Reconstitution of Partnership Firm: Admission of a Partner MCQ Questions for Class 12 Accountancy Chapter 3 with Answers

NCERTCOURSE.COM- Find here the NCERT/CBSE chapter-wise Multiple Choice Questions from Class 12 Accountancy book Chapter 3 Reconstitution of Partnership Firm: Admission of a Partner with Answers Pdf free download. This may assist you to understand and check your knowledge about the chapters. Students also can take a free test of the Multiple Choice Questions of Reconstitution of Partnership Firm: Admission of a Partner. Each question has four options followed by the right answer. These MCQ Questions are selected supported by the newest exam pattern as announced by CBSE.

MCQ Questions for Class 12 Accountancy with Answers

Q1. Gaining Ratio is

(i) New Ratio – Old Ratio
(ii) Old Ratio – New Ratio
(iii) New Ratio + Old Ratio
(iv) Old Ratio + New Ratio

(i) New Ratio – Old Ratio

Q2. If any asset is taken over by partner from the firm _ account will be debited.

(i) asset
(ii) revaluation
(iii) capital
(iv) Profit and Loss Adjustment

(iii) capital

Q3. Sacrifice Ratio is

(i) New Ratio – Old Ratio
(ii) Old Ratio – New Ratio
(iii) New Ratio + Old Ratio
(iv) Old Ratio + New Ratio

(ii) Old Ratio – New Ratio

Q4. Retiring partner is compensated for parting with the firm’s future profits in favour of remaining partners. The remaining partners contribute to such compensation amount in:

(i) Gaining Ratio
(ii) Sacrificing Ratio
(iii) Capital Ratio
(iv) Profit Sharing Ratio

(i) Gaining Ratio

Q5. The executors of deceased partner will be paid interest on the amount due from the date of death of the partner at:

(i) 5% p.a.
(ii) 6% p.a.
(iii) 7% p.a.
(iv) 8% p.a.

(ii) 6% p.a.

Q6. Value of reputation of the firm is:

(i) Royalty
(ii) Assets
(iii) Goodwill
(iv) Patents

(iii) Goodwill

Q7. When goodwill is withdrawn by old partners __ a/c is credited.

(i) cash/bank
(ii) capital
(iii) revaluation
(iv) Profit and Loss Adjustment

(i) cash/bank

Q8. On the death of a partner in a firm payments are made to;

(i) Capital A/c
(ii) Executor’s A/c
(iii) Current A/c
(iv) Loan A/c

(ii) Executor’s A/c

Q9. Goodwill is an _ Assets.

(i) fixed
(ii) intangible
(iii) current
(iv) fictitious

(ii) intangible

Q10. Balance in the Investment Fluctuation Reserve, after meeting the loss on Revaluation of Investments, at the time of admission of a partner will be transferred to :

(i) Old Partners’ Capital Accounts
(ii) Revaluation Account
(iii) Sacrificing Ratio
(iv) None of the above

(i) Old Partners’ Capital Accounts.

Q11. The amount due to the deceased partner is paid to his……….

(i) Father
(ii) Friend
(iii) Wife
(iv) Executors

(iv) Executors

Q12. Any change in the relationship of existing partners which results at an end of the existing agreement and enforces making of a new agreement is called

(i) Revaluation of partnership
(ii) Reconstitution of partnership
(iii) Realisation of partnership
(iv) None of the above

(ii) Reconstitution of partnership

Q13. Z is admitted to a firm for 1/4 share in the profits for which he brings in Rs. 10000towards premium for goodwill, it will be taken by the old partners in

(i) The new profit sharing ratio
(ii) The old Profit sharing ratio
(iii) the Sacrificing ratio
(iv) None of the options

(iii) the Sacrificing ratio

Q14. A decrease in the value of a liability will be recorded on the __ side of revaluation account.

(i) debit
(ii) either debit or credit
(iii) credit
(iv) debit and credit both

(iii) credit

Q15. The goodwill of the firm is not affected by:

(i) Location of the firm
(ii) reputation of the firm
(iii)Better customer services
(iv)None of the above

(ii) reputation of the firm

Q16. On retirement of a partner’s the amount of General Reserve is transferred to all partner’s capital account in:

(i) New Profit Sharing Ratio
(ii) Capital Ratio
(iii) Old Profit Sharing Ratio
(iv) None of these

(iii) Old Profit Sharing Ratio

Q17. An increase in the value of an assets will be recorded in the _ side of revaluation account.

(i) debit
(ii) credit
(iii) either debit or credit
(iv) debit and credit both

(ii) credit

Q18. When Goodwill is not purchased goodwill account can :

(i) Never be raised in the books
(ii) Be raised in the books
(iii)Be partially raised in the books
(iv)Be raised as per the agreement of the partners

(i) Never be raised in the books

Q19. On the retirement of a partner, full amount of goodwill may be credited to the capital accounts of:

(i) Retiring partners
(ii) Remaining partners
(iii) All partners
(iv) None of these

(iii) All partners

Q20. Goodwill brought in cash by new partners will be transferred in old partners capital account in _ Ratio.

(i) new
(ii) old
(iii) sacrificing
(iv) gaining

(iii) sacrificing

Q21. A firm is reconstituted , whenever there is a

(i) Death of a partner
(ii) Retirement of Existing Partner
(iii) All of the options
(iv) Admission of a new partner

(iii) All of the Above

I Think the given NCERT MCQ Questions for class 12 Accountancy book Chapter 3 Reconstitution of Partnership Firm: Admission of a Partner with Answers Pdf free download will assist you. If you’ve got any queries regarding CBSE Class 12 Accountancy Reconstitution of Partnership Firm: Admission of a Partner MCQs Multiple Choice Questions with Answers, drop a comment below and that we will come back to you soon.

MCQ Class 12 Accountancy with answers Part A & Part B

Leave a Comment