Accountancy Partnership questions from CUET UG 2022.
A and B are partners sharing profits in the ratio of 5 : 4. C is admitted as a partner and he acquires 25% of his share from A. B surrenders $\frac{1}{4}$ th from his share in favour of C. Calculate C's share in profit.
A, B and C are partners in a firm sharing profits in the ratio 7:4:4. B retires and on the day of his retirement Goodwill existed in the books at 30,000. B's Capital A/c will be debited by
A, B and C are partner's sharing profits and losses in the ratio of $\frac{3}{8} : \frac{1}{2} : \frac{1}{8}$. If A dies, then the new ratio of B and C will be :
A, B and C are partners sharing profits in the ratio of 2:3:1. B retries, then new profit sharing ratio between A and C will be
A, B and C are partners with profit sharing ratio of 2:1 respectively. C died on 1 oct 2021. Journal entry to be passed to give C his share of profit immediately will be:-
A, B and C were partners sharing profits and losses in the ratio of 3 : 2 : 1. C died on 1st August, 2022 and his share of profit from the begining of the accounting year upto the date of death amounted to Rs. 70,000. C's share of profit will be debited to :
A firm earns a profit in last three years as follows : 2020 - 21 Rs. 75,000 2019 - 20 Rs. 1,20,000 2018 - 19 Rs. 50,000 Additional Information :- Closing stock of 2020 - 21 was undervalued by Rs. 10,000. Calculate the Average Profit.
A firm is dissolved at the time of
A firm may not be dissolved by court in the following condition :
A firm which maintains fixed capital had two partners Vimla and Kamla sharing profits in the ratio 1:1 The firm credited the partners with profit without interest on Capital which is allowed in the deed. Choose the correct option to pass a journal entry for the past adjustment if the Interest on capital Rs.2000 for Vimla Rs.3000 for Kamla
All assets (except Cash/Bank and fictitious assets) are transferred to the _______ side of _______ account.
Aman and Mohan, partners of a firm decided to dissolve the business on 31-03-22. The firm decided to pay realisation expenses of Rs. 1,000 on behalf of Mohan. Rs.1000 will be debited to
Amit, Dinesh and Gagan are partners sharing profits in the ratio of 5:3:2 Dinesh retires, Amit and Gagan decide to share the profits of the new firm in the ratio of 3:2. The Gaining ratio between Amit and Gagan will be:-
Anand, Bahadur and Chander are partners, sharing profit equally. On Chander's retirement, his share is acquired by Anand only. Gaining percentage of Anand will be.
Arrange the following steps to calculate value of Goodwill by capitalization method of super profit in a proper sequence. A. Calculate normal profit on capital employed B. Actual Profits - Normal Profits = Super Profit C. $\frac{super\ profit \times 100}{Normal\ rate\ of\ returns}$ D. Calculate actual profits on capital employed Choose the correct answer from the given options
As per Receipts and Payments Account for the year ended on March 31, 2020, subscriptions received were Rs. 2,50,000 subscriptions outstanding on 1-04-2019 Rs. 50,000, Subscriptions received in advance as on 31-3-2020 are Rs. 30,000. Subscriptions for the year 2019-20 will be:
A's share of goodwill brought in by C will be :
At the time a new partner is admitted, revaluation of assets and liabilities is made for the:
At the time of admission of a new partner general reserve appearing in the old balance sheet is transferred to _______
At the time of admission of a partner, if nothing is specified then new partner acquires his share from old partners.
At the time of admission of partner if goodwill exist in the books of account it will be written off among:
At the time of dissolution of their firm, Ahmed and Subhash, who are partners of that firm, agreed that Ahmed will pay realization expenses for a fixed remuneration of Rs.12,000. The actual expenses were Rs. 16,000. The Journal entry to be passed is
At the time of retirement of a Partner the remaining gaining partners should compensate the ______
At the time of retirement of a Partner if retiring Partner's whole amount is treated as loan, then the total amount is Debited in :
Calculate manager's commission at 10% on Net profit, if the Divisible profit of a firm is Rs. 10,000, salary to partners is Rs. 3000 and Interest on drawings is Rs. 2000.
