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Question No. -
201
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Share of old Partners will ________ if new partner admit in the firm.
Share of old Partners will ________ if new partner admit in the firm.
A.
increase
increase
B.
decrease
decrease
C.
remains same
remains same
D.
not changed
not changed
Question No. -
202
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Unrecorded liabilities will be ______ in Revaluation Account.
Unrecorded liabilities will be ______ in Revaluation Account.
A.
debited
debited
B.
credited
credited
C.
not shown
not shown
D.
shown
shown
Question No. -
203
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Unrecorded Assets will be _______ in Revaluation Account.
Unrecorded Assets will be _______ in Revaluation Account.
A.
debited
debited
B.
credited
credited
C.
not shown
not shown
D.
shown
shown
Question No. -
204
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New Partner can be admitted in the firm with the consent of ________ old partners.
New Partner can be admitted in the firm with the consent of ________ old partners.
A.
anyone
anyone
B.
all
all
C.
3/4
3/4
D.
1/2
1/2
Question No. -
205
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Old Partnership will dissolve if
Old Partnership will dissolve if
A.
profit sharing ratio changes
profit sharing ratio changes
B.
new partner admits
new partner admits
C.
any partner retires
any partner retires
D.
all of these
all of these
Question No. -
206
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If new partner brings goodwill in cash then ________ Account will be debited.
If new partner brings goodwill in cash then ________ Account will be debited.
A.
cash
cash
B.
premium for goodwill
premium for goodwill
C.
goodwill
goodwill
D.
capital
capital
Question No. -
207
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If new partner brings goodwill in cash then Account will be credited.
If new partner brings goodwill in cash then Account will be credited.
A.
cash
cash
B.
premium for goodwill
premium for goodwill
C.
goodwill
goodwill
D.
capital
capital
Question No. -
208
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Profit or loss represented by Revaluation Account will be transferred to capital accounts of ______ partners.
Profit or loss represented by Revaluation Account will be transferred to capital accounts of ______ partners.
A.
all
all
B.
new
new
C.
old
old
D.
remaining
remaining
Question No. -
209
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Goodwill brought in cash by new partners will be transferred in old partners capital account in _______ Ratio.
Goodwill brought in cash by new partners will be transferred in old partners capital account in _______ Ratio.
A.
new
new
B.
old
old
C.
sacrificing
sacrificing
D.
gaining
gaining
Question No. -
210
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Amount of old goodwill already appearing in the books will be written off:
Amount of old goodwill already appearing in the books will be written off:
A.
in old ratio
in old ratio
B.
in new ratio
in new ratio
C.
in sacrifice ratio
in sacrifice ratio
D.
in gaining ratio
in gaining ratio
Question No. -
211
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An increase in the value of an assets will be recorded in the _______ side of revaluation account.
An increase in the value of an assets will be recorded in the _______ side of revaluation account.
A.
debit
debit
B.
credit
credit
C.
either debit or credit
either debit or credit
D.
debit and credit both
debit and credit both
Question No. -
212
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An increase in the value of a liability will be recorded on the ________ side of revaluation account.
An increase in the value of a liability will be recorded on the ________ side of revaluation account.
A.
debit
debit
B.
credit
credit
C.
either debit or credit
either debit or credit
D.
debit and credit both
debit and credit both
Question No. -
213
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A decrease in the value of a liability will be recorded on the ________ side of revaluation account.
A decrease in the value of a liability will be recorded on the ________ side of revaluation account.
A.
debit
debit
B.
either debit or credit
either debit or credit
C.
credit
credit
D.
debit and credit both
debit and credit both
Question No. -
214
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At the time of admission of a partner, new ratio will be calculated by:
At the time of admission of a partner, new ratio will be calculated by:
A.
Old Ratio – New Ratio
Old Ratio – New Ratio
B.
New Ratio – Old Ratio
New Ratio – Old Ratio
C.
Old Ratio – Sacrifice Ratio
Old Ratio – Sacrifice Ratio
D.
Old Ratio + Sacrifice Ratio
Old Ratio + Sacrifice Ratio
Question No. -
215
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At what rate is interest payable on the amount remaining unpaid to the executor of deceased partner, in absence of any agreement among partners, when (s)he opts for interest and not share of profit.
At what rate is interest payable on the amount remaining unpaid to the executor of deceased partner, in absence of any agreement among partners, when (s)he opts for interest and not share of profit.
A.
12% p.a.
12% p.a.
B.
8%p.a.
8%p.a.
C.
6%p.a.
6%p.a.
D.
7.5%p.a.
7.5%p.a.
Question No. -
216
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Partnership will be dissolved if
Partnership will be dissolved if
A.
profit sharing ratio changed
profit sharing ratio changed
B.
admission of a new partner
admission of a new partner
C.
retirement of a partner
retirement of a partner
D.
All of these
All of these
Question No. -
217
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Gaining Ratio:
Gaining Ratio:
A.
Old Ratio – New Ratio
Old Ratio – New Ratio
B.
New Ratio – Old Ratio
New Ratio – Old Ratio
C.
Old Ratio + Old Ratio
Old Ratio + Old Ratio
D.
All of these.
All of these.
Question No. -
218
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At the time retirement of a partner, ratio is calculated:
At the time retirement of a partner, ratio is calculated:
A.
old
old
B.
sacrifice
sacrifice
C.
gaining
gaining
D.
All of these.
All of these.
Question No. -
219
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After the death of an existing partner, shares of remaining partner will
After the death of an existing partner, shares of remaining partner will
A.
increase
increase
B.
decrease
decrease
C.
not change
not change
D.
All of these.
All of these.
Question No. -
220
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At the time of retirement of an existing partner, goodwill already shown in the books is written off in ratio.
At the time of retirement of an existing partner, goodwill already shown in the books is written off in ratio.
A.
old
old
B.
new
new
C.
sacrifice
sacrifice
D.
gaining
gaining
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