Accountancy Partnership questions from CUET UG 2025.
A and B are partners in a firm sharing profits in the ratio 2:1. C is admitted into the firm with 1/4th share in profits and he brings Rs. 30,000 as his capital. If the capitals of A and B are to be adjusted in their profit sharing ratio then the capital of A will be-
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 in a firm sharing profits in the ratio of 3:2. They admitted M as a new partner for 1/4 share. The new profit sharing ratio between A and B will be 2:1. Calculate their sacrificing ratio.
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 in a firm sharing profits in the ratio 2:1. C is admitted into the firm with 1/4th share in profits and he brings Rs. 30,000 as his capital. If the capitals of A and B are to be adjusted in their profit sharing ratio then the capital of A will be-
A and B are partners in a firm sharing profits in the ratio of 3:2. They admit C as a partner for 1/3 share, the sacrificing ratio between A and B is
A and B are partners sharing profits equally with capitals of Rs 45,000 each. They admitted C as a new partner for 1/3rd share in the profit. C bring Rs 60,000 as his capital. Find the goodwill of the firm.
A and B are partners sharing profits equally with capitals of Rs 45,000 each. They admitted C as a new partner for one-third share in the profit. C brings in Rs 60,000 as his capital. Find the value of Firm Goodwill.
A and B are partners, sharing profits equally. Their fixed capitals were Rs 2,00,000 and Rs 3,00,000 respectively. Interest on capital as provided under partnership deed @10% p.a was omitted. Select the correct option from the following:
A and B are partners, sharing profits equally. Their fixed capitals were Rs 2,00,000 and Rs 3,00,000 respectively. Interest on capital as provided under partnership deed @10% p.a was omitted. Select the correct option from the following:
A and B are partners sharing profits in the ratio of 2:1. C is admitted into the firm for 1/4 share of profits. C brings in Rs. 20,000 in respect of his capital. The capitals of old partners A and B, after all adjustments relating to goodwill, revaluation of assets and liabilities, etc., are Rs. 45,000 and Rs. 15,000 respectively, It is agreed that partners' capitals should be according to the new profit sharing ratio. A's Capital in the new firm will be:
A and B are partners sharing profits in the ratio of 3:2. They admit C for 1/5th share in the future profits which he gets equally from both A and B. The new profit sharing ratio will be:
A and B are partners sharing profits in the ratio of 2:1. C is admitted into the firm for 1/4 share of profits. C brings in Rs. 20,000 in respect of his capital. The capitals of old partners A and B, after all adjustments relating to goodwill, revaluation of assets and liabilities, etc., are Rs. 45,000 and Rs. 15,000 respectively. It is agreed that partners' capitals should be according to the new profit sharing ratio. Determine the new profit sharing ratio
A and B are partners, they admit C into partnership. C was asked to pay Rs 2,50,000 though his share of capital was estimated Rs 2,00,000 only. for what Rs 50,000 extra was asked from C?
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. ?
A and B share profits in the ratio of 3:2. C was admitted as a partner who gets 1/5 share. New profit sharing ratio, if C acquires 3/20 from A and 1/20 from B, would be:
A and N are partners, sharing profits in the ratio 2:1. A's son Ashu was admitted as a partner for 1/4th share, half of which was gifted by A to her son. The remaining was contributed by N. The goodwill of the Firm is valued at 40,000. How much amount will be credited to the old partner's capital account for goodwill?
A, B and C are partners in a firm. If C retires/dies, his capital account is credited with:
A, B and C are partners in a firm. If B is being retired from the firm, what would be its effect?
A, B and C are partners in a firm sharing profits in the ratio of 3:2:1. D is admitted into the firm for 1/4th share in profits, which he gets 1/8th from B. The total capital of the firm is agreed upon as Rs. 1,20,000 and D is to bring in cash equivalent to 1/4th of this amount as his capital. The capitals of other partners are also to be adjusted in the ratio of their respective shares in profits. The capitals of A, B and C after all adjustments, are Rs. 40,000, Rs. 35,000 and Rs. 30,000 respectively. Calculate the new capital of A
A, B and C are partners in a firm. If D is admitted as a new partner then:
A, B and C are partners in a firm. On retirement/death of C, his capital account will be credited with:
A, B and C are partners in a firm. If D is admitted as a new partner, what will be its affect?
