Question : Revaluation of  Assets  at the time of admission of a partner shows a gain in its revaluation process. It indicates that their present value is (i) .........from their (ii).......... 

Option 1: (i) Less (ii) Book value.

Option 2: (i) More  (ii) Book Value. 

Option 3: (i) Less (ii) Fixed Asset 

Option 4: (i) More (ii) Current Asset 

Question : Gain/loss on revaluation at the time of change in profit sharing ratio of existing partners is shared by ______(i)_____ whereas in case of admission of a partner, it is shared by _____(ii)_____. 

Option 1: (i) Remaining Partners, (ii) All Partners. 

Option 2: (i) All Partners, (ii) Old partners. 

Option 3: (i) New Partner, (ii) All partner 

Option 4: (i) Sacrificing Partner, (ii) Incoming partner

Question : Distribution of 'profit and loss  (credit) at the time of change in profit sharing ratio of existing partners is shared by ______(i)_____ whereas in case of admission of a partner, it is shared by_____(ii)_____. 

Option 1: (i) Remaining Partners, (ii) All Partners. 

Option 2: (i) All Partners, (ii) Old partners. 

Option 3: (i) New Partner, (ii) All partner 

Option 4: (i) Sacrificing Partner, (ii) Incoming partner 

Question : Assertion (A): Gita  and Rita are equal partners. They admitted Pooja  as a partner and their new profis sharing ratio was 5:3:2 . They revalued the assets and reassessed their liabilities. They did so because new partner should not be at an advantage or disadvantage

Reason (R): Assets and liabilities that exist before admission of Pooja are revalued/reassessed because increase in value of assets and decrease in value of liabilities and vice versa is for the period before admission of Pooja . If the change in values is accounted, Param will be at an advantage or disadvantage

In the context of above two statements, which of the following is correct?

Option 1: A) is correct, butt (R) is wrong. 

Option 2: Both (A) and (R) are correct. 

Option 3: (A) is wrong, but (R) is correct. 

Option 4: Both (A) and (R) are wrong.

Question : At the time of admission of a partner, what will be the effect of the following information? Balance in Workmen compensation reserve Rs. 28,000. Claim for workmen compensation Rs. 20,000.

Option 1: Rs. 28,000 Debited to the Partner's capital Accounts. 

Option 2: Rs. 2,000 Debited to Revaluation Account.

Option 3: Rs. 8,000 Credited to the Partner's capital Accounts.

Option 4:  Rs. 20,000 to Debited Revaluation Account 

Question : Which of the following is not true with respect to Admission of a partner? 

Option 1: A new partner can be admitted if it is agreed in the partnership deed. 

Option 2: If all the partners agree, a new partner can be admitted.

Option 3: A new partner has to bring relatively higher capital as compared to the existing partners.

Option 4: A new partner gets right in the assets of the firm.