Calculate net profit as per P & L A/c for the year ending 31 March, 2022 from the following information : share of profit transferred to Capital A/c's of partners : Ram Rs. 7,000 Shyam Rs. 3,500 Interest on capital : Ram Rs. 1,500 Shyam Rs. 500 Interest on Drawings : Ram Rs. 300 Shyam Rs. 200 Ram's salary Rs. 1,000
Calculate the amount of adjusted profit for the year ended 31 March 2021 for the purpose of valuation of Goodwill from the following information: Profit for the year ended 31 March 2021: Rs. 80,000 On 1 July, 2020, a major plant repair was undertaken for Rs. 10,000 which was charged to Revenue. The said sum is to be capitalised for Goodwill valuation subject to adjustment of depreciation @ 10 % p.a. on reducing balance method.
Calculate the amount of subscription to be shown in Income and expenditure A/C for the year ending 31st March 2022 Subscription received during the year 2021-22 Rs. 100,000 Outstanding subscription for the year 2020-21 Rs. 10000 Outstanding subscription for the year 2021-22 Rs. 20000 Subscription received in advance in 2020-21 Rs. 5000 Subscription received in advance in 2021-22 Rs. 4000
Calculate the total amount brought in by new partner D including Goodwill share :
Choose the correct sequence of financial statements prepared for a partnership firm at the end of a financial year. A. Capital Accounts B. Profit and Loss A/c C. Profit and Loss Adjustment A/c D. Balance Sheet Choose the correct answer from the options given below:
Court may not order for dissolution of a partnership firm out of which of the following grounds:
Creditors to be shown in Balance sheet after admission of partner will be :
Due to the ill health of B, they decided to dissolve the firm. It comes under ____ form of dissolution.
Extract of Receipt and Payment Account for the year ended on March 31, 2021 is given. Calculate the amount of Stationery to be shown in Income and Expenditure A/c. Payments for Stationery: Rs. 23,000 Additional Information: | | 1 April, 2020 | 31 Mar 2021 | | --- | --- | --- | | Stock of Stationary | 4,000 | 3,000 | | Creditors for stationery | 9,000 | 2,500 |
Find the right sequence of appropriation of profits A. Profits transferred to P and L appropriation A/c. B. Interest on capital C. Profits distributed to partner after appropriation D. Interest on partner loan A/c Choose the correct answer from the options given below
Following items appear on the Debit side of Realisation A/C except : A. Transfer of Assets B. Payment of liabilities C. Provisions D. Realisation expenses E. Asset taken over by partner Choose the correct answer from the options given below:
For computing Goodwill by capitalisation of Average Profit method, the following sequence would be followed: A. Capitalise the average profit on the basis of Normal Rate of Return B. Ascertain the firm's Capital - Total Assets - Outside Liabilities C. Ascertain the average profits based on past years' performance D. Compute the volume of Goodwill Choose the correct answer from the options given below:
From the above calculate amount of Goodwill :
From the following information, calculate interest on Capital of C, a partner for the year ended 31st March, 2022. C's Capital on 31/3/2022: Rs. 12,00,000 Profit credited to C for the year ended 31/3/2022: Rs. 3,00,000 Drawings made during the year: Rs. 1,00,000 Additional Capital introduced on 1/10/21: Rs. 5,00,000 Rate of Interest = 12 % p.a.
From the following information, identify when goodwill is required to be calculated. (a) Admission of a Partner (b) Amalgamation of partnership firms (c) Dissolution of partnership firm (d) Retirement and Death of any partner (e) Preparation of Balance sheet Choose the correct answer from the options given below :
Gitansh withdrew Rs. 5000 pm at the end of every month for ten months. Interest on drawing is charged @ 10% p.a. Gitansh's interest on drawings is :
Goodwill brought in by new partners would be _________.
How will you deal with the following items while preparing for the Bombay Women Cricket Club, its Income and Expenditure Account for the year ending 31st March 2021, and its Balance Sheet, on the same date : Donation for the Pavilion construction Rs. 12,25,000, Expenditure incurred Rs. 10,80,000, Total estimate Rs. 25,00,000.
How will you show Bank overdraft while preparing the Income and Expenditure Account and Balance sheet of a club?
Identify a characteristics not applicable in partnership
Identify from the following when goodwill is required to be calculated. Change in profit sharing ratio A. Change in profit sharing ratio B. Admission of a partner C. Dissolution of Partnership firm D. Amalgamation of partnership firms E. Preparation of Balance Sheet Choose the correct answer from the options given below:
Identify the correct sequence or order of application of assets including any sum contributed by the partners, in case of dissolution of partnership firm to makeup deficiencies of capital. A. In paying each partner proportionately what is due to him form the firm for advances distinguished from capital B. In paying to each partner proportionately what is due to him on account of capital C. In paying the debts of the firm to the third parties D. The residue, if any, shall be divided among the partners in their profit sharing ratio Choose the correct answer from the options given below:
Identify the item credited to Realisation Account in the event of dissolution of a partnership firm.