A, B and C are partners sharing profits in the ratio of 3:2:1. A retires and his share is taken up by B and C in the ratio of 3:2. Calculate the new profit sharing ratio.
A, B, and C were in partnership, sharing profits in the ratio of 3:2:1 respectively, B retires and the new profit sharing ratio between A and C is 3:2 . The gaining ratio is .
A business has earned average profits of Rs. 1,00,000 during the last few years and the normal rate of return in a similar business is 25%. Ascertain the value of goodwill by capitalisation of average profits method, given that the value of net assets of the business is Rs. 3,20,000.
A business has earned average profits of Rs. 1,00,000 during the last few years and the normal rate of return for a similar business is 10%. Ascertain the value of goodwill by capitalization of average profits method, given that the value of net assets of the business is Rs. 8,20,000.
A business has earned average profits of Rs. 1,00,000 during the last few years and the normal rate of return in a similar business is 10%. Ascertain the value of goodwill by capitalisation of average profits method, given that the value of net assets of the business is Rs. 8,20,000.
A correct journal entry for Transfer of the balance of Profit and Loss Account (a credit balance) to Profit and Loss Appropriation Account is-
A firm is dissolved compulsorily in the following cases: (A) When all the partners or all but one partner, become insolvent, rendering them incompetent to sign a contract. (B) When the business of the firm becomes illegal (C) Change in existing profit sharing ratio among partners (D) When some event has taken place which makes it unlawful for the partners to carry on the business of the firm in partnership. Choose the correct answer from the options given below:
A firm is dissolved compulsorily in the following cases: (A) when all the partners or all but one partner, become insolvent, rendering them incompetent to sign a contract (B) when the business of the firm becomes illegal (C) when the business of the firm is earning a large amount of profit. (D) when some event has taken place which makes it unlawful for the partners to carry on the business of the firm in partnership Choose the correct answer from the options given below:
A new partner can be admitted:
A new partner can be admitted:
A partnership deed usually doesn't contain the following details:
A partnership firm is dissolved compulsorily in the following cases: (A) when all the partners or all but except one partner, become insolvent, rendering them incompetent to sign a contract: (B) When the business of the firm becomes illegal (C) Change in existing profit sharing ratio among partners (D) When some event has taken place which makes it unlawful for the partners to carry on the business of the firm in partnership, e.g., when a partner who is a citizen of a country becomes an alien enemy because of the declaration of war with his country and India. Choose the correct answer from the options given below:
A partnership is not dissolved when:-
Aashish withdrew Rs. 10,000 per month from the firm for his personal use during the year ending March 31, 2017. What will be the amount of interest if the amount is withdrawn at the beginning of each month and rate of interest on drawings is 8% per annum?
Aashish withdrew Rs. 10,000 per month from the firm for his personal use during the year ending March 31, 2017. Calculate the interest on drawings, which is charged @8% p.a., when the amount is withdrawn at the beginning of each month .
Abhiram and Ragini are partners sharing profits in the ratio of 3:2. They admit Arun a new partner for 1/5th share in the future profits of the firm which he gets equally from Abhiram and Ragini. Calculate the new profit sharing ratio of Abhiram, Ragini and Arun.
Abhiram and Ragini are partners sharing profits in the ratio of 3:2. They admit Arun a new partner for 1/5th share in the future profits of the firm which he gets equally from Abhiram and Ragini. Calculate the new profit sharing ratio of Abhiram, Ragini and Arun.
According to Section ______ of the partnership Act 1932, the dissolution of partnership between all the partners of a firm is called the dissolution of the firm.
According to Section ........... of the partnership Act 1932, the dissolution of partnership between all the partners of a firm is called the dissolution of the firm.
According to section .......... of the Partnership Act, 1932, the dissolution of partnership between all the partners of a firm is called the dissolution of the firm.
According to section _________ of the Partnership Act, 1932, the dissolution of partnership between all the partners of a firm is called the dissolution of the firm.
