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In the partnership, there must be plurality of persons i.e. two or more persons should enter into an agreement to commence a partnership firm. A single person cannot be called as a firm. Partnership Act also states the minimum number of members must be two but does not specify maximum number of partners. However Section 464 of Indian Companies Act (Amendment), 2013 restricts the maximum number of partners to 50.
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Table of Contents
ADMISSION OF PARTNER MCQ
- A new partner may be admitted into a partnership :
(A) With the consent of any one partner
(B) With the consent of majority of partners
(C) With the consent of all old partners
(D) With the consent of 2/3rd of old partners
ANSWER:- C
2.On the admission of a new partner :
(A) Old firm is dissolved
(B) Old partnership is dissolved
(C) Both old partnership and firm are dissolved
(D) Neither partnership nor firm is dissolved
ANSWER:- B
3.A and B are partners sharing profit in the ratio of 3 : 2. They admit C as a partner by giving him 1/3 share in future profits. The new ratio will be:
(A) 12 : 8 : 5
(B) 8: 12 : 5
(C) 5 : 5 : 12
(D) None of the Above
ANSWER:- D
4.X and Y are partners sharing profit in the ratio of 3 : 2. Z was admitted with 1/4 share in profits which he acquires equally from X and Y. The new ratio will be:
(A) 9 : 6 : 5
(B) 19 : 11 : 10
(C) 3 : 3 : 2
(D) 3 : 2 : 4
ANSWER:- B
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5. A and B share profits in the ratio of 2 : 1. C is admitted with 1/4 share in profits. C acquires 3/4 of his share from A and 1/4 of his share from B. The new ratio will be:
(A) 2 : 1 : 1
(B) 23 : 13 : 12
(C) 3 : 1 : 1
(D) 13 : 23 : 12
ANSWER:- B
6.B and N are partners in a firm sharing profits in the ratio of 3 : 2. They admit S as a partner for l/4th share in the profits. S acquires his share from B and N in the ratio of 2 : 1. The new profit-sharing ratio will be :
(A) 2:1:4
(B) 19:26: 15
(C) 3:2:4
(D) 26 : 19 : 15
ANSWER:- D
7.A and B are partners sharing profits and losses in the ratio of 7 : 5. They agree to admit C, their manager, into partnership who is to get 1/6th share in the profits. He acquires this share as 1/24th from A and 1/8th from B, The new profit sharing ratio will be :
(A) 13 : 7 : 4
(B) 7 : 13 : 4
(C) 7 : 5 : 6
(D) 5 : 7 : 6
ANSWER:- A
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8.A and B are partners in a firm sharing profits and losses in the ratio of 3 : 2. A new partner C is admitted. A surrenders 1/15th share of his profit in favour of C and B surrenders 2/15th of his share in favour of C. The new ratio will be :
(A) 8 : 4 : 3
(B) 42 : 26 : 7
(C) 4 : 8 : 3
(D) 26 : 42 : 7
ANSWER:- B
9. A and B are partners in a business sharing profits and losses in the ratio of 7 : 3 respectively. They admit C as a new partner. A sacrificed 1/7th share of his profit and B sacrificed 1/3rd of his share in favour of C. The new profit sharing ratio of A, B and C will be :
(A) 3 : 1 : 1
(B) 2 : 1 : 1
(C) 2 : 2 : 1
(D) None of the above
ANSWER:- D
10.A and B are partners sharing profit or loss in the ratio of 3 : 2. C is admitted into partnership as a new partner. A sacrifices 1/3 of his share of B sacrifices 1/4 of his share in favor of C. What will be the C’s share in the firm?
ANSWER:-C
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11.A and B are partners in a firm sharing profits and losses in the ratio of 2 : 3. C is admitted for 1/5 share in the profits of the firm. If C gets it wholly from A, the new profit sharing ratio after C’s admission will be :
(A) 1 : 3 : 3
(B) 3 : 1 : 1
(C) 2 : 2 : 1
(D) 1 : 3 : 1
ANSWER:-D
12.A and B are partners sharing profits in the ratio of 4 : 3. They admitted C as a new partner who gets 1/5th share of profit, entirely from A. The new profit sharing ratio will be :
(A) 20 : 8 : 7
(B) 13 : 15 : 15
(C) 13 :15:7
(D) 15 : 13 : 5
ANSWER:- C
13.X and Y are partners sharing profits in the ratio of 3 : 2. Z is admitted as a partner. Calculate sacrificing ratio if new profit sharing ratio is 9 : 7 : 4.
(A) 3 : 1
(B) 3 : 2
(C) 1:3
(D) 9 : 7
ANSWER:- A
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14.When a new partner brings his share of goodwill in cash, the amount is debited to:
(A) Goodwill A/c
(B) Capital A/c of the new partner
(C) Cash A/c
(D) Capital A/c of the old partners
ANSWER:- C
15.When a new partner does not bring his share of goodwill in cash, the amount is debited to :
(A) Cash A/c
(B) Premium A/c
(C) Current A/c of the new partner
(D) Capital A/c of the old partners
ANSWER:-C
16.If at the time of admission, there is some unrecorded liability, it will be :
(A) Debited to Revaluation Account
(B) Credited to Revaluation Account
(C) Debited to Goodwill Account
(D) Credited to partners’ Capital Accounts
ANSWER:- A
17.If the new partner brings his share of goodwill in cash, it will be shared by old partners in :
(A) Ratio of sacrifice
(B) Old profit sharing ratio
(C) New profit sharing ratio
(D) In Capital ratio
ANSWER:- A
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18.If, at the time of admission, the revaluation A/c shows a profit, it should be credited to :
(A) Old partners capital accounts in the old profit sharing ratio.
(B) All partners capital accounts in the new profit sharing ratio.
(C) Old partners capital accounts in the new profit sharing ratio.
(D) Old partners capital accounts in the sacrificing ratio.
ANSWER:- A
19 Revaluation Account or Profit and Loss Adjustment A/c is a
(A) Real Account
(B) Personal Account
(C) Nominal Account
(D) Asset Account
ANSWER:- C
20.X and Y are partners sharing profits in the ratio 2 : 3. They admitted Z for 1/5th share of profits, for which he paid ₹1,20,000 against capital and 760,000 as goodwill. Find the capital balances for each partner taking Z’s capital as base capital.
(A) ₹3,00,000, ₹1,20,000 and ₹1,20,000
(B) ₹3,00,000, ₹1,20,000 and ₹1,80,000
(C) ₹1,92,000, ₹2,88,000 and ₹1,20,000
(D) ₹3,00,000, ₹1,80,000 and ₹1,80,000
ANSWER:- B
21.Sacrificing ratio is used to distribute in case of admission of a partner :
(A) Reserves
(B) Goodwill
(C) Revaluation Profit
(D) Balance in Profit and Loss Account
ANSWER:- B
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