CBSE Questions for Class 12 Commerce Accountancy Reconstitution Of A Partnership Firm - Retirement / Death Of A Partner Quiz 6 - MCQExams.com

Which of these can be described as the sum of those intangible attributes or benefits enjoyed by the enterprise which contributes to its success.
  • Research and Development
  • Goodwill
  • Deferred revenue expenditure
  • Intangible Assets
Sacrificing ratio is used at the time of .. of a partner for distribution of goodwill
  • Retirement
  • Death
  • Admission
  • Expulsion
X and Y are sharing profits and losses in the ratio of 3 :Z is admitted with 1/5th share in profits of the firm which he gets from X. Now the new profit sharing ratio among X, Y and Z will be _________.
  • $$12:8:5$$
  • $$8:12:5$$
  • $$2:2:1$$
  • $$2:2:2$$
X and Y share profits and losses in the ratio of 4 :They admit Z in the firm with 3/7 share which he gets 2/7 from X and 1/7 from Y. The new profit sharing ratio will be:
  • 7:3:3
  • 2:2:3
  • 5:2:3
  • 2:3:3
X and Y are sharing profits in the ratio of 2:They admitted Z into the firm with 1/4 shares in profits for which he brings 15,000 as his share of capital. The partners decide to have their capitals according to the new profit sharing ratio. As a result, the adjusted capital of Y will be:
  • 10,000
  • 15,000
  • 16,000
  • 24,000
A and B are partners sharing profits and losses in the ratio of  3 :They have agreed to admit C into the partnership firm. C is given 1/4th share of future profits which he acquires in the ratio of 2: 1 from A and B. The new profit sharing ratio would be:
  • 4 : 3 : 1
  • 7 : 2 : 3
  • 3 : 1 : 7
  • 7 : 3 : 2
A and B are partners in a business sharing profits in the ratio of 5 :They admit C as a partner with 1/4 share in the profits which he acquires 3/4 from A and 1/4 from B. He pays 4,000 as his share of Goodwill A and B will be credited by:
  • 2,500 and 1,500 respectively
  • 2,000 each
  • 1,000 and 3,000 respectively
  • 3,000 and 1,000 respectively
A and B are partners in a firm sharing profits in the ratio of 3 :They admit C as a new partner for 1/3 share in the profits of the firm. The new  profit sharing ratio of A, B and C is ________________.
  • 3:2:1
  • 3:2:2
  • 3:2:3
  • 6:4:5
Goodwill of a firm of A and B is valued at 30,It is appearing in the books at 12,C is admitted for 1/4 share. What amount he is supposed to bring for goodwill?
  • 3,000
  • 4,500
  • 7,500
  • 10,500
A, B and C are the partners in a business firm sharing their profits in the ratio of 4 : 3 :A new partner D enters the firm. The new profit sharing of A, B, C and D is 5 : 4 : 2:D contributes a goodwill of $$Rs.36,000$$. This goodwill is to be allocated among A, B and C. Which one of the following will be the correct allocation?
  • A - $$Rs.16,000$$, B - $$Rs.12,000$$, C - $$Rs.8,000$$
  • A - $$Rs.12,000$$, B - $$Rs.8,000$$, C - $$Rs.16,000$$
  • A - $$Rs.12,000$$, B - Nil, C - $$Rs.24,000$$
  • A - $$Rs.24,000$$, B - Nil, C - $$Rs.12,000$$
A and B share profits in the ratio of 2 :C has been admitted with 1/4 share in profits. The new profit sharing ratio of the partners will be:
  • 2 : 1 : 1
  • 1 : 2 : 1
  • 2 : 1 : 2
  • 1 : 1 : 1
If A and B who are sharing profits in the ratio of 3: 1 admit C to one-fourth share in the future profits, the profit sharing ratio shall be
  • A:9/16;B:3/16;C :4/16
  • A: 10/16;B :2/16;C:4/16
  • A : 8/16 B :4/16; C : 4/16
  • A : 7/16 ; B : 5/16; C : 4/16
A, B and C are equal partners. D is admitted to the firm for one-fourth share. D brings Rs. $$20,000$$ as capital and Rs. $$5,000$$ being half of the premium for goodwill. The value of goodwill of the firm is _____________.
  • $$Rs.10,000$$
  • $$Rs.40,000$$
  • $$Rs.20,000$$
  • None of these
Under average profit basis goodwill is calculated using following formula:
  • Average profits * no. of years of purchase.
  • Super profits * years of purchase.
  • Total of the discounted value of expected future profits.
  • Super profit divided with expected rate of return.
