{"id":7511,"date":"2023-11-24T20:16:01","date_gmt":"2023-11-24T14:46:01","guid":{"rendered":"https:\/\/edunovations.com\/mcqs\/?p=7511"},"modified":"2023-11-24T20:19:27","modified_gmt":"2023-11-24T14:49:27","slug":"ncert-class-12-accountancy-mcq-3","status":"publish","type":"post","link":"https:\/\/edunovations.com\/mcqs\/ncert-class-12-accountancy-mcq-3\/","title":{"rendered":"NCERT Class 12 Accountancy\u00a0MCQ :\u00a0Reconstitution of Partnership Firm Admission of a Partner"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/edunovations.com\/mcqs\/ncert-class-12-accountancy-mcq-3\/#NCERT_Class_12_Accountancy_MCQ_Reconstitution_of_Partnership_Firm_Admission_of_a_Partner\" >NCERT Class 12 Accountancy&nbsp;MCQ :&nbsp;Reconstitution of Partnership Firm Admission of a Partner<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/edunovations.com\/mcqs\/ncert-class-12-accountancy-mcq-3\/#NCERT_Class_12_Accountancy_Reconstitution_of_Partnership_Firm_Admission_of_a_Partner_MCQ_%E2%80%93_NCERT_Class_12_MCQ\" >NCERT Class 12 Accountancy&nbsp;: Reconstitution of Partnership Firm Admission of a Partner MCQ &#8211; NCERT Class 12 MCQ<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/edunovations.com\/mcqs\/ncert-class-12-accountancy-mcq-3\/#Some_Important_Links\" >Some Important Links<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"NCERT_Class_12_Accountancy_MCQ_Reconstitution_of_Partnership_Firm_Admission_of_a_Partner\"><\/span>NCERT Class 12 <strong>Accountancy&nbsp;<\/strong>MCQ :&nbsp;Reconstitution of Partnership Firm Admission of a Partner<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Embark on a journey through the intricate world of business partnerships with our MCQs page dedicated to the &#8216;Reconstitution of Partnership Firm: Admission of a Partner.&#8217; Curated from a diverse array of previous year papers, including esteemed sectors such as UPSC IAS and more, this resource invites you to explore the nuances of partnership dynamics and the strategic decisions involved in admitting new partners.<\/p>\n\n\n\n<p>These Multiple Choice Questions are meticulously crafted to challenge and enhance your understanding of the legal, financial, and managerial aspects surrounding the admission of a partner to a business firm. Whether you&#8217;re a business studies enthusiast or preparing for competitive exams, these questions offer a strategic approach to mastering the intricacies of this critical aspect of business law.<\/p>\n\n\n\n<p>Prepare confidently for exams with questions sourced from various sectors, ensuring a well-rounded grasp of the legal implications, financial considerations, and management strategies involved in partnership reconstitution. Each MCQ serves as a key to unlocking insights into the diverse scenarios that businesses face when admitting new partners, mirroring the depth of knowledge required for success in competitive examinations.<\/p>\n\n\n\n<p>Immerse yourself in the study of &#8216;Reconstitution of Partnership Firm,&#8217; confident in your ability to navigate through MCQs that mirror the complexities of this significant aspect of business law. Our resource, drawn from previous year papers, acts as a roadmap for exam success, offering both knowledge enrichment and strategic insights<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"NCERT_Class_12_Accountancy_Reconstitution_of_Partnership_Firm_Admission_of_a_Partner_MCQ_%E2%80%93_NCERT_Class_12_MCQ\"><\/span>NCERT Class 12 <strong><strong><strong><strong><strong>Accountancy&nbsp;<\/strong><\/strong><\/strong><\/strong><\/strong>: Reconstitution of Partnership Firm Admission of a Partner MCQ<strong> &#8211; NCERT Class 12 MCQ<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n<style>\r\n    \/* Quiz container *\/\r\n    .quiz-container {\r\n        max-width: 800px;\r\n        margin: 0 auto;\r\n        padding: 20px;\r\n        box-sizing: border-box;\r\n        font-family: Arial, sans-serif;\r\n    }\r\n\r\n    \/* Question *\/\r\n    .question {\r\n        background-color: #f9f9f9;\r\n        padding: 20px;\r\n        border: 1px solid #ccc;\r\n        font-size: 20px;\r\n        margin-bottom: 20px;\r\n        border-radius: 5px;\r\n        box-shadow: 0 2px 4px rgba(0, 0, 0, 0.1);\r\n        position: relative;\r\n    }\r\n\r\n    \/* Question header *\/\r\n    .question h4 {\r\n        margin-bottom: 20px;\r\n    }\r\n\r\n    \/* Options list *\/\r\n    .options {\r\n        list-style-type: none;\r\n        padding: 0;\r\n    }\r\n\r\n    \/* Option item *\/\r\n    .options li {\r\n        margin: 10px;\r\n        padding: 10px;\r\n        display: flex;\r\n        align-items: center;\r\n        border-radius: 5px;\r\n        border: 2px solid #ccc;\r\n        box-shadow: 0 2px 4px rgba(0, 0, 0, 0.1);\r\n    }\r\n\r\n    \/* Option number *\/\r\n    .options li span {\r\n        margin-right: 10px;\r\n        width: 20px;\r\n        height: 20px;\r\n        border-radius: 50%;\r\n        border: 2px solid black;\r\n        display: flex;\r\n        justify-content: center;\r\n        align-items: center;\r\n        font-weight: bold;\r\n    }\r\n\r\n    \/* Option colors *\/\r\n    .options li span.option-a {\r\n        background-color: #FFD700; \/* Yellow *\/\r\n    }\r\n\r\n    .options li span.option-b {\r\n        background-color: #FF1493; \/* Pink *\/\r\n    }\r\n\r\n    .options li span.option-c {\r\n        background-color: #00BFFF; \/* Light Blue *\/\r\n    }\r\n\r\n    .options li span.option-d {\r\n        background-color: #7CFC00; \/* Green-Yellow *\/\r\n    }\r\n\r\n    .options li span.option-e {\r\n        background-color: #EE82EE; \/* Purple-Pink *\/\r\n    }\r\n\r\n    \/* Show answer button *\/\r\n    .show-answer {\r\n        background-color: #0066CC;\r\n        color: #fff;\r\n        border: none;\r\n        padding: 8px 20px;\r\n        font-size: 20px;\r\n        cursor: pointer;\r\n        border-radius: 3px;\r\n        text-align: center;\r\n        display: inline-block;\r\n        margin-bottom: 20px;\r\n    }\r\n\r\n    \/* Answer box *\/\r\n    .answer-box {\r\n        margin: 0 auto;\r\n        padding: 10px;\r\n        font-size: 20px;\r\n        color: #61970F;\r\n        box-sizing: border-box;\r\n        display: none;\r\n    }\r\n\r\n    \/* Question header *\/\r\n    .quiz-container .question-header {\r\n        color: darkblue;\r\n        font-weight: bold;\r\n        margin-right: 10px;\r\n    }\r\n\r\n    \/* Question header and text *\/\r\n    .quiz-container .question-header,\r\n    .quiz-container .question-text {\r\n        display: inline;\r\n        font-weight: bold;\r\n    }\r\n\r\n    \/* Responsive styles *\/\r\n    @media (max-width: 767px) {\r\n        .quiz-container {\r\n            padding: 10px;\r\n        }\r\n    }\r\n<\/style>\r\n<div class=\"quiz-container\">\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">Goodwill is nothing more than probability that the old customer will resort to the old place. This definition of goodwill was given by:\r\n<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99638\">Spicer and Pegler<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99638\">ICAI<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99638\">Lord Elton<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99638\">AICPAC<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"c\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">Goodwill is to be calculated at one and half year\u2019 purchase of average profit of last 5 years. The firm earned profits during 3 years as \u20b9 20,000 \u20b9 18,000 and \u20b9 9,000 and suffered losses of \u20b9 2,000 and \u20b95,000 in last 2 years. The amount of goodwill will be :\r\n<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99639\">\u20b9 12,000<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99639\">\u20b9 10,000<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99639\">\u20b9 15,000<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99639\">None of these<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"a\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">When there is no Goodwill Account in the books and goodwill is raised,\u2026\u2026\u2026\u2026\u2026.account will be debited<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99640\">Partner\u2019s Capital<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99640\">Goodwill<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99640\">Cash<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99640\">Reserve<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"b\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">The amount of goodwill is paid by new partner :\r\n<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99641\">for the payment of capital<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99641\">for sharing the profit<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99641\">for purchase of assets<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99641\">None of these<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"b\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">At the time of admission of a new partners general reserve appearning in the old Balance Sheet is transferred to:\r\n<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99642\">All Partner\u2019s Capital Accounts<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99642\">New Partner\u2019s Capital Account<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99642\">Old Partners\u2019. Capital Accounts<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99642\">None of these<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"c\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">Profit or Loss on Revaluation is borne by:<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99643\">Old Partners<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99643\">New Partners<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99643\">All Partners<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99643\">Only Two Partners<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"a\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">Share of goodwill brought by new partner in case is shared by old partners in :\r\n<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99644\">Sacrificing Ratio<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99644\">Old Ratio<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99644\">New Ratio<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99644\">Equal Ratio<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"a\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">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 :\r\n<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99645\">10 : 7 : 7 :4<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99645\">5 : 3 : 2 : 1<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99645\">4 : 3 : 2 : 1<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99645\"> None of these<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"c\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">A and B are partners in a firm sharing profits in the ratio of 3:2. They admit C as a new partner for 1\/3 rd share in the profits of the firm. The new profit sharing ratio of A, B and C would be :\r\n<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99646\">3 : 2 : 1<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99646\">3 : 2 : 2<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99646\">3 : 2 : 3<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99646\">6 : 4 : 5<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"d\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">X and Y are partners sharing profits in the ratio of 1:1. They admit Z for 1\/5 th share who contributed \u20b925,000 for his share of goodwill. The total value of goodwill of the firm will be :<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99647\">\u20b9 2,50,000<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99647\">\u20b9 