Partnership PYQ

X and Y are partners sharing profits in the ratio 3:2. Z is entered into the business for 1/4th share of profits, with the guarantee of minimum profits of ₹ 30,000. Profit earned by the business for the year ended March 31st, 2024 is ₹ 1,00,000. Amount of deficiency, if any, will be borne by:

Match List-I with List-II At the time of retirement following Transactions took place. Chose the correct treatment | List-I | List-II | |---|---| | (Particulars ) | (Treatment ) | | (A) Asset taken over by the partner | (I) Debit side of Revaluation A/C | | (B) Increase in Assets | (II) Written off amongst old partners in old ratio | | (C) Unrecorded Liability | (III) Debit side of Partners Capital A/C | | (D) Goodwill Appearing in books | (IV) Credit side of Revaluation A/C | Choose the correct answer from the options given below:

Goodwill can also be ascertained by capitalising the super profit directly under which method?

In the case of fixed capital method, following two accounts are maintained.

If the asset is taken over by the creditor in lieu of the amount due to him, then the journal entry will be:

Arrange the steps in proper sequence to calculate Goodwill through Super profits Method. (A) Calculate the normal profit on the firm's capital on the basis of the normal rate of return. (B ) Calculate the average profit. (C) Calculate the super profits by deducting normal profit from the average profits. (D) Multiply super profits by the given number of years purchased. Choose the correct answer from the options given below:

Ram, a partner, has been assigned the responsibility for realization of assets and settlement of liability for which he will be given remuneration of ₹ 10,000. He has to bear all the realization expenses. Actual realization expenses are 12,000. Journal Entry will be

When realisation expenses are paid by the firm on behalf of a partner, such expenses are debited to

L and M are partners sharing profits in the ratio 3:2. N is admitted as a partner for 1/5th of the share which is acquired from L. Goodwill of the firm is valued at Rs. 40,000 on N's admission. N will have to pay for Goodwill:

In case of dissolution Machine costing Rs 20,000, alongwith cash of Rs 5,000 were given to creditors of Rs 30,000 in full settlement of their claim. In this case Realisation A/c will be Debited with ………….

A and B are partners in a firm with their fixed capital Rs 4,00,000 and 5,00,000 respectively. After preparation of accounts, it was found that interest on capital @ 10% p.a as provided by the partnership deed is omitted. In order to rectify the mistake, A's current account will be ………?

A and B are partners without any partnership deed. B has given loan of Rs.2,00,000 to the firm on 1st July 2023. B claim interest on loan @ 10% p.a. How much interest on loan will be paid to B for the year ending on 31st March 2024. ?

Naveen, Suresh and Tarun are partners sharing profits and losses in the ratio of 5:3:2. Tarun retires from the firm and his share was taken over by Naveen and suresh in the ratio 2:1. In such a case, the new profit sharing ratio will be:

While doing adjustment of partners capital, for the amount of capital to be brought in by the partner, the following entry will be passed:

Which of the following are the ways for the dissolution of a firm? (A) Dissolution by Notice (B) Dissolution by agreement (C) Dissolution by court (D) Dissolution by not terminating business Choose the correct answer from the options given below:

Share of loss of deceased partner, calculated on the basis of previous years profit is

The major difference between Retirement and Death is

Section 49, of the Indian Partnership Act 1932, deals with

The past average profits of a business works out at Rs. 20,000 and it is expected that such profits are likely to continue for another three years, the value of goodwill based on average profit method will be……. .

Match List-I with List-II | List-I | List-II | |---|---| | (Transaction) | (Relevant account) | | (A) Settlement of Partners Loan | (I) Credit side of Realization A/c | | (B) Transfer of liabilities | (II) Partner's Capital will be credited | | (C) Transfer of Assets | (III) Credit Side of Bank A/c | | (D) Remuneration payable to partner | (IV) Debit Side of Realization A/c | Choose the correct answer from the options given below:

'The business of a partnership concern may be carried on by all the partners or any of them acting for all.' Which feature of partnership is indicated by the above statement?

Which of the following indicate the situation of compulsory dissolution.