According to section .......... of the Partnership Act, 1932, the dissolution of partnership between all the partners of a firm is called the dissolution of the firm.
According to Section ………. of the partnership Act 1932, the dissolution of partnership between all the partners of a firm is called the dissolution of the firm.
According to section ......... of the Partnership Act, 1932, the dissolution of partnership between all the partners of a firm is called the dissolution of the firm.
According to which section of the partnership Act 1932, the dissolution of a partnership between all the partners of a firm is called the dissolution of the firm?
According to which section of the partnership Act 1932, the dissolution of a partnership between all the partners of a firm is called the dissolution of the firm?
Accounting treatment for a partnership firm is similar to that of a sole proprietorship business except the following aspects: (A) Distribution of Profit and Loss among the partners (B) Dissolution of Partnership Firm (C) Raising Capital through public offering (D) Adjustments for Wrong Appropriation of Profits in the Past Choose the correct answer from the options given below:
After transferring liabilities like creditors and bills payables in the Realization Account, in the absence of any information regarding their payment, such liabilities are treated as:
After transferring liabilities like creditors and bills payables in the Realisation Account, in the absence of any information regarding their payment, such liabilities are treated as:
All adjustments in respect of partner's salary, partner's commission, interest on capital, interest on drawings, etc. are made through:
All assets (except cash/bank and fictitious assets) are transferred to the ................... side of ................... Account.
All assets except cash/bank and fictitious assets are transferred to the Debit side of the ______Account.
All assets (except cash/bank and fictitious assets) are transferred to the__________ side of __________Account.
Amitabh and Babul are partners sharing profits in the ratio of 3:2, with capitals of Rs. 50,000 and Rs. 30,000 respectively. Interest on capital is agreed @ 6% p.a. Babul is to be allowed an annual salary of Rs. 2,500. Manager is to be allowed commission Rs. 5,000. Amitabh has also given a loan on April 01, 2019 of Rs. 50,000 to the firm without any agreement. During the year 2019-20, the profits earned is Rs. 22,250. What amount of profit will be transferred to Profit and Loss Appropriation account :
Amitabh and Babul are partners sharing profits in the ratio of 3:2, with capitals of Rs. 50,000 and Rs. 30,000 respectively. Interest on capital is agreed @ 6% p.a. Amitabh has also given a Loan on April 01, 2024 of Rs. 50,000 to the firm without any agreement. Calculate Interest on Amitabh's Loan assuming books are closing on 31st March, 2025.
Amitabh and Babul are partners sharing profits in the ratio of 3:2, with capitals of Rs. 50,000 and Rs. 30,000 respectively. Interest on capital is agreed @ 6% p.a. Babul is to be allowed an annual salary of Rs. 2,500. Manager is to be allowed commission @ 5,000. Amitabh has also given a Loan on April 01 , 2019 of Rs. 50,000 to the firm without any agreement. During the year 2019-20, the profits earned is Rs. 22,250. Profit and Loss Appropriation account shows balance of the Profit and Loss A/c (Net profit before Babul's salary) amounted to:
Amount of Assets realized debited to Bank Account will be:
An unrecorded asset is taken over by a creditor in full settlement in such a case
$A$ and $B$ are partners in a firm sharing profits in the ratio of $5:3$. They admit $C$ as a new partner for $\frac{1}{7}$th share in the profits. The new profit sharing ratio will be $4:2:1$. The sacrificing ratio of $A$ and $B$ is
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. The new profit sharing ratio of Anshu, Nitu and Jyoti.
