Quiz-3

Generate an engaging and informative illustration depicting partnership accounting concepts, including visuals for goodwill, profit-sharing, and capital contributions, with a professional and educational theme.

Partnership Admission Quiz

Test your knowledge on the intricacies of partnership accounting with our engaging quiz! Explore questions about goodwill, capital contributions, profit-sharing ratios, and more.

Whether you're a student or a professional, this quiz is designed to reinforce your understanding of partnership concepts.

10 challenging questions
Multiple-choice format
Score your knowledge on partnerships!

10 Questions2 MinutesCreated by CalculatingGuru37

In the case of admission of a partner, the entry for unrecorded investments will be

Debit Partner Capital A/cs and Credit Investment A/c

Debit Revaluation A/cs and Credit Investment A/c

Debit Investment A/cs and Credit Revaluation A/c

None of the above

Goodwill of a firm of A and B is valued at ₹30,000. It is appearing in the books at ₹12,000. C is admitted for 1/4share. What amount he is supposed to bring for goodwill?

� 30,000

� 4,500

� 7,500

� 10,500

Ramesh and Suresh are partners sharing profits in the ration of 2:1 respectively. Ramesh capital ₹ 1,02,000 and Suresh capital are ₹73,000. They admit Mahesh and agree to give him 1/5th share in future profit. Mahesh brings ₹14,000 as his share of goodwill. He agrees to contribute capital in the new profit-sharing ration. How much capital will be brought by Mahesh?

� 43,750

� 45,000

� 47,250

� 48,000

A and B are in partnership, sharing profits in the ratio of 3:2. They take C as a new partner. Goodwill of the firm is valued at 33,00,000 and C brings ₹30,000 as his share of goodwill in cash which is entirely credited to the capital account of A. New profit sharing ratio will be

3:2:1

6:3:1

5:4:1

4:5:1

X and Y are partners sharing profits in the ratio of 4:3. Z is admitted for 1/5th share and he brings in ₹1,40,000 as his share of goodwill in cash of which ₹1,20,000 is credited to X remaining amount to Y. New profit sharing ratio will be

4: 3: 5

2: 2: 1

1: 2: 2

2: 1: 2

A, B, C, and D are partners. A and B share 2/3rd of profits equally and Cand D share remaining profits in the ratio of 3: 2. Find the profit sharing ratio of A, B. C, and D

5: 5: 3: 2

7: 7: 6: 4

2.5: 2.5: 8: 6

3: 9: 8: 3

Sacrificing ratio is used to distribute ……………..in case of admission of a partner

Reserves

Goodwill

Revaluation Profit

Balance in Profit and Loss Account

X and Y are partners in a company with a capital of ₹1,80,000 and ₹2,00,000. Z was admitted for 1/3rd share in profits and brings ₹3,40,000 as capital. Calculate the amount of goodwill.

� 2,40,000

� 1,00,000

� 1,50,000

� 3,00,000

A and B are partners sharing profits and losses in the ration of 5: 3. On admission, C brings ₹70,000 as cash and ₹43,000 against goodwill. The new profit ratio between A, B, and C is 7: 5: 4. The sacrifice ratio of A and B is

3: 1

1: 3

4: 5

5: 9

A, B, and C are partner sharing profits in ratio 3: 2: 1. They agree to admit D into the firm. A, B, and C agreed to give 1/3rd, 1/6th, 1/9th share of their profit. The share of profit of D will be

1/10

11/54

12/54

13/54

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