Accountancy MCQ Class 12 Chapter 3 | Reconstitution of Partnership Firm: Admission of a Partner | Accountancy Quiz for Class 12 and Other Competitive Exams

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.

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Accountancy MCQ Class 12 Chapter 3

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1. What is the formula to calculate the gaining ratio?
(a) Old Ratio – sacrificing ratio
(b) New Ratio – sacrificing ratio
(c) Old Ratio – new ratio
(d) New Ratio – old ratio

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2. At the time of an admission of a new partner, the general reserve that is appearing in the old balance sheet is transferred to _____.
(a) New partners’ capital accounts
(b) Old partner’s capital accounts
(c) All partner’s capital accounts
(d) None of the above

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3. Profit or Loss on Revaluation is borne by:
(a) Old Partners
(b) New Partners
(c) All Partners
(d) Only Two Partners

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4. A, B and C are partners in a firm. If D is admitted as a new partner, then:
(a) Old firm is dissolved
(b) Old firm and old partnership is dissolved
(c) Old Partnership is reconsitituted
(d) None of these

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5. At the time of admission of a new partner, undistributed profits appearing in the balance sheet of the old firm is transferred to the capital account of _____.
(a) Old partners in new profit-sharing ratio
(b) All the partners in the new profit-sharing ratio
(c) Old partners in the old profit-sharing ratio
(d) None of the above

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6. On reconstitution of a partnership firm, recording of an unrecorded liability will result in ______.
(a) Loss to the existing partners
(b) Neither gain nor loss to the existing partners
(c) Gain to the existing partners
(d) None of the above

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7. In which ratio, the cash brought in for goodwill by the new partner is shared by the existing partners :
(a) Profit sharing ratio
(b) Capital ratio
(c) Sacrificing ratio
(d) None of these

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8. A and B are partners in a firm sharing profits in the ratio of 3:2. They admit C as a new partner for 1/3 rd share in the profits of the firm. The new profit sharing ratio of A, B and C would be :
(a) 3 : 2 : 1
(b) 3 : 2 : 2
(c) 3 : 2 : 3
(d) 6 : 4 : 5

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9. A general reserve treated at the time of admission of a new partner, it is transferred to ______.
(a) Old Partner’s capital account
(b) Profit and loss adjustment account
(c) Realisation account
(d) Revaluation account

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10. At the time of admission of a new partners general reserve appearning in the old Balance Sheet is transferred to:
(a) All Partner’s Capital Accounts
(b) New Partner’s Capital Account
(c) Old Partner’s Capital Accounts
(d) None of these

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