A Partnership Is Reconstituted Due to Mcq

Questions A, B and C were partners. Their deed of partnership provided that they were to share the profits as; A 26 per cent; B 34 per cent; C 40 per cent; and that, when a shareholder retires, his capital must remain in the company for a certain period of time at a fixed interest rate, but the outgoing partner`s share must be credited with an amount of goodwill based on the average annual profit of one and a half years for the five years preceding his death, however, 5% should be deducted from the accounting debt. C retired and the company`s profits for five years were agreed at Rs 20,000; Rs 30,000; Rs 15,000 (loss); Rs 5,000 (loss); and Rs 45,000. The accounting debt amounted to Rs. 90 000.La part of the goodwill credited to C`s account is:a) Rs. 2,700b) Rs. 6,300c) Rs. 7,200(d) Rs. 16000c) Rs 60000 and Rs 30000 and Rs 40000 and Rs 20000 respectively. In the case of the creation of a revaluation account, the assets and liabilities appear in the books of the reconstituted company at their __ value. Question: A company is reconstituted whenever there is aa) death of a partnerb) departure of an existing partner) all optionsd) admission of a new partner question 42. When incorporating a partnership, the registration of an unregistered liability entails: (a) a profit for existing partners (b) a loss for existing partners (c) neither a profit nor a loss for existing partners (d) none of these 49. When the balance sheet is drawn up in accordance with the new statutes, assets and liabilities are recognised at the following values: (A) Historical acquisition costs (B) Current acquisition costs (C) Market value (D) Revalued figures 55.

Profits of A and B shares in partnership at a ratio of 3: 2. You take C as your new partner. The company`s goodwill is valued at ₹3,00,000 and C contributes ₹30,000 as a share of the cash goodwill, which is fully credited to A`s capital account. The new profit-sharing ratio is: (A) 3:2:1 (B) 6:3:1 (C) 5:4:1 (D) 4:5:1 32. A and B are partners who divide profits and losses into 3:2. You include C in the company for (frac{3}{30})th share of the profit. A gives (frac{1}{3})rd on its part and B gives (frac{1}{4})th on its part in favor of C. The company`s goodwill is valued at ₹3,00,000, but C is unable to contribute its share of the goodwill in cash. The credit will be granted to: (A) A ₹ 54,000; B ₹36,000 (B) A ₹60,000; B ₹30,000 (c) A ₹2,00,000; B ₹1.00.000 (d) a ₹1.80.000; 5 ₹1.20.000 Question.

A, B and C are partners in a company if D is admitted as a new partner :(a) The old company is dissolved (b) The old company and the old partnership are dissolved (c) The old company is reconstituted (d) None of the above matters. Specify the formula for calculating a partner`s share of profits in a partnership. Question: Modification of the partnership agreementa) Dissolution of the partnershipb) Result of the partnership relationshipc) Changes in the partnership relationship) None of the options Question Which of the options is not the restoration of the partnership?a. Inclusion of a partner b. Dissolution of the partnershipc. Change in profit-sharing ratio. Retirement of a partner Choose the best assistant: 1. A new partner may be accepted into a partnership: (A) With the consent of a partner (B) With the consent of the majority of the partners (C) With the consent of all former partners (D) With the consent of 2/3 of the former partners Question: The impairment of the liabilities of the reconstitution of the partnership entails a) Profit for the existing partnerb) Loss of the existing partner Partner) No loss for the partners existing) None of the options Question 25. A and B share profits and losses at a ratio of 3:1.C is included in the company for 1/4 of a share. The ratio of victims of A and B is: (a) Equal to (b) 3 : 1 (c) 2 : 1 (d) 3 : 2 Question.About the admission of a new partner:a. The former partnership is dissolveddb.

The former partnership and the company are dissolved. The old company is dissolved. None of the above questions Yash and Manan are partners who share profits in a 2:1 ratio. They include Kushagra in the partnership for a 25% share of the profits. Kushagra acquired the share of former partners in a ratio of 3:2. The new profit-sharing ratio is 14:31:15b. 3:2:1c. 31:14:15d. 2:3:1 33.

A and B are partners who share profits in a 7:5 ratio. C is included in the company for (frac{1}{6})te part, which it acquires (frac{1}{24})th from A and (frac{1}{8})th from B.C pays nothing for its share of customers. When C was approved, the company`s goodwill was valued at ₹1,80,000. The credit will be granted to: (A) A ₹ 22,500; B ₹7,500 (B) A ₹7,500; B ₹22,500 (c) has ₹45,000; B ₹1.35.000 (d) a ₹1.35.000; B ₹45,000 Question. The ratio calculated to determine the sacrifice of the former partners in favor of the acceptance of the new partner into the partnership is :(a) Rate of profit (b) Old rate of profit sharing (c) New rate of profit sharing (d) Victim rate 51. A and B are partners in a partnership that shares profits at a ratio of 3:2. C was approved for 1/5 of the profit sharing. The machines would be valued at 10% (book value ₹80,000) and the buildings would be depreciated by 20% (₹2,00,000). Uncorrected debtors of ₹1,250 would now be included in the books and a creditor in the amount of ₹2,750 would die and have nothing to pay into that account. What will be the outcome of the re-evaluation? (A) Loss ₹28,000 (B) Loss ₹40,000 (C) Profits ₹28,000 (D) Profits ₹40,000 7. A and B are partners who share profits and losses at a 7:5 ratio.

They agree to include C, their manager, in the company, who should receive 1/6 in proportion to the profit. He acquires this share at 1/24 of A and 1/8 of B, The new profit-sharing ratio is: (A) 13: 7: 4 (B) 7: 13: 4 (C) 7: 5: 6 (D) 5: 7: 6 54. A and B are partners in a company with a capital balance of ₹54,000 and ? 36,000. They take C in partnership for 1/3 of the share and C should provide a proportional amount of capital. The principal amount of C would be: (C.S. Foundation, December 2012) (A) ₹90,000 (B) ₹45,000 (C) ₹5,400 (D) ₹36,000 question At the time of admission, the old partnership ends“. Is the claim true or false? 26. X and 7 are partners who share profits and losses at a ratio of 3: 2.

They include Z in a partnership with (frac{1}{5})th share of the profits, which it acquires in equal shares of A and Y. Z brings in ₹40,000 as cash goodwill. The amount of goodwill is credited to: (A) X ₹20,000; Y ₹20,000 (b) X ₹25,000; Y ₹15,000 (C) X ₹24,000; T ₹16,000 (d) x ₹4,000; Y ₹4,000 27. A and B are partners who share profits and losses at a 3:2 ratio. C will be included in the partnership for the share of the profit{1}{5}. He pays ₹1,000,000 as goodwill. The ratio of partners A, B and C in the new company would be 3:1:1. 29.

P&S are partners who share profits in a 3:2 ratio. R is admitted with (frac{1}{5})th share and brings ₹84,000 as prorated goodwill, which is credited to P or S`s capital accounts with ₹63,000 and ₹21,000 respectively. The new profit-sharing rate will be: (A) 3:1:5 (B) 9:7:4 (C) 3:2:5 (D) 7:9:4 Question. . . .