Practice Reasons for Admission - 1.4.1.1 | ICSE Class 12 Accounts – Chapter 1: Partnership | ICSE Class 12 Accounts
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1.4.1.1 - Reasons for Admission

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Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

What is one primary reason a partnership might admit a new partner?

💡 Hint: Think about what businesses need to grow.

Question 2

Easy

Define goodwill in the context of partnerships.

💡 Hint: Consider how reputation affects customer loyalty.

Practice 4 more questions and get performance evaluation

Interactive Quizzes

Engage in quick quizzes to reinforce what you've learned and check your comprehension.

Question 1

What is a primary reason for admitting a new partner in a partnership?

  • To reduce the number of partners
  • To gain additional capital
  • To impose rules on existing partners

💡 Hint: Think about what businesses require for growth.

Question 2

True or False: Goodwill is a tangible asset.

  • True
  • False

💡 Hint: Consider how goodwill differs from physical items.

Solve 1 more question and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

A partnership with partners A, B, and C has profits of $150,000. They decide to admit partner D who contributes $50,000. How will the profit-sharing ratio change if D is given a 25% stake?

💡 Hint: Calculate how much of the profit each partner will take after D is admitted.

Question 2

If partner E is admitted into a partnership for a capital contribution of $30,000, with existing partners A, B, and C originally having shares of 40%, 35%, and 25%, respectively. How would the sacrificing ratio be calculated?

💡 Hint: Start by determining what new percentage E should have and see how it affects the others.

Challenge and get performance evaluation