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Question 1 of 9
1. Question
If incoming partner purchases share from an old partner it:
Correct
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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
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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
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
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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
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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
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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
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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
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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
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Incorrect
Your answer is incorrect. The correct answer is “may or may not pay cash for goodwill” (option 3).
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