Chapter 4


অংশীদাৰী প্ৰতিষ্ঠানৰ পুনৰ গঠন

Reconstitution of Partnership


1. Fill in the blanks with appropriate words from the bracket.

(i) Goodwill is— of the firm. (an asset/a liability)

Ans: An asset.


(ii) When goodwill is brought in cash by the new partner, the method is known as— method. (Revaluation/Premium)

Ans: Premium.


(iii) Any  premium paid by the new partner on account of goodwill must be shared by the old partners in their— ration.(old/sacrifice/new).

Ans: Sacrifice.


(iv)  When the incoming partner pays the firm for goodwill in cash— account should be debited in the firm's books. (goodwill/cash)

Ans: Cash.


(v) Goodwill account is adjusted in the book of the firm when the new partner— his share of goodwill in cash. (brings/does not bring)

Ans: Does not bring.


(vi) When a goodwill account is raised at the time of admission of a partner credit must be give to old partners in their— ratio. (old/new/sacrifice).

Ans: Old.


(vii) On the admission of a partner if the goodwill account is to be raised, this should be debited to— account. (cash/partners' capital/ Goodwill)

Ans: Goodwill.


(viii) Revaluation Account is a— account (personal/real/nominal)

Ans: Nominal.


(ix) Revaluation of assets and liabilities is made for the benefit of— partners. (old/all)

Ans: All.


(x) On revaluation increase in the value of assets is debited to— account. (asset/revaluation)

Ans: Revaluation.


(xi) On revaluation increase in the value of assets is debited to— account. (asset/revaluation)

Ans: Asset.


(xii) Profit of Loss on revaluation is to be transferred to old partners capital accounts in their— profit sharing patio. (old/new)

Ans: Old.


(xiii) If for the purpose of admission, assets values are to be revised, but the Balance Sheet figures are not to be altered then a— account is to be prepared. (Revaluation/Memorandum Revaluation)

Ans: Memorandum Revaluation.


(xiv) profit & Loss Account, General Reserve etc. appeared in the Balance Sheet at the time of admission or retirement must be transferred to— account. (Revaluation/partner's Capital)

Ans: Partner's Capital.


(xv) Any amount written off after admission of a partner is transferred to the Capital account  of the partners in their— ratio.(old/capital/new)

Ans: New.


(xvi) If a new partner is admitted— of the firm takes place (amalgamation/reconstitution)

Ans: Reconstitution.


(xvii) —is the excess of actual profit earned over the normal profit by similar business. (Average profit/super profit)

Ans: Super profit.


(xviii)For valuation of goodwill— profit is taken in to consideration.(operating/expected)

Ans: Operating.


(xix) As per Accounting standard 10, when a new partner is unable to bring goodwill premium in cash, goodwill account is—.(raised/cannot be raised)

Ans: Cannot be raised.

(xx) When a new partner brings goodwill in cash, the amount is credited to— account. (cash/goodwill/new partner/capital)

Ans: Goodwill.


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