CA. (Dr.) G. S. GREWAL
Objective Type Question / MCQs
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Question Series 5
*True/False *
1. The claim of Workmen Compensation is less than Workmen Compensation Reserve at the time of admission of a partner. The difference is Workmen Compensation Reserve and claim will be transferred to Capital Accounts of the old partners in their old profit sharing ratio.
*Fill in the Blank *
2. If book value and the market value of investment is same, Investment Fluctuation Reserve at the time of Admission of a Partner, is distributed among _____ in their _______.
Multiple Choice Question
3. A, B and C are partners sharing profits and losses in the ratio 6 : 3 : 3, they agreed to take D, as new partner with 1/8th Share of profits. The new profit sharing ratio will be:
(a) 14 : 7 : 7 : 4
(b) 1 : 1 : 1 : 1
(c) 12 : 27 : 36 : 42
(d) 12 : 36 : 27 : 42.
1. The claim of Workmen Compensation is less than Workmen Compensation Reserve at the time of admission of a partner. The difference is Workmen Compensation Reserve and claim will be transferred to Capital Accounts of the old partners in their old profit sharing ratio.
*Fill in the Blank *
2. If book value and the market value of investment is same, Investment Fluctuation Reserve at the time of Admission of a Partner, is distributed among _____ in their _______.
Multiple Choice Question
3. A, B and C are partners sharing profits and losses in the ratio 6 : 3 : 3, they agreed to take D, as new partner with 1/8th Share of profits. The new profit sharing ratio will be:
(a) 14 : 7 : 7 : 4
(b) 1 : 1 : 1 : 1
(c) 12 : 27 : 36 : 42
(d) 12 : 36 : 27 : 42.
Answer – Question Series 5
Fill in the Blanks: -
1. * Partner’s Capital, Old Profit Sharing *
True / False: -
2. * True *
Reason: If claim is more than reserve then for the deficit Revaluation Account is debited.
Multiple Choice Questions: -
3. * a *
Reason: - As D is admitted for a share of 1/8th, therefore the remaining share of 7/8th will be shared by the old partner’s, in the ratio 6 : 3 : 3, and the new ratio will be 14 : 7 : 7 : 4.
1. * Partner’s Capital, Old Profit Sharing *
True / False: -
2. * True *
Reason: If claim is more than reserve then for the deficit Revaluation Account is debited.
Multiple Choice Questions: -
3. * a *
Reason: - As D is admitted for a share of 1/8th, therefore the remaining share of 7/8th will be shared by the old partner’s, in the ratio 6 : 3 : 3, and the new ratio will be 14 : 7 : 7 : 4.
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