Take a quick Multiple Choice Questions (MCQs) test about Admission of new partner. These MCQs may help you to prepare for your exams, interviews and different tests. Just click the “start quiz” button and start admission of new partner MCQs quiz.

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Admission of new partner mcqs

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Question 1 of 9

1. Question

If incoming partner purchases share from an old partner it:

Correct

Awesome! your answer is correct.

Incorrect

Your answer is incorrect. The correct answer is “brings no change in ownership” (option 3).

Question 2 of 9

2. Question

Total proprietorship of the business is increased:

Correct

Awesome! your answer is correct.

Incorrect

Your answer is incorrect. The correct answer is “by admission through investment” (option 3).

Question 3 of 9

3. Question

In a firm John’s capital being &40,000 and Harry’s $60,000. Micheal purchased john’s interest for $50,000, the amount of goodwill paid to John will be:

Correct

Awesome! your answer is correct.

Incorrect

Your answer is incorrect. The correct answer is “$10,000” (option 2).

Question 4 of 9

4. Question

A & B are partners in a firm with capital of $1,00,000 and $1,50,000, C purchased half interest of A for $1,20,000. The amount credited to C’s capital will be:

Correct

Awesome! your answer is correct.

Incorrect

Your answer is incorrect. The correct answer is “$50,000” (option 1).

Question 5 of 9

5. Question

Goodwill is valued at two years purchased of the average profits of three previous years which are $15,000 the value of goodwill be:

Correct

Awesome! your answer is correct.

Incorrect

Your answer is incorrect. The correct answer is “$30,000” (option 2).

Question 6 of 9

6. Question

Value of goodwill agreed upon $30,000. C, an incoming partner, purchases 1/4th share of total profit. Goodwill will be raised in the book:

Correct

Awesome! your answer is correct.

Incorrect

Your answer is incorrect. The correct answer is “$7,500” (option 3).

Question 7 of 9

7. Question

An incoming partner pays his share of goodwill in cash, and profit sharing ratio of old partner is changed, goodwill will be distributed among old partners:

Correct

Awesome! your answer is correct.

Incorrect

Your answer is incorrect. The correct answer is “according to new ratio” (option 3).

Question 8 of 9

8. Question

At the time of admission of a new partner the firm is:

Correct

Awesome! your answer is correct.

Incorrect

Your answer is incorrect. The correct answer is “dissolved” (option 1).

Question 9 of 9

9. Question

At the time of admission, an incoming partner contributes as goodwill:

Correct

Awesome! your answer is correct.

Incorrect

Your answer is incorrect. The correct answer is “may or may not pay cash for goodwill” (option 3).

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