CBSE Class 12 Accountancy Admission Of Partner Worksheet Set A

Read and download free pdf of CBSE Class 12 Accountancy Admission Of Partner Worksheet Set A. Students and teachers of Class 12 Accountancy can get free printable Worksheets for Class 12 Accountancy in PDF format prepared as per the latest syllabus and examination pattern in your schools. Standard 12 students should practice questions and answers given here for Accountancy in Grade 12 which will help them to improve your knowledge of all important chapters and its topics. Students should also download free pdf of Class 12 Accountancy Worksheets prepared by school teachers as per the latest NCERT, CBSE, KVS books and syllabus issued this academic year and solve important problems provided here with solutions on daily basis to get more score in school exams and tests

Admission Of Partner Class 12 Accountancy Worksheet Pdf

Class 12 Accountancy students should refer to the following printable worksheet in Pdf for Admission Of Partner in standard 12. This test paper with questions and answers for Grade 12 Accountancy will be very useful for exams and help you to score good marks

Class 12 Accountancy Worksheet for Admission Of Partner

MCQ Questions for NCERT Class 12 Accountancy Admission Of Partner

Question. When a new partner is admitted into the firm the old partner stands to :
(a) Gain in profit sharing ratio
(b) Lose in profit sharing ratio
(c) Not affected at all
(d) Only one partner gain other loose

Answer: B

Question. If at the time of admission if there is some unrecorded liability, it will be -------------to -- ------------ Account.
(a) Debited, Revaluation
(b) Credited, Revaluation
(c) Debited, Goodwill
(d) Credited, Partners’ Capital

Answer: A

Question. When new partner brings cash for goodwill, the amount is credited to:
(a) Realization account
(b) Cash account
(c) Premium for goodwill account
(d) Revaluation account

Answer: C

Question. Match the following: 
CBSE Class 12 Accountancy Admission Of Partner Worksheet Set A

(a) i- B, ii-C, iii-A, iv-D
(b) i- D, ii-B, iii-A, iv-C
(c) i- D, ii-C, iii-A, iv-B
(d) i- D, ii-C, iii-B, iv-A

Answer: C

Question. All accumulated losses are transferred to the capital a/c of the partners in:
(a) New profit sharing ratio
(b) Old profit sharing ratio
(c) Capital ratio
(d) None of the above

Answer: B

Question. On admission of a new partner, the method of valuation of goodwill is decided by:
(a) the new partner only
(b) the old partners only
(c) the old partners and the new partner
(d) the accountant of the firm

Answer: C

Question. When is Revaluation A/c prepared?
(a) At the time of admission
(b) At the time of retirement
(c) At the time of death
(d) All of the above

Answer: D

Question. Revaluation account is a :
(a) Real account
(b) Nominal account
(c) Personal account
(d) None of the above

Answer: B

Question. At the time of admission of a partner, Employees Provident Fund is:
(a) Distributed to partners in the old profit sharing ratio
(b) Distributed to partners in the new profit sharing ratio
(c) Adjusted through gaining ratio
(d) None of the above

Answer: D

Question. A and B are partners sharing profits in the ratio of 3:2. They admit C for ¼ Rs.30000 for his share of goodwill. The total value of the goodwill of the firm will be:
(a) 150000
(b) 120000
(c) 100000
(d) 160000

Answer: B

Question. The credit balance of profits abnd loss account appears in the books at the time of admission of partner will be transferred to:
(a) Profit and loss appropriation account
(b) All partners capital account
(c) Old partners capital account
(d) Revaluation account

Answer: C

Question. Goodwill of the firm is valued at Rs.100000. Goodwill also appears in the books at RS.50000. C is admitted for ¼ share. The amount of goodwill to be brought in by C will be:
(a) 20000
(b) 25000
(c) 30000
(d) 40000

Answer: B

Question. If the new partner brings any additional cash other than his capital contributions then it is termed as:
(a) Capital
(b) Reserves
(c) Profits
(d) Premium for goodwill

Answer: D

Question. A and B are partners sharing profits and losses in the ratio of 3:2. C is admitted for 1/5 share in profits which he gets from A. New profit sharing ratio will be:
(a) 12:8:5
(b) 8:12:5
(c) 2:2:1
(d) 2:2:2

Answer: C

Question. Anil and Aman are partners sharing profits and losses in the ratio of 3:2. Akhil is admitted as a new partner for 1/3rd share in the profits. Goodwill of the firm is valued at Rs.60000 and goodwill already appears in the books at Rs.18000. It is decided that the existing goodwill should continue to appear in the books at its old value. Akhil’s share of goodwill is:
(a) 26000
(b) 14000
(c) 20000
(d) 6000

Answer: B

Question. Ajay and Vijay are partners sharing profits in the ratio of 2:1. Ajay’s son Anil was admitted for ¼ share of which 1/8 was gifted by Ajay to his son. The remaining was contributed by Vijay. Goodwill of the firm is valued at Rs.40000. How much of the goodwill will be credited to each of old partners’ capital account:
(a) 2500
(b) 5000
(c) 20000
(d) None of the above

