Question 11 When do a firm decide to admit a partner? Not yet answered 1. When there is shortage of funds in the firm Marked out of 1.00 ii. When there is administrative incapability P Flag question Only it Only Both i and it None of the choice Question 12 Question 12 Under fixed capital methods, share of profit will be credited to: Not yet answered Marked out of 1.00 Current account Capital account None of these Profit and loss account Flag question Question 14 Not yet answered Marked out of 1.00 Which among the following statements are correct? Statement No - 1: When a new partner is admitted, the old firm has to be dissolved Statement No - 2: Sacrificing ratio and old ratio will always be the same. . Flag question Both statements are not correct Statement No 1 is correct Statement No 2 is correct Both statements are correct Question 15 Not yet answered Which among the following statement is true? Marked out of 1.00 Flag question Reconstitution of partnership changes the relationship among the partners Reconstitution of partnership changes the relationship among the board of directors Reconstitution of partnership does not change the relationship among the partners. Reconstitution of partnership changes the relationship among the shareholders. Question 16 Not yet answered Marked out of 1.00 Identify the correct statement Statement 1 - When a new partner does not bring his share of goodwill in cash, the amount is debited to the new partners capital account Statement 2- On admission when goodwill is written oft it is to be debited to the old partners capital account in their old profit sharing ratio Flag question Both the statements are incorrect Only statement 2 is correct Only statement 1 is correct Both the statements are correct 17