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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:
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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
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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
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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:
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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:
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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:
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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:
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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:
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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:
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Incorrect
Your answer is incorrect. The correct answer is “may or may not pay cash for goodwill” (option 3).
Awesome! your answer is correct.
Your answer is incorrect. The correct answer is “brings no change in ownership” (option 3).
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