Anubha looked after the dissolution work for remuneration of Rs. 8,500 and agreed to bear dissolution expenses upto Rs. 6,000. Actual expenses paid by her were Rs. 7,600. In this case, (A) Realisation A/c is debited by Rs. 10,100 (B) Anubha's Capital A/c is credited by Rs. 9,600. (C) Realisation A/c is debited by Rs. 13,600. (D) Anubha's Capital is credited by Rs. 10100. Choose the correct answer from the options given below:
Anubha looked after the dissolution work for remuneration of Rs. 8,500 and agreed to bear dissolution expenses upto Rs. 6,000. Actual expenses paid by her were Rs. 7,600. What will be the journal entry for remuneration payable to Anubha? (A) Realisation A/c is debited by 8,500 (B) Anubha's Capital A/c is credited by 8,500. (C) Realisation A/c is debited by13,600. (D) Anubha's Capital is credited by13,600. Choose the correct answer from the options given below:
Anupam and Abhishek are partners. Their capital accounts showed balances of Rs. 1,50,000 and Rs. 2,00,000 respectively on April 01, 2019. Show the interest on capital for the year ending march 31, 2020 allowed, if the partnership deed provides for interest on capital @ 8% p.a. and the firm earned a profit of Rs. 14,000 during the year:
Any firm that earns normal profits or is incurring losses has ____________.
Arjun and Vaibhav are partners sharing profits in the ratio of 3:2. They admitted Rahul as a new partner for 1/5 share in the future profits of the firm. The new partner acquired his share from the old partners in the old ratio. Calculate the new profit sharing ratio of Arjun, Vaibhav and Rahul.
Arrange in correct sequence at a time of admission of partner- (A) Adjustments of capital accounts. (B) Valuation of goodwill (C) Calculation of new profit sharing ratio and sacrificing ratio. Choose the correct answer from the options given below: 1. (A), (B), (C) 2. (A), (C), (B) 3. (B), (A), (C) 4. (C), (B), (A)
Arrange in correct sequence at a time of admission of partner- (A) Adjustments of capital accounts. (B) Valuation of goodwill (C) Calculation of new profit sharing ratio and sacrificing ratio. Choose the correct answer from the options given below:
Arrange Steps For Capitalisation of Super Profits: (A) Calculate average profit for the past years, as specified. (B) Calculate the capital of the firm. (C) Calculate normal profits on capital employed. (D) Multiply the super profits with the required rate of return multiplier (E) Calculate super profits by deducting normal profits from average profits. Choose the correct answer from the options given below:
Arrange the following in a sequence, in which they will be utilize for the payment of losses: (A) Out of capital of partners. (B) Out of profits. (C) By the partners individually in their profit sharing ratio. Choose the correct answer from the options given below:
Arrange the following in correct order in which assets of the firm can be used in the settlement. (A) Residue shall be divided between the partners in their profit sharing ratio. (B) In paying the partners proportionately what is due to him/her on account of capital. (C) In paying the partners proportionately what is due to him/her from the firm for advances/loans. (D) In paying the debts of the firm to the third parties. Choose the correct answer from the options given below:
Arrange the following in correct order in which assets of the firm can be used in there settlement. (A) Residue shall be divided between the partners in their profit sharing ratio. (B) In paying the partners proportionately what is due to him/her on account of capital. (C) In paying the partners proportionately what is due to him/her from the firm for advances/loans. (D) In paying the debts of the firm to the third parties. Choose the correct answer from the options given below:
Arrange the following in correct sequence for application of assets in the Settlement of Accounts in Case Of Dissolution of a Partnership firm - (A) The balance should be applied to repay loans made by the partners to the firm. (B) The assets of the firm should be used in paying the debts of the firm to third parties. (C) The balance assets may be used for paying partners proportionately, on account of capital. (D) The asset's residue, if any, shall be divided among the partners in their profit sharing ratio. Choose the correct answer from the options given below:
Arrange the following in correct sequence in the case of dissolution of a partnership. (A) Preparing a Bank account (B) Realizing assets and payments of liabilities. (C) Transferring of assets and liabilities in realization account. (D) Preparation of capital account of partners. Choose the correct answer from the options given below: 1. (A), (C), (B), (D) 2. (B), (C), (D), (A) 3. (B), (A), (D), (C) 4. (C), (B), (D), (A)
Arrange the following in the sequence in which they shall be applied in payment at the time of dissolution of a firm: (A) The debts of the firm to the third parties. (B) Partner proportionately what is due to him/her from the firm for advances as distinguished from capital (i.e. partner's loan). (C) Each partner proportionately what is due to him on account of capital. (D) Divided among the partners in their profit sharing ratio. Choose the correct answer from the options given below:
Arrange the following regarding admission procedure in the correct sequence. (A) Giving share to the new partner. (B) Treatment of Goodwill (C) Calculating new profit sharing ratio & sacrificing ratio (D) Preparation of Revaluation A/c (E) Preparing Partner's Capital A/c and Balance Sheet Choose the correct answer from the options given below:
Arrange the following steps for calculating Goodwill under Capitalisation of Average Profits Method in correct sequence- (A). Ascertain the actual firm's capital (net assets) by deducting outside liabilities from the total assets. (B). Compute the value of goodwill by deducting net assets from the capitalised value of average profits. (C). Ascertain the average profits based on the past few years' performance. (D). Capitalize the average profits on the basis of the normal rate of return to ascertain the capitalised value of average profits. Choose the correct answer from the options given below:
Arrange the following steps for calculating Goodwill under Capitalisation of Average Profits Method in correct sequence- (A) Ascertain the actual firm's capital (net assets) by deducting outside liabilities from the total assets. (B) Compute the value of goodwill by deducting net assets from the capitalised value of average profits. (C) Ascertain the average profits based on the past few years' performance. (D) Capitalize the average profits on the basis of the normal rate of return to ascertain the capitalised value of average profits. Choose the correct answer from the options given below:
Arrange the following steps in correct sequence in case of retirement of a partner: (A) Adjustment of Capital, if required (B) Ascertain new profit sharing ratio and gaining ratio (C) Distribution of Revaluation/Accumulated profits and losses (D) Undertake revaluation of assets and liabilities Choose the correct answer from the options given below:
Arrange the following steps involved in various accounting aspects of retirement/death of a partner in a sequence - (A) Settlement of the amounts due to retired/deceased partner (B) Ascertainment of new profit sharing ratio and gaining ratio (C) Adjustment of capital, if required (D) Revaluation of assets and liabilities Choose the correct answer from the options given below:
Arrange the Following Steps to Calculate Goodwill under the 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) Calculate goodwill by multiplying the super profits by the given number of years' purchase Choose the correct answer from the options given below:
Arrange the following steps which involve the Super Profits Method of valuation of goodwill in the correct sequence: (A) Calculate the average profit. (B) Calculate the normal profit on the firm's capital on the basis of the normal rate of return. (C) Calculate goodwill by multiplying the super profits by the given number of years' purchase (D) Calculate the super profits by deducting normal profit from the average profits. Choose the correct answer from the options given below:
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:
Arrange the steps in the correct sequence while calculating goodwill by capitalization of average profit method: (A) Ascertain the actual firm's capital (net assets) (B) Compute the value of goodwill (C) compute the capitalized value of the average profits (D) Ascertain the average profits Choose the correct answer from the options given below:
Arrange the steps involved under the super profit method of calculating goodwill- (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 goodwill by multiplying the super profits by the given number of years' purchase (D) Calculate the super profits by deducting normal profit from the average profits Choose the correct answer from the options given below: 1. (A), (B), (C), (D) 2. (B), (C), (A), (D) 3. (B), (A), (D), (C) 4. (C), (B), (D), (A)
Arrange the steps of method, Capitalization of Average for the calculation of goodwill, in the correct sequence: (A) Capitalize the average profits on the basis of the normal rate of return to ascertain the capitalized value of average profits as follows: Average Profits × 100/Normal Rate of Return (B) Ascertain the average profits based on the past few years' performance. (C) Ascertain the actual firm's capital (net assets) by deducting outside liabilities from the total assets (excluding goodwill and fictitious assets). Firms' Capital = Total Assets (excluding goodwill) – Outside Liabilities Where outside Liabilities include both long term and short term Liabilities (D) Compute the value of goodwill by deducting net assets from the capitalized value of average profits. Choose the correct answer from the options given below:
Arrange the various accounting aspects involved on retirement or death of a partner- (A) Ascertainment of share of profit or loss up to the date of retirement/death (B) Ascertainment of new profit sharing ratio and gaining ratio (C) Distribution of accumulated profits and losses (D) Settlement of the amounts due to retired/deceased partner Choose the correct answer from the options given below: 1. (B), (C), (D), (A) 2. (B), (C), (A), (D) 3. (B), (A), (D), (C) 4. (C), (B), (D), (A)
As per AS-26 Intangible assets like goodwill should be written off.
