Reconstitution of a partnership firm – admission of a partner MCQs | Class 12 Accountancy Chapter 3 (Part 2) MCQ Question and Answers

by | Jan 10, 2025 | General | 0 comments

 

Reconstitution of a partnership firm – admission MCQ Question Answers suitable for CUET 2025 from Class 12 Accountancy Chapter 3 (Part 2)

To score full marks in the CUET 2025 Accountancy exam, Practice Class 12 Accountancy Chapter 3 (Part 2) Reconstitution of a partnership firm – admission MCQ Test any number of times free on our website. These questions have been created by our experts from the latest Class 12 Accountancy Syllabus and as per latest exam pattern. Multiple Choice Questions (MCQs) are a type of objective assessment in which a person is asked to choose one or more correct answers from a list of available options. An MCQ presents a question along with several possible answers. Most of the exams in India including the CUET exam conduct an online test to check your knowledge.

Class 12 Accountancy Chapter 3 (Part 2) MCQs

1. The excess of actual profits over the normal profits is termed as _________________.
a.
b.
c.
d.

2. The profit for the five years of a firm are as follows – year 2013 Rs. 400000; year 2014 Rs. 400000; year 2015 Rs. 450000; year 2016 Rs. 445000 and year 2017 Rs. 500000. Calculate goodwill of the firm on the basis of 3 years purchase of 5 years average profits
a.
b.
c.
d.

3. Question
a.
b.
c.
d.

4. Under this method, the goodwill is valued at agreed number of ‘years’ purchase of the average profits of the past few years.
a.
b.
c.
d.

5. Any change in the existing agreement amounts to _________
a.
b.
c.
d.

6. Sacrificing partners are credited with their share of goodwill and new partner is debited by the amount of goodwill not brought by him. This Situation only arises when __________
a.
b.
c.
d.

7. If, at the time of admission of a partner, any reserve and accumulated profits or losses exist in books of the firm, these should be transferred to old partner’s capital/current accounts in their _____
a.
b.
c.
d.

8. Unrecorded assets are _________and Unrecorded liabilities are _______ to the revaluation account
a.
b.
c.
d.

9. At the time of admission of a new partner, general reserve appearing in the old balance sheet is transferred
a.
b.
c.
d.

10. __________ is brought by the new partner primarily to compensate the sacrificing partners for loss of their share in super profits of the firm
a.
b.
c.
d.

11. Question
a.
b.
c.
d.

12. Sacrifice Ratio = __________
a.
b.
c.
d.

13. Accounting Standard used by ICAI which deals with the treatment of Goodwill and its Applications
a.
b.
c.
d.

14. Excess of credit side over the debit side in Revaluation Account is:
a.
b.
c.
d.

15. Which of following is Incorrect Regarding Goodwill?
a.
b.
c.
d.

16. Question
a.
b.
c.
d.

17. A business has earned average profits of Rs. 1,00,000 during the last few years and the normal rate of return in a similar business is 10%. Ascertain the value of goodwill by capitalisation average profits method, given that the value of net assets of the business is Rs. 8,20,000. Amount Of Goodwill?
a.
b.
c.
d.

18. Profit or Loss on Revaluation is to be Accepted by:
a.
b.
c.
d.

19. Firms’ capital includes partner’s capital and reserves and surplus but excludes__________.
a.
b.
c.
d.

20. A new partner can be admitted into the firm only with the consent of all the _________unless otherwise agreed upon
a.
b.
c.
d.


 

 

To summarize, revising for free using our MCQs on Class 12 Accountancy Chapter 3 (Part 2) Reconstitution of a partneership firm – admission is highly beneficial for scoring full marks on the CUET 2025 Accountancy exam. We provide a sophisticated online test platform tailored for unlimited practice through proficiently crafted questions built on the most recent syllabus and exam pattern. Practicing MCQs regularly will boost conceptual understanding as they are significant for objective assessments. Start practicing now to succeed in your CUET 2025 Accountancy exam!

Also See : 

Class 12 Accountancy Part 1

Accounting for share capital MCQs Class 12 Accountancy Chapter 1 (Part 1)

Accounting for partnership: basic concepts MCQs Class 12 Accountancy Chapter 2 (Part 1)

Financial statements of a company MCQs Class 12 Accountancy Chapter 3 (Part 1)

Analysis of financial statements MCQs Class 12 Accountancy Chapter 4 (Part 1)

Accounting ratios MCQs Class 12 Accountancy Chapter 5 (Part 1)

Cash flow statement MCQs Class 12 Accountancy Chapter 6 (Part 1)

Class 12 Accountancy Part 2

Accounting for not for profit organisation MCQs Class 12 Accountancy Chapter 1 (Part 2)

Issue and redemption of debentures MCQs Class 12 Accountancy Chapter 2 (Part 2)

Retirement/death of a partner MCQs Class 12 Accountancy Chapter 4 (Part 2)

Dissolution of partnership firm MCQs Class 12 Accountancy Chapter 5 (Part 2)

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