Class Xii CH 3 MCQ Accountancy
Class Xii CH 3 MCQ Accountancy
Class Xii CH 3 MCQ Accountancy
Sl. Question:
No
01 A and B share profits and losses equally. They have ₹20,000 each as capital. They
admit C as equal partner and goodwill was valued at ₹30,000. Cis to bring in
₹30,000as his capital and necessary cash towards his share of goodwill. Goodwill
Account will not remain open in books. If profit on revaluation is ₹13,000,find the
closing balance of the capital accounts.
(A) ₹31,500;₹31,500; ₹30,000
(B) ₹31,500; ₹31,500; ₹20,000
(C) ₹26,500; ₹26,500; ₹30,000
(D) ₹20,000;₹20,000; ₹30,000
02 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.
03 In case of admission of a partner, the entry for unrecorded investments will be:
(A) Debit Partners Capital A/cs and Credit Investments A/c
(B) Debit Revaluation A/c and Credit Investment A/c
(C) Debit Investment A/c and Credit Revaluation A/c
(D) None of the above
04 A and B are partners of a partnership firm sharing profits in the ratio of 3 : 2
respectively. C was admitted for 1/5th share of profit. Machinery would be
appreciated by 10% (book value ₹80,000) and building wouldbe depreciated by
20% (₹2,00,000). Unrecorded debtorsof ₹1,250would be brought into books now
and a creditor amounting to ₹2,750 died and need not pay anything on this
account. What will be profit/loss on revaluation?
(A) Loss ₹28.000
(B) Loss ₹40,000
(C) Profits ₹28,000
(D) Profits ₹40,000
05 If at the time of admission if there is some unrecorded liability, it will be
to Account
A. Debited, Revaluation
B. Credited, Revaluation
C. Debited, Goodwill
D. Credited, Partners’ Capital
07 A and B are partners sharing profits in the ratio of 2 : 3. Their Balance Sheet
shows Machinery at ₹2,00,000;Stock at ₹80,000and Debtors at ₹1,60,000. C is
admitted and new profit sharing ratio is agreed at 6 : 9 : 5. Machinery is revalued
at ₹1,40,000 and a provision is made for doubtful debts @5%. A’s share in loss on
revaluation amount to ₹20,000. Revalued value of Stock will be :
(A) ₹62,000
(B) ₹1,00,000
(C) ₹60,000
(D) ₹98,000
08 If at the time of admission, some profit and loss account balance appears in the
books, it
will be transferred to:
(A) Profit & Loss Adjustment Account
(B) All partners‘ Capital Accounts
(C) Old partners‘ Capital Accounts
(D) Revaluation Account
09 At the time of admission of a partner, what will be the effect of the following
information? Balance in Workmen compensation reserve ₹40,000. Claim for
workmen compensation ₹45,000.
(A) ₹45,000 Debited to the Partner’s capital Accounts.
(B) ₹40,000Debited to Revaluation Account.
(C) ₹5,000Debited to Revaluation Account.
(D) ₹5,000 Creditedto Revaluation Account.
10 Angle and Circle ware partners in a firm. Their Balance Sheet showed Furniture at
₹2,00,000; Stockat ₹1,40,000;Debtors at ₹1,62,000 andCreditors at ₹60,000.
Square was admitted and new profit-sharing ratio was agreed at 2:3:5. Stock was
revalued at ₹1,00,000, Creditors of₹15,000are not likely to be claimed, Debtors
for ₹2,000have become irrecoverable and Provision for doubtful debts to be
provided @ 10%. Angle’s share in loss on revaluation amounted to ₹30,000.
Revalued value of Furniture will be:
(A) ₹2,17,000
(B) ₹1,03,000
(C) ₹3,03,000
(D) ₹1,83,000
The balance in the investment fluctuation fund after meeting the fall in the book
value of investment at the time of admission will be transferred to :
13.
a. Capital accounts of old partners
b. Revaluation account
c. General reserve
d. Capital accounts of all partners
Anand and Bobby are partners sharing profit in the ratio of 1:1. They admit Chiku
for 1/5th share who contributed Rs 25,000 for his share of goodwill. The total value
14. of the goodwill of the firm will be:
a. 25,000
b. 50,000
c. 1,00,000
d. 1,25,000
15.
Revaluation account is a :
a. Nominal account
b. Personal account
c. Real account
d. None of above.
partner who get 1/7th share of profit, entirely from A. The new profit sharing ratio
will be :
a. 3:3:1
b. 4:3:1
c. 3:3:2
d. 4:3:2
17. A and B are partners sharing profit or loss in the ratio 4:1. A surrendered 1/5th
from his share and B surrendered 1/5th of his share in favour of new partner C.
What will be the C’s share?
a. 2/5
b. 6/25
c. 3/25
d. None of these
18. At the time of admission of partner profit or loss on revaluation of assets and
a. Purchased goodwill
b. Self generated goodwill
c. Both (a) and (b)
d. None of the above.
