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12th Standard English Medium Accountancy Subject Admission of a Partner Creative 2 Mark Questions with Solution Part - I Question Bank Software Jun-21 , 2021

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12th Standard English Medium Accountancy Subject Admission of a Partner Creative 2 Mark Questions with Solution Part - I

12th Standard English Medium Accountancy Subject Admission of a Partner Creative 2 Mark Questions with Solution Part - I

12th Standard

    Reg.No. :
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Accountancy

Time : 00:30:00 Hrs
Total Marks : 10
    5 x 2 = 10

  1. What is meant by admission of a partner?

  2. Who is an incoming partner?

  3. The amount of bills payable appearing in the balance sheet is understated by. Rs.10,000 State whether the revaluation account will be debited or credited to restore the amount of bills payable to its actual value. Also give reason for your answer.

  4. On the admission of C, A and B decide to record an unrecorded asset worth Rs.10,000 State whether the revaluation account will be debited or credited.

  5. The value of Plant and machinery increased by 10%. State whether revaluation account will be debited or credited.

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