Identify the right combination of type of Account in making Final Accounts of Partnership Firm. (a) Profit and Loss A/C (b) Profit and Loss Suspence A/C (c) Profit and Loss Appropriation A/C (d) Profit and Loss Adjustment A/C (e) Partners' Capital A/Cs Choose the correct answer from the options given below :
Identify the steps in preparation of final accounts of not for profit organisation (NPO) A. Prepare Balance Sheet of NPO B. Prepare Income and Expenditure Account from Receipts and payment Account C. Prepare Receipts and payment Account D. Adjust outstanding/prepaid expenditure/Income and determine surplus/ Deficit E. Prepare cash book Choose the correct answer from the options given below:
Identify the treatment of Government Grant received from the government from following:
If a partner retires in the middle of the year his/her share of profit from the date of last balance sheet till the date of retirement will be transferred to : ____
If Amit, a partner, withdrew Rs. 10,000 per month in the end, what will be the amount of interest on drawing if it is calculated @ 8 % p.a.?
If average capital employed in a firm is Rs. 15,00,000 and fair rate of return in the same industry was 8%. Goodwill was valued at Rs. 90,000 on the basis of three times of super profit. The Average Profit of the firm is ?
If the total income earned by Saket Club, a Not-for-Profit organisation is Rs. 2,60,000 and surplus earned is Rs. 85,000, then total expenditure incurred will be:
If X share of profit was to be calculated on the basis of Average Profit of the last three years, which were Rs. 1,36,000 for 2018-19, Rs. 1,54,000 for 2019-20 and Rs. 1,00,000 for 2020-21. X share of profit for the period from April 01, 2020 to June 30, 2020 shall be calculated on the basis of Average Profit. The profit sharing ration is 4 : 5 : 1 between X, Y and Z. His share of profit will be:
In case of retirement or death of a partner, all accumulated profit and losses are transferred in capital account of partners in the:
In partnership, a minor can be partner:
In the absence of any information regarding the acquisition of share in the profit of retiring/deceased partner by the remaining partners, it is assumed that they will acquire his/her share in the:
In the absence of Partnership deed, partners share profits and losses :-
In the balance sheet Total Debtors appear at Rs. 1,50,000 and provision for doubtful debts appear at Rs. 1,500. How much amount will be realised from debtors, if bad debts amounted to Rs. 20,000 and remaining debtors realised at a discount of 15% ?
Interest on capital will be shown on the Dr. side of Profit and Loss Appropriation A/c and ________ side of Partner's ________ A/c.
Interest on drawings of a partner has been calculated Rs. 3,000 @ 8% p.a. who has drawn equal amount in each quater; commencing from end of the first quarter throughout the year. The amount of drawing of partner per quarter would be :
________ is the amount received as per the will of a deceased person.
It is the amount-paid to the person who is not the regular employee of the institution.
Journal entry to be passed for unrecorded assets for preparing Revaluation A/C at the time of Retirement of a partner will be ____
Lockers Rent Received during the year by a club is Rs. 17,050. Locker rent Rs. 3,050 outstanding for the previous year and Rs. 1500 outstanding for the current year. The amount to be shown in Income and Expenditure is :
M and R are partners sharing profits and losses in the ratio of 3 : 2. Their capital A/c's showed the balance of Rs. 4,00,000 and Rs. 3,00,000 respectively on 1 April, 2021. M introduced additional capital on 1 August, 2021. Interest on capital is allowed @ 6% p.a. Total interest on capital of both the partners is Rs. 50,000. Calculate additional capital introduced by M on 1 August, 2021 and interest on capital earned on additional capital. Books are closed on 31 March.
