New ! Accountancy MCQ Practise Tests



12th Standard English Medium Accountancy Subject Admission of a Partner Creative 1 Mark Questions with Solution Part - I

12th Standard

    Reg.No. :
  •  
  •  
  •  
  •  
  •  
  •  

Accountancy

Time : 00:30:00 Hrs
Total Marks : 5
    5 x 1 = 5
  1. When the value of an asset increases, it results in

    (a)

    profit

    (b)

    loss

    (c)

    income

    (d)

    expense

  2. The revaluation profit or loss is transferred to the old partner's capital accounts, in their __________

    (a)

    Old ratio

    (b)

    New ratio

    (c)

    Sacrifice ratio

    (d)

    Gain ratio

  3. 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

  4. 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

  5. In admission undistributed profit or loss is transferred to _________

    (a)

    New partner's capital A/c only

    (b)

    Old partner's capital A/c only

    (c)

    All the partner's capital accounts

    (d)

    None of these

*****************************************

Reviews & Comments about 12th Standard English Medium Accountancy Subject Admission of a Partner Creative 1 Mark Questions with Solution Part - I updated Creative Questions

Write your Comment