Accountancy MCQ Class 12 Chapter 3: Check the below NCERT MCQ Questions for Accountancy MCQ Class 12 Chapter 3 with Answers Pdf free download. Accountancy MCQ Class 12 Chapter 3 Questions for Accountancy with Answers were prepared based on the latest exam pattern. We have provided Accountancy MCQ Class 12 Chapter 3 with Answers to help students understand the concept very well.

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Accountancy MCQ Class 12 Chapter 3

1. What is the formula to calculate the gaining ratio?
(a) Old Ratio – sacrificing ratio
(b) New Ratio – sacrificing ratio
(c) Old Ratio – new ratio
(d) New Ratio – old ratio

2. At the time of an admission of a new partner, the general reserve that is appearing in the old balance sheet is transferred to _____.
(a) New partners’ capital accounts
(b) Old partner’s capital accounts
(c) All partner’s capital accounts
(d) None of the above

3. Profit or Loss on Revaluation is borne by:
(a) Old Partners
(b) New Partners
(c) All Partners
(d) Only Two Partners

4. A, B and C are partners in a firm. If D is admitted as a new partner, then:
(a) Old firm is dissolved
(b) Old firm and old partnership is dissolved
(c) Old Partnership is reconsitituted
(d) None of these

5. At the time of admission of a new partner, undistributed profits appearing in the balance sheet of the old firm is transferred to the capital account of _____.
(a) Old partners in new profit-sharing ratio
(b) All the partners in the new profit-sharing ratio
(c) Old partners in the old profit-sharing ratio
(d) None of the above

6. On reconstitution of a partnership firm, recording of an unrecorded liability will result in ______.
(a) Loss to the existing partners
(b) Neither gain nor loss to the existing partners
(c) Gain to the existing partners
(d) None of the above

7. In which ratio, the cash brought in for goodwill by the new partner is shared by the existing partners :
(a) Profit sharing ratio
(b) Capital ratio
(c) Sacrificing ratio
(d) None of these

8. A and B are partners in a firm sharing profits in the ratio of 3:2. They admit C as a new partner for 1/3 rd share in the profits of the firm. The new profit sharing ratio of A, B and C would be :
(a) 3 : 2 : 1
(b) 3 : 2 : 2
(c) 3 : 2 : 3
(d) 6 : 4 : 5

9. A general reserve treated at the time of admission of a new partner, it is transferred to ______.
(a) Old Partner’s capital account
(b) Profit and loss adjustment account
(c) Realisation account
(d) Revaluation account

10. At the time of admission of a new partners general reserve appearning in the old Balance Sheet is transferred to:
(a) All Partner’s Capital Accounts
(b) New Partner’s Capital Account
(c) Old Partner’s Capital Accounts
(d) None of these

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