Answer: B

Question. Aryaman and Bholu are partners sharing profit and losses in ratio of 5:3. Chirag is admitted for 1/4th share. On the date of reconstitution, the debtors stood at Rs 40,000, bill receivable stood at Rs. 10,000 and the provision for doubtful debts appeared at Rs. 4000. A bill receivable, of Rs 10,000 which was discounted from the bank, earlier has been reported to be dishonored. The firm has sold, the debtor so arising to a debt collection agency at a loss of 40%. If bad debts now have arisen for Rs 6,000 and firm decides to maintain provisions at same rate as before then amount of Provision to be debited to Revaluation Account would be:
(a) Rs 4,400
(b) Rs 4,000
(c) Rs.3,400
(d) None of the above

Answer: C

Question. A and B are partners sharing profits and losses in the ratio of 3:2. A’s capital is Rs.120000 and B’s capital is Rs.60000. they admit C for 1/5th share of profits. C should bring as his capital:
(a) 36000
(b) 48000
(c) 58000
(d) 45000

Answer: D

Question. Profit or loss on revaluation of assets is transferred to Partners’ Capital account in which ratio?
(a) Equally
(b) Profit sharing ratio
(c) Fixed capital ratio
(d) Current capital ratio

Answer: B

Question. Share of goodwill brought by the new partner in cash is shared by old partners in:
(a) ratio of sacrifice
(b) old profit sharing ratio
(c) new profit sharing ratio
(d) none of the above

Answer: A


True Or False:

Question. In the case of admission of a partner, all existing partners sacrifice. 
Answer:
False

Question. Admission of a partner changes the relationship between / among existing partners.
Answer: 
True

Question. At the time of admission of partner, the partnership firm is dissolved.
Answer: 
False

Question. Admission of a new partner does not amount to reconstitution of the partnership firm. 
Answer:
 False

Question. The goodwill brought at the time of admission of partner will be distributed among all the partners in new profit sharing ratio.
Answer:
False

Question. Reserve and accumulated profits are distributed in old profit sharing ratio at the time of admission of a partner.
Answer: 
True

Question. “At the time of admission, old partnership comes to an end”. 
Answer: True

Question. Increase in provision for doubtful debts will credited to revaluation account.
Answer: 
False

Question. Goodwill exists only when firm earns super profits.
Answer: 
True

Question. “A newly admitted partner cannot pay his share of the goodwill to the sacrificing partners privately”. 
Answer: 
False


Fill in the blanks :

Question. General reserve account indicates ………..and shows ………..balance.( 
Answer: 
Accumulated profits, credit

Question. Revaluation account shows ………….in the values of assets and liabilities.
Answer:
 Increase or decrease

Question. Gain or loss arising from revaluation is shared by ………..partners in …………ratio.
Answer: 
Old partners, old profit sharing ratio

Question. A, B and C are partners sharing profits and losses in the ratio of 3:2:1. On admission of D, they agree to share profits and losses in the ratio of 5:4:2:1. Sacrificing ratio of A, B and C will be………..
Answer: 
Only A sacrifice- 1/12

Question. R and S are partners sharing profits equally. They admitted T for 1/3 share in the firm. New profit sharing ratio will be……….. 
Answer: 
 Equal

Question. If, at the time of admission of a new partner, provision for doubtful debts is to be reduced, it shall be …………to profit and loss adjustment account.
Answer: 
Credited

Question. Vinay and Naman are partners sharing profit in the ratio of 4:1. Their capitals were Rs.90000 and Rs.70000 respectively. They admitted Pratik for 1/3 share in the profits. Pratik brings Rs.100000 as his capital. The value of firm’s goodwill be………….. 
Answer: 
40000

Question. In the case of downward revaluation of an asset, revaluation account is ……………… 
Answer: 
Debited

Question. Debit balance in the profit and loss account indicates…………….
Answer: 
Accumulated loss

Question. If the revaluation account finally shows a debit balance then it indicates ………….., which will be transferred to …………
Answer: 
Net loss, debit side of old partners’ capital accounts

 

Question : List the two rights of a new partner.

Question : What share of future profits does an incoming partner get?

Question : Define sacrificing ratio.

Question : Why is incoming partner required to bring goodwill at the time of admission?

Question : Who gets the goodwill brought by the incoming partner?

Question : Why are the assets & liabilities revalued at the time of admission of a partner/

Question : A & B are partners in a firm. C is admitted with 1/4th share which he takes equally from A & B. The Balance sheet of A & B showed the following items. Pass the necessary journal entries for the same on C’s  admission. 

     General Reserve Rs 40000 : Profit & Loss a/c (Dr) Rs 30000 : Goodwill (Dr) Rs 10000 Deferred Revenue Expenditure Rs 15000.