29 A and B are partners in the ratio of 3:1.C was admitted for 1/5 th share and he
could not bring his share of goodwill. Goodwill of the firm is valued at ₹
1,00,000.Journalise
(A) Premium for Goodwill A/c Dr 1,00,000
To A’s Capital A/c 75,000
To B’s Capital A/c 25,000
(B) C’s Capital A/c Dr 1,00,000
To A’s Capital A/c 75,000
To B’s Capital A/c 25,000
(C) C’s Capital A/c Dr 20,000
To A’s Capital A/c 10,000
To B’s Capital A/c 10,000
(D) C’s Capital A/c Dr 20,000
To A’s Capital A/c 15,000
To B’s Capital A/c 5,000
30 Match the columns for the situations at the time of admissions of new partner(s):
Column I Column II
i. Incoming partner a No Entry
brings his share of
goodwill
41. Sun and Star were partners in a firm sharing profits in the ratio of 2:1. Moon was
admitted as a new partner in the firm. New profit-sharing ratio was 3:3:2. Moon
brought the following assets towards his share of goodwill and his capital:
Machinery Rs.2,00,000
Furniture 1,20,000
Stock 80,000
Cash 50,000
If his capital is considered as Rs.3,80,0000, the goodwill of the firm will be:
(A) Rs.70,000
(B) Rs.2,80,000
(C) Rs.4,50,000
(D) Rs.1,40,000
42. Goodwill existing in the books is written off at the time of admission of a partner,
it is transferred to partners’ capital accounts in their:
(A) Old profit-sharing ratio
(B) New profit-sharing ratio
(C) Sacrificing ratio
(D) Gaining Ratio
43. When the new partner brings cash for goodwill, the amount is credited to:
(A) Revaluation A/c
(B) Cash A/c
(C) Premium for goodwill A/c
(D) Realisation A/c
44. 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 partner
62. When the balance sheet is prepared after the new partnership agreement, the assets
and liabilities are recorded at:
(a) Current cost
(b) Realising value
(c) Historical cost
(d) Revalued figures
63. If at the time of admission, there is some unrecorded liability, it will be:
(a) Credited to Partner’s Capital A/c
(b) Debited to Profit and Loss A/c
(c) Debited to revaluation A/c
(d) Credited to revaluation A/c
64. When the incoming partner brings in his share of premium for goodwill in cash, it is
adjusted by crediting to:
(a) Incoming partner’s capital A/c
(b) Premium for goodwill A/c
(c) Sacrificing partner’s capital A/c
(d) None of these
66. R and S share profits in the ratio of 2:1. P is admitted with 1/4th share in profits. P
acquires 3/4th of his shares from R and 1/4th of his share from S. The new profit
sharing ratio will be:
(a) 2:1:1
(b) 3:1:1
(c) 23:13:12
(d) 13:23:12
67. Arun and Bhaskar are patners sharing profits and losses in the ratio of 3:2. Arun’s
capital is Rs.1,20,000 and Bhaskar’s capital is Rs.60,000. They admit Chandan for
1/5th share of profits. Chandan should bring as his capital:
(a) Rs.36,000
(b) Rs.48,000
(c) Rs.58,000
(d) Rs.45,000
68. W, X and Y are partners sharing profits in 3:2:1. They agreed to admit Z into the
firm. W, X and Y agreed to give 1/3rd, 1/6th, 1/9th share of their profit. The share of
profit of Z will be:
(a) 1/11
(b) 13/48
(c) 11/35
(d) 13/54
70. A and B are partners sharing profits in the ratio of 3:2. On admission of C for 1/5th
share, Land is appreciated by 10% (Book value Rs.80,000), Building is decreased
by 20% (Rs.2,00,000), Unrecorded debtors of Rs.1,250 are bought in the books and
creditors of Rs.2,750 need not be paid. The profit/loss on revaluation will be:
(a) Loss Rs.28,000
(b) Loss Rs.40,000
(c) Profit Rs.28,000
(d) Profit Rs.40,000
a) ₹ 90,000
b) ₹ 45,000
c) ₹ 5,400
d) ₹ 36,000
X and Y are partners sharing profit in the ratio of 3 : 2. Z was admitted with ¼
74
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
78 Vinay and Naman are partners sharing profit in the ratio of 4 : 1. Their capitals were
₹90,000 and ₹ 70,000 respectively. They admitted Prateek for 1/3 share in the
profits. Prateek brought
₹ 1,00,000 as his capital. What will be the value offirm’s goodwill?
a) ₹ 4000
b) ₹ 50000
c) ₹ 40000
d) ₹ 30000
79 Xero and Yasi were partners sharing profits in the ratio 3 : 2. They admitted Zero as
new partner for 1/5th share in the future profits of the firm which he got equally
from Xero and Yasi. What will be the new profit sharing ratio among Xero, Yasi
and Zero?
a) 3:5:1
b) 1:1:1
c) 3:5:2
d) 5:3:2
80 Hari and Leela are partners in a firm sharing profits and losses in the ratio of 2 : 3
Yash was admitted as a new partner for 1/5th share in the profit of the firm. Yash
acquires his share from Leela. The new profit sharing ratio of Hari, Leela and Yash
will be:
a) 2 : 3 : 5
b) 2 : 2 : 1
c) 5 : 3 : 2
d) 3 : 5 : 1
41 (B)
42 (A)
43 (C)
44 (C)
45 (B)
46 (D)
47 (A)
48 (A)
49 (D)
50 (D)
51 (a). Credited
52 (b). debited
53 (b). credit
54 (a). Debit
55 (b). credit
56 (a). Debit
57 (c) Nominal Account
58 (A) Loss ₹28,000
59 (D) ₹98,000
60 (C) ₹5,000Debited to Revaluation Account.
72 B
73 C
74 B
75 D
76 C
77 A
78 C
79 D
80 B
81 C
82 C
83 A
84 C
85 B
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