Q10. Under the capitalisation method, goodwill is calculated by _. Q9. The increase in the value of assets on reconstitution of the partnership firm results in _. Q8. At the time of an admission of a new partner, the general reserve that is appearing in the old balance sheet is transferred to _.Īnswer: (b) Old partner’s capital accounts Q7. What is the formula to calculate the gaining ratio? (b) Neither a gain nor a loss to the existing partnersĪnswer: (c) A gain to the existing partners
Q6. Recording of an unrecorded asset on the reconstitution of a partnership firm will be _. Q5. The balance of the revaluation account is transferred to the old partner’s capital accounts in their _. (b) Neither gain nor loss to the existing partnersĪnswer: (a) Loss to the existing partners Q4. On reconstitution of a partnership firm, recording of an unrecorded liability will result in _. Q3. A general reserve treated at the time of admission of a new partner, it is transferred to _.Īnswer: (a) Old Partner’s capital account (c) Old partners in the old profit-sharing ratioĪnswer: (c) Old partners in the old profit-sharing ratio (b) All the partners in the new profit-sharing ratio (a) Old partners in new profit-sharing ratio Q2. At the time of admission of a new partner, undistributed profits appearing in the balance sheet of the old firm is transferred to the capital account of _. Q1. When the new partner pays for goodwill in cash, the amount should be debited in the firm’s book to _. 2nd Puc Accountancy Chapter 3 2nd Puc Accountancy Chapter 3 Reconstitution Of A Partnership Firm – Admission Of A Partner Part -1 Notes 2nd Puc Accountancy Chapter 3 Multiple Choice Questions
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