Question : A ,B & Care partners sharing profits & losses in the ratio of 3:2:1. D is admitted with 1/6th share. C wants to retain his original profit sharing ratio. Calculate the new profit sharing ratio & sacrificing ratio.

Question : X & Y are partners sharing in the ratio of 3:2. Z is admitted with 1/6th share. X & Y decide to share future profits in the ratio of 2:3. Z brings in Rs 30000 as his share of goodwill. Calculate the new profit sharing Ratio & sacrificing ratio. Pass the necessary journal entries.

Question : A ,B & C are partners sharing P&L in the ratio of 2:3:5. D is admitted with 1/6th share. Capitals of A , B & C after all necessary adjustments were Rs 250000, 125000 & 75000 resp. Calculate the amount of capital brought in by new partner.



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More Worksheets for Class 12 Accountancy
CBSE Class 12 Accountancy Fundamentals Of Partnership Worksheet
CBSE Class 12 Accountancy Goodwill Nature And Valuation Worksheet
CBSE Class 12 Accountancy Revision Worksheet Set A
CBSE Class 12 Accountancy Revision Worksheet Set B
CBSE Class 12 Accountancy Revision Worksheet Set C
CBSE Class 12 Accountancy Revision Worksheet Set D
CBSE Class 12 Accountancy Revision Worksheet Set E
CBSE Class 12 Accountancy Revision Worksheet Set F
CBSE Class 12 Accountancy Sure Shot Questions Worksheet Set A
CBSE Class 12 Accountancy Sure Shot Questions Worksheet Set B
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Part 1 Chapter 2 Accounting for Partnership Basic Concepts
CBSE Class 12 Accountancy Accounting For Partnership Firms Worksheet Set A
CBSE Class 12 Accountancy Accounting For Partnership Firms Worksheet Set B
CBSE Class 12 Accountancy Accounting For Partnership Firms Worksheet Set C
Part 1 Chapter 3 Reconstitution of a Partnership Firm – Admission of a Partner
CBSE Class 12 Accountancy Admission Of Partner Worksheet Set A
CBSE Class 12 Accountancy Admission Of Partner Worksheet Set B
CBSE Class 12 Accountancy Admission Of Partner Worksheet Set C
CBSE Class 12 Accountancy Admission Of Partner Worksheet Set D
CBSE Class 12 Accountancy Change In Profit Sharing Ratio Worksheet Set A
CBSE Class 12 Accountancy Change In Profit Sharing Ratio Worksheet Set B
Part 1 Chapter 4 Reconstitution of a Partnership Firm – Retirement/Death of a Partner
CBSE Class 12 Accountancy Retirement And Death Of Partner Worksheet Set A
CBSE Class 12 Accountancy Retirement And Death Of Partner Worksheet Set B
CBSE Class 12 Accountancy Retirement And Death Of Partner Worksheet Set C
CBSE Class 12 Accountancy Retirement And Death Of Partner Worksheet Set D
CBSE Class 12 Accountancy Retirement And Death Of Partner Worksheet Set E
CBSE Class 12 Accountancy Retirement And Death Of Partner Worksheet Set F
Part 1 Chapter 5 Dissolution of Partnership Firm
CBSE Class 12 Accountancy Dissolution Of Partnership Firm Worksheet Set A
CBSE Class 12 Accountancy Dissolution Of Partnership Firm Worksheet Set B
CBSE Class 12 Accountancy Dissolution Of Partnership Firm Worksheet Set C
Part 2 Chapter 1 Accounting for Share Capital
CBSE Class 12 Accountancy Company Accounts Worksheet Set A
CBSE Class 12 Accountancy Company Accounts Worksheet Set B
CBSE Class 12 Accountancy Company Accounts Worksheet Set C
CBSE Class 12 Accountancy Share Capital Worksheet Set A
CBSE Class 12 Accountancy Share Capital Worksheet Set B
Part 2 Chapter 2 Issue and Redemption of Debentures
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Part 2 Chapter 3 Financial Statements of a Company
CBSE Class 12 Accountancy Financial Statements Of Company Worksheet Set A
CBSE Class 12 Accountancy Financial Statements Of Company Worksheet Set B
Part 2 Chapter 4 Analysis of Financial Statements
CBSE Class 12 Accountancy Analysis Of Financial Statements Worksheet
CBSE Class 12 Accountancy Financial Analysis And Tools For Financial Analysis Worksheet
Part 2 Chapter 5 Accounting Ratios
CBSE Class 12 Accountancy Ratio Analysis Worksheet
Part 2 Chapter 6 Cash Flow Statement
CBSE Class 12 Accountancy Cash Flow Statement Worksheet Set A
CBSE Class 12 Accountancy Cash Flow Statement Worksheet Set B
CBSE Class 12 Accountancy Cash Flow Statement Worksheet Set C

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