Accountancy MCQ Class 12 Chapter 3: Check the below NCERT MCQ Questions for Accountancy MCQ Class 12 Chapter 3 with Answers Pdf free download. Accountancy MCQ Class 12 Chapter 3 Questions for Accountancy with Answers were prepared based on the latest exam pattern. We have provided Accountancy MCQ Class 12 Chapter 3 with Answers to help students understand the concept very well.

We trust that the offered Accountancy MCQs for Class 12 with responses Chapter 3: Reconstitution of Partnership Firm: Admission of a Partner will help you. Assuming you have any questions with respect to CBSE Class 12 Accountancy, Reconstitution of Partnership Firm: Admission of a Partner MCQs, drop a remark underneath, and we will hit you up at the most punctual.

Accountancy MCQ Class 12 Chapter 3

1. The balance of the revaluation account is transferred to the old partner’s capital accounts in their _____.
(a) New profit-sharing ratio
(b) Equal ratio
(c) Old profit-sharing ratio
(d) None of the above

2. The increase in the value of assets on reconstitution of the partnership firm results in ______.
(a) A loss to the existing partners
(b) Neither a gain nor a loss to the existing partners
(c) A gain to the existing partners
(d) None of the above

3. Recording of an unrecorded asset on the reconstitution of a partnership firm will be ______.
(a) A loss to the existing partners
(b) Neither a gain nor a loss to the existing partners
(c) A gain to the existing partners
(d) None of the above

4. Goodwill is nothing more than probability that the old customer will resort to the old place. This definition of goodwill was given by:
(a) Spicer and Pegler
(b) ICAI
(c) Lord Elton
(d) AICPA

5. When the new partner pays for goodwill in cash, the amount should be debited in the firm’s book to _____.
(a) Cash account
(b) Capital account of a new partner
(c) Goodwill account
(d) None of the above

6. Goodwill is to be calculated at one and half year’ purchase of average profit of last 5 years. The firm earned profits during 3 years as ₹ 20,000 ₹ 18,000 and ₹ 9,000 and suffered losses of ₹ 2,000 and ₹5,000 in last 2 years. The amount of goodwill will be :
(a) ₹ 12,000
(b) ₹ 10,000
(c) ₹ 15,000
(d) None of these

7. When there is no Goodwill Account in the books and goodwill is raised ______ account will be debited.
(a) Partner’s Capital
(b) Goodwill
(c) Cash
(d) Reserve

8. Under the capitalisation method, goodwill is calculated by _____.
(a) Super profit x number of years’ purchase
(b) Total of the discounted value of expected future benefits
(c) Super profit – (r) expected rate of return
(d) Average profit x number of years’ purchase

9. Share of goodwill brought by new partner in case is shared by old partners in :
(a) Sacrificing Ratio
(b) Old Ratio
(c) New Ratio
(d) Equal Ratio

10. The amount of goodwill is paid by new partner :
(a) for the payment of capital
(b) for sharing the profit
(c) for purchase of assets
(d) None of these

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By Team Learning Mantras