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Admission Of Partner — Practice Quiz

Telangana Open School (TOSS) · Class 12 · Accountancy

Try a 4-question quiz on Admission Of Partner for Telangana Open School (TOSS) Class 12 Accountancy: tap an answer to check it and see why.

48 questions20 flashcards6 formulas & key relations5 concepts

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Quick Quiz: Admission Of Partner

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1

What is the primary reason for admitting a new partner into an existing partnership?

2

According to the Partnership Act 1932, a new partner can be admitted only with the consent of:

3

When a new partner is admitted, the firm undergoes:

4

The ratio in which existing partners give up their share in favor of a new partner is called:

48 Questions·
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Sample Questions

1multiple choice
1 marks

Goodwill is the value of a firm's:

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Reputation and expected future profits

Goodwill represents the firm's reputation and its ability to earn more than normal profits in the future.

2multiple choice
1 marks

If a new partner is admitted for a 1/5 share and the old partners continue in their old ratio, what portion of the profit is left for the old partners?

Show answer

4/5

If the new partner takes 1/5, the remaining share is 1 - 1/5 = 4/5, which is shared by the old partners.

3multiple choice
1 marks

Which of the following is NOT a method of valuing goodwill?

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Straight Line Method

Straight Line Method is used for depreciation, not for valuing goodwill. The others are standard methods for goodwill valuation.

4multiple choice
1 marks

When a new partner brings cash for goodwill, it is credited to:

Show answer

Goodwill Premium Account

The amount brought for goodwill is first credited to the Goodwill Premium Account before being distributed to old partners.

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Frequently Asked Questions

What are the important topics in Admission Of Partner for Telangana Open School (TOSS) Class 12 Accountancy?
Key topics in Admission Of Partner include Meaning and Implications of Admission, New Profit Sharing Ratio and Sacrificing Ratio, Goodwill: Meaning, Factors, and Valuation, Accounting Treatment of Goodwill. Study these first, then practise questions on each for the Telangana Open School (TOSS) Class 12 board exam.
How many practice questions are there for Admission Of Partner?
There are 48 questions on Admission Of Partner. Try the 4-question sample quiz on this page first; each answer shows an explanation when you tap it.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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