Match List - I with List - II. | List - I | List - II | | --- | --- | | (a) Building undervalued | (i) Credited to Partner's Capital Account | | (b) Building overvalued | (ii) Credited to Revaluation Account | | (c) Capital withdrawn | (iii) Debited to Revaluation Account | | (d) Additional capital introduced | (iv) Debited to Partner's Capital Account | Choose the correct answer from the options given below :
Match List - I with List - II. | List - I | List - II | |---|---| | (A) Interest on loan | (I) Current Account | | (B) Fixed capital | (II) Charge Against Profit | | (C) Fluctuating capital | (III) Capital Account | | (D) Interest on capital | (IV) Appropriation of Profit | Choose the correct answer from the options given below :
Match List I with List II in context of not having partnership deed. | | LIST I | | LIST II | |---|---|---|---| | A. | Interest on loan | I. | Equal | | B. | Interest on drawings | II. | Will not be charged | | C. | Salary | III. | @ 6% p.a. | | D. | Profit sharing ratio | IV. | Will not be allowed/provided | Choose the correct answer from the options given below:
Match List I with List II | List I | List II | | --- | --- | | A. Partner's Salary | I. P & L A/c Dr. | | B. Manager's Salary | II. P & L Appropriation A/c Dr. | | C. Distribution of Loss | III. P & L A/c Cr. | | D. Commission Received | IV. P & L Appropriation A/c Cr. | Choose the correct answer from the options given below:
Match List I with List II | List I | List II | |---|---| | A. Mutual Agency | I. It can be oral or written | | B. Agreement | II. Written agreement | | C. Liability of partners | III. Partnership concern carried by all or any of them acting for all. | | D. Partnership deed | IV. Joint and unlimited | Choose the correct answer from the options given below:
Match the following with regard to partnership | List I | List II | |---|---| | A. When a new partner joins the partnership | I. Compulsory dissolution | | B. When an existing partner leaves the partnership | II. Admission of a partner | | C. When the business of firm becomes illegal | III. Prepared in the case of death of a partner | | D. Executor's Account | IV. Retirement of a Partner | Choose the correct answer from the options given below:
Monu, Sonu and Golu are partners in a firm sharing profits in the ratio of 2 : 2 : 1. Golu died on 5th November 2021. Under the partnership deed, the executors of the deceased partner are entitled to his share of profit to the date of death, calculated on the basis of last year's profit. Profit for the year ended 31st March 2022 was Rs. 3,00,000. Golu's share of profit will be :
On 1/4/22, X and Y decided to dissolve their firm. On that date of dissolution, Goodwill appeared at Rs. 5,00,000 in the Balance Sheet. Goodwill will be:
On 1st April 2022, A, B and C decided to dissolve their firm On the date of dissolution, Sundry debtors appeared in Balance Sheet at Rs. 6,00,000 and Provision for doubtful debt at Rs. 30,000 Debtors to extent of Rs. 60,000 were bad. In journal entry for realisation of debtors.
On dissolution of a firm, bank overdraft is transferred to :
On retirement of a partner, the retiring partner's capital account will be credited with _____
On the death of a partner, his share in the loss of the firm till the date of his death is transfered to :
On the dissolution of the partnership firm the amount realised from sale of assets shall be applied in following order. (a) Distributing the amount left among the partners in their profit sharing ratio (b) Paying amount due to partner on account of loan advanced by him (c) Paying amount due to the creditors (d) Paying partners' capital account balances Choose the correct answer from the options given below :
Outstanding Salaries for the current year is shown A. In the Opening Balance Sheet, as an asset B. In the Closing Balance Sheet, as an asset C. In the Income and Expenditure A/c by adding to the expense 'salary' D. In the Closing Balance Sheet, as a liability Choose the correct answer form the options given below:
P, Q and R are partners sharing profits in the ratio of 3:1:1 S admits in the firm for $\frac{2}{10}$ share in the future. The sacrificing ratio would be
P, Q & R were partners sharing profit in the ratio 4:3:3. W was admitted to the partnership, bringing 1,00,000 capital and Rs. 24,000 as his share of Goodwill. Choose the correct entry for retaining of Goodwill brought in by W. W's share in profit was $\frac{1}{4}$th
Plant and Machinery to be shown in Revaluation Account :
Provision for Doubtful debts to be shown in Revaluation Account :
Ram and Balram are partners in a firm sharing profit and losses in the ratio of 2:1. An extract of Balance Sheet as of 31st March 2022 | Liabilities | Rs. | Assets | Rs. | |---|---|---|---| | | | Furniture | 80,000 | If the value of above furniture is overvalued by $33\frac{1}{3}\%$, choose the value of furniture to be shown in the new Balance Sheet out of the following:
Ram, Mohan and Roy are Partner in the ratio of 8:6:4 Ram retires, Mohan and Roy decided to share profits in the ratio of 10:6. Calculate gaining ratio.