50,000<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99647\">\u20b9 1,00,000<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99647\">\u20b9 1,25,000<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"c\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">A, B and C are partners in a firm. If D is admitted as a new partner, then:<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99648\">Old firm is dissolved<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99648\">Old firm and old partnership is dissolved<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99648\">Old Partnership is reconsitituted<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99648\">None of these<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"c\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">In which ratio, the cash brought in for goodwill by the new partner is shared by the existing partners :\r\n<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99649\">Profit sharing ratio<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99649\">Capital ratio<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99649\">Sacrificing ratio<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99649\">None of these<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"c\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">Sacrificing ratio is ascertained at the time of<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99650\">Death of a partner<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99650\">Retirement of a partner<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99650\">Admission of a partner<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99650\">None of these<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"c\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">If at the time of admission of new partner, Profit and Loss Account balance appears in the books, it will the transferred to<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99651\">Profit &amp; Loss Appropriation A<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99651\">All Partners\u2019 Capital A\/cs<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99651\">Old Partners\u2019 Capital A\/cs<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99651\">Revaluation A\/c<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"c\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">State the \u2018true\u2019 statement:\r\n<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99652\">Profit &amp; Loss Adjustment A\/c is prepared for revaluated of assets and liabilities on the admission of a partner<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99652\">The new partner is liable for the past losses of the firm<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99652\">In case the new partner is unable to bring in cash for goodwill, Goodwill Account may be raised in the firm\u2019s books as per AS-26<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99652\">When a partner is admitted, there is dissolution of firm<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"a\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">Excess of the credit side over the debit side of Revaluation account is:<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99655\">Profit<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99655\">Loss<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99655\">Gain<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99655\">Expense<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"a\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">Balance sheet prepared after new partnership agreement, assets and liabilities are recorded at:<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99657\">Original Value<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99657\">Revalued Figure<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99657\">At Realisable Value<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99657\">Either of (a) or (b)<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"b\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">Assets and Liabilities are shown at their revalued values in :\r\n<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99659\">New Balance Sheet<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99659\">Revaluation A\/c<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99659\">All Partner\u2019s Capital A\/c\u2019s<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99659\">Realisation A\/c<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"a\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">Which of the following assets is compulsorily revalued at the time of admission of a new partner<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99661\">stock<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99661\">Fixed Assets<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99661\">Investment<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99661\">Goodwill<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"d\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">A and B are partners. C is admitted with 1\/5 share. C brings 7 1,20,000 as his share towards capital. The total net worth of the firm is :<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_99663\">\u20b9 1,00,000<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_99663\"> \u20b9 4,00,000<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_99663\">\u20b9 1,20,000<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_99663\">\u20b9 6,00,000<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"d\">Show Answer<\/button>\r\n    <\/div>\r\n  <\/div>\r\n<script src=\"https:\/\/code.jquery.com\/jquery-3.6.0.min.js\"><\/script>\r\n<script>\r\n$(document).ready(function() {\r\n  $('.show-answer').click(function() {\r\n    var answer = $(this).data('answer');\r\n    $(this).siblings('.answer-box').html('The correct answer is: ' + answer).slideDown();\r\n    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