CUET UG 2024 — Partnership

The entry for realisation expenses in above case study will be:

Which of the following would affect the Revaluation Account at the time of reconstitution of a partnership firm?

Determine Gain/Loss on Realisation.

A, B and C are partners sharing profits in the ratio of 3:3:4. They decide to share the future profits equally. The sacrifice or gain of partners are:

Determine the amount of Profit and Loss Account.

What is the mode of dissolution of the firm followed by G, K and B?

Match List-I with List-II

Which of the following would affect the Revaluation Account at the time of admission of a partner?

On dissolution of a firm, bank overdraft is transferred to:

The journal entry for treatment of goodwill, when a new partner brings his share of goodwill in cash and one of the old partners gains, involves the following:

Identify the correct sequence to be followed while preparing of final account of a partnership firm:

A partnership can have maximum 50 partners. This limit has been set by the:

Match List-I with List-II

Anshu and Nitu are partners, sharing profits in the ratio of 3:2. They admitted Jyoti as a new partner for 3/10 share which she acquired 2/10 from Anshu and 1/10 from Nitu. Calculate the new profit sharing ratio of Anshu, Nitu and Jyoti.

Existing Profit and Loss Account in the books of the firm will be shared/borne by partners in the ratio:

The Deceased Partner's Capital Account includes the following amount/balances:

A, B and C are partners sharing profits in the ratio of 3:2:1. C died on 1st July, 2023. On this date, final accounts were prepared to ascertain profits for the period. It resulted in a profit of ₹ 1,75,000 to the firm. To give effect to the above:

Kavita and Lalita are partners, sharing profits in the ratio of 2:1. They decide to admit Mohan for 1/4th share in profits with a guaranteed amount of ₹ 25,000. Both Kavita and Lalita undertake to meet the liability arising due to the guaranteed amount to Mohan in their respective profit sharing ratio. The firm earned profits of ₹ 76,000 for the year 2022-23. The deficiency borne by Kavita is:

If there is no claim against Workmen Compensation Reserve, it is __________ at the time of admission of a partner.

The adjustment required for overvaluation of closing stock, while calculating adjusted profit for calculating goodwill is

On the date of admission of a partner there was a balance of ₹ 45,000 in the account of machinery. It was found undervalued by 10%. The value of machinery will appear in the new Balance Sheet at: