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Admission of a Partner in Accountancy

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Questions and Answers

When a new partner is admitted to a partnership, which of the following is not required to be calculated?

Goodwill ratio (correct)

Capital contribution ratio

Sacrificing ratio

New profit sharing ratios

What is the sacrificing ratio?

The ratio in which the partners share profits equally

The ratio in which the continuing partners sacrifice their share of profits in favor of the incoming partner (correct)

The ratio in which the incoming partner sacrifices their share of profits in favor of the continuing partners

The ratio in which the partners share losses equally

How is the new profit sharing ratio calculated when a new partner is admitted?

By dividing the old profit sharing ratio by the number of partners

By adding the old profit sharing ratio to the incoming partner's profit sharing ratio (correct)

By subtracting the incoming partner's profit sharing ratio from the old profit sharing ratio

By multiplying the old profit sharing ratio by the incoming partner's profit sharing ratio

What is the treatment of goodwill when a new partner is admitted?

Goodwill is transferred to the incoming partner's capital account Signup and view all the answers

When a new partner is admitted, what happens to the existing partners' capital accounts?

They are reduced by the amount of goodwill Signup and view all the answers

Which of the following is not a reason for admitting a new partner to a partnership?

To reduce competition Signup and view all the answers

What is the minimum number of partners required to form a partnership?

Two Signup and view all the answers

What is the maximum number of partners allowed in a partnership?

There is no maximum limit Signup and view all the answers

Study Notes

This is a set of multiple choice questions with answers in Accountancy for Class 12 students, specifically on the topic of Admission of a Partner. The questions cover topics such as the calculation of new profit sharing ratios, sacrificing ratio, and treatment of goodwill. The questions provide different scenarios where a new partner is admitted to a partnership, and the students are required to choose the best answer from the given options. The purpose of these questions is to help students prepare for their exams and assess their understanding of the topic.Please provide the complete text to be translated. It seems that the text provided has been cut off.I am sorry, but the text you provided seems to be a set of multiple-choice questions on the topic of Admission of a Partner in Accountancy. There is no specific text to be translated. Please provide the text you want to be translated, and I will be happy to assist you.

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Description

Test your knowledge on Admission of a Partner in Accountancy with these multiple-choice questions designed for Class 12 students. Covering topics such as profit sharing ratios, sacrificing ratio, and treatment of goodwill, this quiz provides different scenarios where a new partner is admitted to a partnership. Challenge yourself and assess your understanding of this important topic in accounting. Perfect for exam preparation and self-assessment.