Bihar Board Class 12 (Commerce) Reconstitution of a Partnership Firm — practice questions
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Practice Bihar Board Class 12 (Commerce) Reconstitution of a Partnership Firm in the app →A newly admitted partner acquires which two main rights in the firm?A new partner is admitted with whose consent, unless the deed differs?Which formula gives the sacrificing ratio of an existing partner?Hari and Haqque share 3:2 and admit John for 1/6. What share is left to them?If a new partner's source of share is unstated, it comes from?Rohit and Mohit shared 5:3; Bijoy joins for 1/7, new ratio 4:2:1. Sacrificing ratio?How is goodwill defined in terms of earnings?A firm earning only normal profits or incurring losses is said to have what kind of goodwill?Which of these is a factor that increases the value of a firm's goodwill?Which feature is a special advantage that adds to goodwill?Which factor links goodwill with a well-managed concern that has high productivity?Average profit is Rs 20,000 for 3 more years. What is goodwill?Profits were Rs 90,000, Rs 1,10,000, Rs 1,30,000. Goodwill at 2 years' purchase?The average profit of a firm is Rs 4,38,600. Goodwill at 4 years' purchase of this average profit is how much?Average profit is Rs 1,00,000 at a 10% normal rate. What is capitalised value?Capitalised profit is Rs 10,00,000 and net assets Rs 8,20,000. What is goodwill?Under the capitalisation method, goodwill is found by deducting which item from capitalised value?Net assets of a firm are computed as total assets excluding goodwill less what?Which event calls for valuing goodwill in a firm?Valuation of goodwill is needed at the time of which of these events in a firm?Goodwill is described as which type of asset, making it hard to value accurately?A new partner brings goodwill in cash. Which account is debited?C pays Rs 10,000 goodwill; A and B sacrifice 3:2. How much does A get?Goodwill is Rs 30,000 and sacrifice is 2:1. What does the smaller sacrificer get?The ratio in which a new partner's share is taken from old partners can be which of these when it is clearly gGiven the new ratio, how is sacrifice worked out?A reserve fund appearing on the books at the time of admission is credited to whom?A, B share profits 4:1 and admit C. General reserve is Rs 20,000. How much is credited to A's capital account?A debit balance of Rs 10,000 in the Profit and Loss A/c is shared by old partners 4:1. What is B's share?An accumulated loss is transferred by debiting the capital accounts of which partners?The Revaluation Account is prepared on admission to bring which items to their correct values?An increase in the value of an asset is recorded in the Revaluation Account on which side?An unrecorded liability found at admission is entered in the Revaluation Account on which side?An unrecorded asset brought into the books at admission leads to a credit to which account?A reduction in the amount of a liability is a gain and results in a credit to which account?Revaluation profit or loss goes to which partners, in what ratio?A revaluation gain of Rs 12,000 is shared by A and B in the ratio 3:1. What is A's share?A debit balance in the Revaluation Account after all entries indicates what?Stock is written down by Rs 5,000 on admission of a partner. How is the Revaluation A/c affected?Which is a reconstitution by changing the ratio of existing partners?A partner leaving the firm because of illness, old age or changed interests is an example of what?Roy, Ravi and Rao share profits 2:2:1 and Ravi retires. The firm now has how many partners?X, Y and Z share profits 3:2:1. X dies and Y and Z continue sharing future profits equally. What is this an exWhich is a step on admission of a new partner?C is admitted for 1/4 share and brings Rs 50,000. Firm's total capital implied?A new partner brings Rs 40,000 for a 1/5 share. What total capital of the firm is implied?What does the super profits method of valuing goodwill depend on?Capital employed Rs 5,00,000, normal rate 10%, average profit Rs 70,000. Super profit?Super profits are Rs 20,000 and goodwill is valued at 3 years' purchase of super profits. What is goodwill?If nothing is stated, continuing partners acquire a retiree's share in what ratio?Asha, Deepti, Nisha share 3:2:1; Deepti retires. New ratio of Asha and Nisha?Naveen, Suresh, Tarun share 5:3:2. Suresh's share goes 2:1 to Naveen and Tarun. New ratio?The new share of a continuing partner equals which of these?What is the gaining ratio?A continuing partner's gain is calculated as which difference?Amit, Dinesh and Gagan share 5:3:2. Dinesh retires and Amit and Gagan share 3:2. What is their gaining ratio?X, Y, Z share 3:2:1. X dies and Y and Z decide to share equally. What is the gaining ratio of Y and Z?If the retiree's share is taken in the old ratio, the gaining ratio is?Which of these is a share the retiring partner gets in addition to capital?A share of loss on revaluation of assets and liabilities has what effect on the sum due to a retiring partner?To whom is the amount due to a deceased partner paid?The sum due to a retiring partner may include his share of profit up to what date?Annual profit is Rs 1,20,000. A 1/4 partner dies after 3 months. His profit share?On retirement, the goodwill share of the outgoing partner is borne by whom?A retiring partner is paid a lump sum above his adjusted capital. The excess is treated as what?Retiree's adjusted capital is Rs 60,000 but he is paid Rs 72,000. Hidden goodwill?Accumulated losses at retirement are debited to all partners' capital accounts in which ratio?The new profit sharing ratio after retirement is the ratio in which whom share future profits?A, B, C share 5:3:2 and C retires. A and B continue in the old ratio. What is their gaining ratio?