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

Find here the NCERT Book Multiple Choice Questions from Class 12 Accounting book with Answers Pdf free download as per CBSE new exam pattern. 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 Class 12 Accounting. 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.

Q1. 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

(B) 19 : 11 : 10

Q2. 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

(B) 23 : 13 : 12

Q3. 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

(D) 26 : 19 : 15

Q4. 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

(A) 13 : 7 : 4

Q5. A and B share profits in the ratio of 3 : 2. They agreed to admit C on the condition that A will sacrifice 325th of his share of profit in favour of C and B will sacrifice 125th of his profits in favour of C. The new profit sharing ratio will be :

(A) 12 : 9:4
(B) 3 : 2 : 4
(C) 66 : 48 : 11
(D) 48 : 66 : 11

(C) 66 : 48 : 11

Q6. 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

(B) 42 : 26 : 7

Q7. 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

(D) 1 : 3 : 1

Q8. 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

(C) 13 :15:7

Q9. 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

(a) Revaluation of partnership
(b) Reconstitution of partnership
(c) Realisation of partnership
(d) None of the above

(b) Reconstitution of partnership

Q10. When the new partner brings cash for goodwill, the amount is credited to:

(a) Realisation Account
(b) Cash Account
(c) Premium for Goodwill Account
(d) Revaluation Account

(c) Premium for Goodwill Account

Q11. Goodwill is an _ Assets.

(a) fixed
(b) intangible
(c) current
(d) fictitious

(b) intangible

Q12. Value of reputation of the firm is:

(a) Royalty
(b) Assets
(c) Goodwill
(d) Patents

(c) Goodwill

Q13. __ profit is excess of actual profits over normal profits.

(a) Net
(b) Average
(c) Super
(d) Appropriated

(c) Super

Q14. Sacrifice Ratio = _

(a) New Ratio – Old Ratio
(b) Old Ratio – New Ratio
(c) New Ratio + Old Ratio
(d) Old Ratio + New Ratio

(b) Old Ratio – New Ratio

Q15. Gaining Ratio = __

(a) New Ratio – Old Ratio
(b) Old Ratio – New Ratio
(c) New Ratio + Old Ratio
(d) Old Ratio + New Ratio

(a) New Ratio – Old Ratio

Q16. The amount of goodwill is paid by new partner :

(a) for the payment of capital
(b) for sharing the profit
(c) for purchase of assets
(d) None of these

(b) for sharing the profit

Q17. At the time of admission of a new partners general reserve appearning in the old Balance Sheet is transferred to:

(a) All Partner’s Capital Accounts
(b) New Partner’s Capital Account
(c) Old Partners’. Capital Accounts
(d) None of these

(c) Old Partners’. Capital Accounts

Q18. Profit or Loss on Revaluation is borne by:

(a) Old Partners
(b) New Partners
(c) All Partners
(d) Only Two Partners

(a) Old Partners

Q19. Share of goodwill brought by new partner in case is shared by old partners in :

(a) Sacrificing Ratio
(b) Old Ratio
(c) New Ratio
(d) Equal Ratio

(a) Sacrificing Ratio

Q20. A, Band Care three partners sharing profits and losses in the ratio of 4:3:2. D is admitted for 1/10 share, the new ratio will be :

(a) 10 : 7 : 7 :4
(b) 5 : 3 : 2 : 1
(c) 4 : 3 : 2 : 1
(d) None of these

(c) 4 : 3 : 2 : 1

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