Class XII

What treatment should be given to Employee’s provident Fund appearing in the liabilities side of the Balance Sheet in case of admission of a partner
  1. Should be distributed as a part of reserve
  2. Both treatment can be done
  3. Not to be distributed
  4. Should be distributed in equal ratio
A and B are partners in a firm sharing profits in the ratio of 4 : 3. They admit C as a new partner. New Ratio will be 2 : 3 : 1. Sacrificing ratio will be:
  1. 4 : 3
  2. Only A is sacrificing
  3. 2 : 3
  4. Only B is Sacrificing
If goodwill already existing in the --------, it should be written off by debiting old partners in their old profit sharing ratio
  1. Trial Balance
  2. Profit and loss account
  3. Trading account
  4. Balance sheet
Admission of a partner is one of the mode of reconstituting the firm under which
  1. Old partnership ended and new one between all partner(excluding old partner) comes into existence
  2. Old partnership ended and new one between all partner(excluding new partner) comes into existence
  3. Old partnership ended and new one between all partner(including new partner) comes into existence
  4. New partnership ended and old one between all partner(including new partner) comes into existence
Revaluation account is not prepared at the time of _________________
  1. Admission
  2. Retirement
  3. Dissolution
  4. Death
Time Elapsed

HR : MIN : SEC
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LKG - 12th

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