Admission of A Partner, Unit-5, Accountancy, +2, State board

Revaluation A/c is a---------------------------
1. Real A/c
2. Nominal A/c
3. Personal A/c
4. Impersonal A/c
On revaluation, the increase in the value of assets leads to----------------------------------
1. Gain
2. Loss
3. Expense
4. None of these
The profit or loss on revaluation of assets and liabilities is transferred to the capital account of ---------------------------------
1. The old partners
2. The new partner
3. All the partners
4. The Sacrificing partners
If the old profit sharing ratio is more than the new profit sharing ratio of a partner, the difference is called--------------------------------------------
1. Capital ratio
2. Sacrificing ratio
3. Gaining ratio
4. None of these
At the time of admission, the goodwill brought by the new partner may be credited to the capital accounts of--------------------------------------------
1. all the partners
2. the old partners
3. the new partner
4. the sacrificing partners
Which of the following statements is not true in relation to admission of a partner-----------------------------------------
1. Generally mutual rights of the partners change
2. The profits and losses of the previous years are distributed to the old partners
3. The firm is reconstituted under a new agreement
4. The existing agreement does not come to an end
Match List I with List II and select the correct answer using the codes given below:
List-1 List-II
(i) Sacrificing ratio 1. Investment fluctuation fund
(ii) Old profit sharing ratio 2. Accumulated profit
(iii) Revaluation Account 3. Good will
(iv) Capital Account 4. Unrecorded liability
1. (i)-1, (ii)- 2, (iii) -3, (iv)-4
2. (i)-3, (ii)-2, (iii)-4, (i)-1
3. (i)-4, (ii)-3, (iii)-2, (iv)-1
4. (i)-3, (ii)-1, (iii)-4, (iv)-2
Select the odd one out--------------------------------------------------------
1. Revaluation profit
2. Accumulated loss
3. Goodwill brought by new partner
4. Investment fluctuation fund
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.
1. 1;3
2. 3;1
3. 5;3
4. 3;5
Balaji and Kamalesh are partners sharing profits and losses in the ratio of 2:1. They admit Yogesh into partnership. The new profit sharing ratio between Balaji, Kamalesh and Yogesh is agreed to 3:1:1. Find the sacrificing ratio between Balaji and Kamalesh.
1. 1;3
2. 3;1
3. 2;1
4. 1;2

Partnership - Admission