under following method:

    (a)

    Fluctuating

    (b)

    Fixed

    (c)

    Both (a) & (b)

    (d)

    None of these

  9. When a new partner is admitted under bonus method capital method of the firm increase by

    (a)

    the new investment

    (b)

    less than the new investment

    (c)

    Zero

    (d)

    More than the new investment

  10. Goodwill is a(n):

    (a)

    Tangible Fixed Assets

    (b)

    Tangible Current Assets

    (c)

    Intangible Fixed Assets

    (d)

    Intangible Current Assets

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TN 12th Standard Accountancy free Online practice tests

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