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Question-1
P, Q and R are partners sharing profits in the ratio3:2:1. They admits S into partnership. The new ratio is 5:3:2:2 calculate the sacrificing ratios
(A)
3:2:1
(B)
2:2
(C)
1:2
(D)
1:1
Question-2
___________ agreement changes the relationship, among the partners of the firm.
(A)
New
(B)
Existing
(C)
Actual
(D)
None of these
Question-3
A and B are partners sharing profits in the ratio of 4:3. C is admitted as a partner the new profit sharing ratio is 3:2:1. Find out the sacrificing ratio.
(A)
1:1
(B)
2:3
(C)
3:4
(D)
2:1
Question-4
Partnership is created by an ____________
(A)
Occasion
(B)
Agreement
(C)
Relationship
(D)
Neighbour hood
Question-5
L and M are partners in a firm sharing profit & losses in the ratio of 7:3. They admit N on 3/7 share which he takes 2/7 new profit sharing ratio.
(A)
3:2:3
(B)
7:8:5
(C)
9:8:7
(D)
13:7:1
Question-6
The ratio in which all partners (including incoming partner) share the future profits and losses is known as _____________.
(A)
Profit Appropriation
(B)
Profit depreciation
(C)
Profit sharing ratio
(D)
New profit sharing ratio
Question-7
A and B are partners sharing profits and losses in the ratio of 3:2. They admit C with 1/8
th
share in the profit. The new profit sharing ratio between A and B is 4:3 calculate new profit sharing ratio of the partners.
(A)
4:3:1
(B)
7:5:3
(C)
5:3:1
(D)
1:2:3
Question-8
On the admission of a new partner, the existing partnership____________ comes to an end.
(A)
Partnership deed
(B)
Agreement
(C)
Registration
(D)
Non- registration
Question-9
A and B are partners sharing profit in the ratio 4:3. They admit C as new partner. The profit sharing ratio of A, B and C will be 2:3:1 calculate the sacrifice ratio ?
(A)
20/42
(B)
10/32
(C)
3/42
(D)
10/42
Question-10
A person who is admitted as a partner into a firm is not liable for any act of the firm done before he becomes a partner. Such partner is known as a____________
(A)
Remaining partner
(B)
Retired partner
(C)
Incoming partner
(D)
Out going partner
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Plus 2 Commerce
ICSE/ISC
Practice in Related Chapters
Partnership Accounts : Distribution of Profits
Goodwill - Concept and Mode its Valuation
Partnership Accounts : Admission of Partner
Capital Adjustment of Change of Profit Sharing Ratio
Admission of a Partner
Final Accounts of Companies
Joint Stock Company Accounts: Issue of Debentures
Cost Accounting An Introduction
Joint Venture Account
Sectional Balancing and Self Balancing System
Ratio Analysis
Cost Accounting Inventory Valuation
Cash Flow Statement
Cost Accounting Cost Sheet
Cash Flow Statement
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