Class XII

A and B are partners in a firm sharing profits in the ratio of 3 : 2. They admit C as a new partner for 1/4 share. New Ratio of A and B will be 2 : 1 . Sacrificing ratio will be:
  1. 2 : 3
  2. 1 : 1
  3. 2 : 1
  4. 3 : 2
A and B are partners in a firm sharing profits in the ratio of 5 : 3. They admit C as a new partner for 1/5 share. New Ratio will be 3 : 1 : 1. Sacrificing ratio will be:
  1. 2 : 1
  2. 5 : 3
  3. 1 : 2
  4. 1 : 7
Revaluation account is not prepared at the time of _________________
  1. Admission
  2. Retirement
  3. Dissolution
  4. Death
When the incoming partner pays his share of goodwill privately to the sacrificing partner outside the business Which account should be debited in the books of account
  1. No entry should be recorded
  2. Premium for goodwill A/c
  3. Cash A/c
  4. Partner’s capital A/c
Deferred revenue expenditure given in the Asset side of Balance sheet will be :
  1. Debited to old partners
  2. Rs.5500
  3. Credited to all partners
  4. Debited to sacrificing partners
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