Raman and Naman were in partnership sharing profit and losses as 3 : 2. Their partnership firm was dissolved on 31 March 2022. On the date of dissolution, Naman's loan was Rs. 20,000. Naman agreed to take stock (already transferred to Realisation A/c) of Rs. 15,000 at Rs. 18,000 and balance in cash for the settlement of loan. Journal Entry for above transaction is:
Rani, Sandhya and Kangana are partners sharing profits in the ratio of 4:3:2 Rani retires. Sandhya and Kangana decided to share profits in future in the ratio of 5:3. Gaining ratio of Sandhya and Kangana will be
Rate of Interest on loan given by Sanjeev will be:
Revaluation Account is :-
Show the following information in financial statements of a Non-Profit Organisation | Detail | Amount (Rs.) | |---|---| | Match Fund | 20,000 | | Match Expenses | 30,000 | | Donation for match fund | 15,000 | | Sale of match ticket | 5,000 |
Sometimes the value of Goodwill is not given at the time of admission/retirement of a partner. In such a situation, it has to be inferred from capital and profit sharing ratio. such Goodwill is called
Soni, Moni and Toni are partners sharing profits in the ratio of 5:3:2. If Moni's share of profit at the end of the year amounted to Rs.1,50,000. What will be Soni's share of profits?
Sudhir and Vimal came into partnership with profit sharing ratio of 3 : 2. Due to paucity of time, Sudhir was unable to give time to business so Vimal acted as principle and took all financial and operational decisions. Due to break down of Covid 19, business suffered a loss of 4,00,000. State the amount of loss to be borne by Sudhir.
Sunil and Ravi are partners in a firm sharing profits in the ratio of 3:1. Amar is admitted for 1/4 share. The Sacrificing ratio of Sunil and Ravi is
The accumulated profits and reserve are transferred to:
The amount of distributed profits of both the partner's will be:
The amount of salary to be shown in the Dr. side of P & L Appropriation A/C will be:
The amount recovered from the debtors is:
The capital accounts of partners will always show a ____ balance under fixed capital account method
The central government has prescribed the maximum number of partners in a firm to be _________ under Rule 10 of the companies (Miscellaneous) Rules, 2014.
The goodwill brought in by the new partner is distributed by old partner their:
The new profit sharing ratio of Arun, Ram and Sanjeev will be:
The treatment of Goodwill appearing in the balance sheet will be:
Valuation of Goodwill takes place on which of the following occasions: A. Incorporation of a new business B. Change in profit sharing ratio C. Amalgamation of partnership firm D. Admission of a partner E. Dissolution of firm or closure of business Choose the correct answer from the options given below:
Value of stock to be shown in Balance sheet after admission will be :
Vivek, Virat and Vineet were partners in a firm. Their capital accounts as on April 1, 2019 showed a balance of Rs.4,00,000, Rs.6,00,000 and Rs.8,00,000 respectively. On 1st July 2019 Virat introduced additional capital of Rs.1,00,000 while Vineet withdraw 50,000 on 31 Oct 2019 from their capitals. Interest on capital is allowed @8%. Calculate Interest on capital to be given to each partner.
What will be the share of deceased partner, whose ratio was $\frac{1}{4}$, if the turnover in year of death till the date of death was Rs. 8,00,000 and in previous year was Rs. 20,00,000? Profit in previous year was Rs. 4,00,000
What would be the effect of the line "All Debtors are good.
What would be the new Profit Sharing Ratio :
When the fixed amount is withdrawn at the end of each quarter, interest on drawing will be calculated for _______
When the total amount withdrawn is given but the date of withdrawal is not given then interest on drawings is charged for a period of:
Which among the following are the modes of dissolution? A. Dissolution by Nature B. Compulsory Dissolution C. Dissolution by Agreement D. Dissolution by Notice Choose the correct answer from the options given below:
Which amongst the following is not a ground for dissolution of partnership firm on happening of certain contingencies?
Which from the following is not a feature of a partnership firm?
Which of the following statement is true ?
X and Y are partners in a firm sharing profits in the ratio of 4:1. Z is admitted in the firm for $\frac{1}{5}$ share. On the admission of Z there was a balance of Rs. 20,000 in general reserve. What would be the journal entry for distributing the reserve.
X, Y and Z are partners in the ratio of $\frac{1}{2}:\frac{2}{5}:\frac{1}{10}$. What will be the new ratio of the remaining partner if X retires?
X, Y, Z are partners who decided to dissolve their firm. Realisation expenses were to be borne by Y for which he was to be given remuneration of Rs. 10,000. Actual expenses were Rs. 12,000. How much amount will be transferred to Y's Capital A/c for it?