A and B are partners sharing profits and losses in the ratio 5 :They admitted C and agreed to give him 3/10th of the profit. What is the new ratio after C's admission?
  • $$35:42:17$$
  • $$35:21:24$$
  • $$49:22:29$$
  • $$34:20:12$$
In the case of downward revaluation of an asset which is for the first time revalued, the account to be debited is ________________.
  • fixed Asset
  • revaluation Reserve
  • Profit and Loss account
  • general reserve
A and B are partners sharing profits in the ratio $$5:3$$, they admitted C giving him $$3/10^{th}$$ share of profit. If C acquires $$1/5^{th}$$ share from A and $$1/10^{th}$$ from B, new profit sharing ratio will be.
  • $$5:6:3$$
  • $$2:4:6$$
  • $$18:24:38$$
  • $$17:11:12$$
The rate of underwriting commission payable on the issue of shares should not be more than _____.
  • $$2$$%
  • $$3$$%
  • $$4$$%
  • $$5$$%
Goodwill is a/an __________.
  • contingent asset
  • tangible asset
  • intangible asset
  • current asset
In the case of downward revaluation of an asset, which is for the first time revalued, ___________ account is debited.
  • Fixed Asset
  • Revaluation Reserve
  • Profit & Loss account
  • General Reserve
A, B and C are the partners sharing profits and losses in the ratio of $$5:3:2$$, took a joint life policy of Rs. $$30,000$$. On the death of B what amount will be payable to each partner will be ____________.
  • A- Rs. $$22,000$$ and B- Rs. $$8,000$$
  • A- Rs. $$14,000$$ and B- Rs. $$16,000$$
  • A- Rs. $$15,000$$, B- Rs. $$9,000$$ and C- Rs. $$6,000$$
  • A- Rs. $$10,000$$, B- Rs. $$8,000$$ and C- Rs. $$10,000$$
A and B are partners sharing profits in the ratio 5 :They admitted C giving him 3/10 share of profit. If C acquires 1/5th share from A and 1/10th from B, the new profit sharing ratio will be _________. 
  • $$5:6:3$$
  • $$2:4:6$$
  • $$18:24:38$$
  • $$17:11:12$$
Goodwill brought in by incoming partner in cash is taken away by the old partners in ___________.
  • Old Profit Sharing Ratio
  • New Profit Sharing Ratio
  • Sacrificing Ratio
  • Capital Ratio
All of the following except one is the method of recording joint life policy ______________.
  • premium paid charged to revenue
  • JLP Account maintained at the surrender value
  • JLP Account maintained at the surrender value along with the Reserve
  • Surrender value distributed among the partners in the profit sharing ratio
Under annuity basis goodwill is calculated by using ___________.
  • Average profits * years of purchase
  • Super profits * years of purchase
  • Total of the discounted value of expected future benefits
  • Super profit divided with expected rate of retwun
On the death of a partner, the amount of Join Life Policy is credited to the Capital Account of _____________.
  • Only the deceased partner
  • All partners including the deceased partner
  • Remaining partners, in the new profit sharing ratio
  • Remaining partners, in the old profit sharing ratio
The profits of last three years are Rs.52,000, Rs.49,000 and Rs.55,Find out the goodwill of two years purchase.
  • $$Rs.62,000$$
  • $$Rs.1,04,000$$
  • $$Rs.1,46,000$$
  • $$Rs.56,000$$
At the time of retirement of a partner, firm gets _________ from the insurance company against the Joint Life Policy taken by the firm.
  • Policy Amount
  • Surrender Value of the Retiring partner
  • Policy Value for the retiring partner and Surrender Value for the rest
  • Surrender Value for all the partners
The profits and losses for the last years are : 2001-02 Losses Rs.8,000; 2002-03 Losses Rs.4,500; 2003-04 Profits Rs.1,00,000 & 2004-05 Profits Rs.74,000.The average capital employed in the business is Rs.2,40,The rate of return expected from capital invested as 10%. The remuneration of partners is estimated to be Rs.1,000 per month. Calculate the value of goodwill on the basis of two years' purchase of super profits base on the average of four years.
  • $$Rs.9,000$$
  • $$Rs.8.750$$
  • $$Rs.8,500$$
  • $$Rs.8,250$$
The following trading results are available in respect of the business carried on by a firm:
2001                 Loss                    Rs.10,000
2002                 Loss                    Rs.5,000
2003                 Profit                  Rs.80,000
2004                 Profit                  Rs.55,000
The value of goodwill on the basis of 5 years' purchase of average profit of the business will be ___________.
  • $$Rs.1,25,000$$
  • $$Rs.1,50,000$$
  • $$Rs.1,00,000$$
  • $$Rs.1,20,000$$
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