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Published on: 06/11/2020
12th Standard Accounts Admission of a Partner English Medium Free Online Test One Mark Questions 2020 - 2021
Download Tamil Nadu 12th Standard Accountancy question papers, model tests, one-mark questions, important questions, and public exam papers in PDF format. Free study materials and answer keys for TN State Board students.
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1.
The new partner does not bring in cash for his share of goodwill under _______ method.
Memorandum revaluation
Revaluation
Premium
None of these
2.
At the time of admission of a new partner, ________ profit ratio should be find out.
old
new
both (a) and (b)
none of these
3.
________ ratio is the proportion of the profit which is sacrificed or foregone by the old partners in favour of the new partner.
Old
New
Sacrifice
Agreed
4.
The net result of revaluation is adjusted through the ___________ accounts of the partners
capital
revaluation
cash
bank
5.
A ________ account is opened to record the increase or decrease in assets and liabilities
Capital
Partners
Revaluation
None of these
6.
In order to maintain fair dealings, at the time of admission, it is necessary to revalue assets and liabilities of the firm to their _______
Cost price
True value
Selling price
None of these
7.
When the value of an asset increases, it results in
profit
loss
income
expense
8.
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 |
| (i) | (ii) | (iii) | (iv) |
| 1 | 2 | 3 | 4 |
| (i) | (ii) | (iii) | (iv) |
| 3 | 2 | 4 | 1 |
| (i) | (ii) | (iii) | (iv) |
| 4 | 3 | 2 | 1 |
| (i) | (ii) | (iii) | (iv) |
| 3 | 1 | 4 | 2 |
9.
10.
Revaluation A/c is a
Real A/c
Nominal A/c
Personal A/c
Impersonal A/c
1.
(b)
Revaluation
2.
(b)
new
3.
(c)
Sacrifice
4.
(a)
capital
5.
(c)
Revaluation
6.
(b)
True value
7.
(a)
profit
8.
(b)
| (i) | (ii) | (iii) | (iv) |
| 3 | 2 | 4 | 1 |
9.
(d)
10.
(b)
Nominal A/c
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Computer Applications

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Accountancy

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