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12th Standard English Medium Accountancy Subject Admission of a Partner Book Back 1 Mark Questions with Solution Part - II

12th Standard

    Reg.No. :
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Accountancy

Time : 00:30:00 Hrs
Total Marks : 5

    Part I

    5 x 1 = 5
  1. Revaluation A/c is a

    (a)

    Real A/c

    (b)

    Nominal A/c

    (c)

    Personal A/c

    (d)

    Impersonal A/c

  2. 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 partners

  3. 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

  4. 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
  5. James and Kamal are sharing profits and losses in the ratio of 5:3. They admit Sunil as a partner giving him 1/5 share of profits. Find out the sacrificing ratio.

    (a)

    1:3

    (b)

    3:1

    (c)

    5:3

    (d)

    3:5

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