As per Section 48 of the Partnership Act 1932, which of the following will be utilized for payment of losses, including deficiencies of capital: (A) Out of Profits (B) Out of capital of Partners (C) By partners individually in their profit sharing ratio (D) Creditors Assets Choose the correct answer from the options given below:
As per Section 48 of the Partnership Act 1932, which of the following will be utilized for payment of losses, including deficiencies of capital: (A) Out of Profits (B) Out of capital of Partners (C) By partners individually in their profit sharing ratio (D) Creditors Assets Choose the correct answer from the options given below:
Asha, Deepa and Lata are partners in a firm sharing profits in the ratio of 3 : 2 : 1. Deepa retires. After making all adjustments relating to revaluation, goodwill, Payment to Deepa and accumulated profit etc., the capital accounts of Asha and Lata showed a credit balance of Rs. 1,60,000 and Rs. 80,000 respectively. It was decided to adjust the capitals of Asha and Lata in their new profit sharing ratio. You are required to calculate the new capitals of the partners i.e Asha and Lata.
At the time of admission of a new partner, in the case of fixed capital method, if the sacrificing partner withdraw their amounts of goodwill (in full or in part), the following journal entry will be recorded :-
At the time of admission of a new partner, for getting right to share the assets of the partnership firm, the new partner atleast will bring :-
At the time of admission of a new partner, general reserve appears in the old balance sheet is transferred to:
At the time of admission of a new partner, in case there is no workmen's compensation claim, the total amount of workmen's compensation fund will be :-
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, undistributed profits appearing in the balance sheet of the old firm is transferred to the capital account of:
At the time of admission of a partner, undistributed profits appearing in the balance sheet of the old firm is transferred to the capital account of:
At the time of admission of a partner, undistributed profits appearing in the balance sheet of the old firm is transferred to the capital account of:
At the time of admission of partner ,Workmen Compensation Claim Exceeding Workmen Compensation Fund is transferred to
At the time of death of a partner, undistributed Losses appearing in the balance sheet of the old firm is transferred to the capital account of:
At the time of dissolution, a firm transferred Rs.100,000 Assets to the realization account and 50% of the assets were taken over by Kiran at 20% discount. How much net assets were taken over by Kiran?
At the time of dissolution, if an asset is taken over by a partner, what journal will be recorded in the books of the firm :-
At the time of dissolution of a Firm, the Loan from a Partner Account should be
At the time of dissolution of a firm, the Bank Loan was Rs. 60,000 which was paid by Bhuvan (a partner) along with one-year interest at 6 %, which journal entry will be passed in the books of the firm :-
At the time of dissolution, when creditor accepts an asset whose value is much more than the amount due to him, he will _________ the excess amount which will be credited to _________ account?
At the time of Reconstitution, Goodwill already appearing in books of accounts is distributed among partners in_______.
At the time of retirement of a partner, the difference between the Old Profit Sharing Ratio and the New Profit Sharing Ratio is a negative outcome for a remaining partner. It indicates that :-
At the time of retirement of a partner, undistributed profits appearing in the balance sheet of the old firm is transferred to the capital account of:
At the time of retirement of a partner, undistributed profits appearing in the balance sheet of the old firm is transferred to the capital account of:
At the time of the Dissolution of a Partnership Firm, which statement is not false :-
Bank A/c is credited by the Realisation A/c by _______ amount in total.
By virtue of which Section of the Companies Act 2013, the Central Government is empowered to prescribe the maximum number of partners in a firm, but the number of partners can not be more than 100?
By virtue of which section of the Indian Partnership Act 1932, partnership is defined as 'the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all'.
C will withdraw the capital amount after capital are adjusted in the ratio of their respective shares in profits. The amount is:
Calculate interest on drawing if Ram withdrew Rs. 3,000 per month at the beginning of each month for the whole year, if interest on drawing is charged @ 9 % per annum.
Calculate interest on drawing if Ram withdrew Rs. 3,000 per month at the beginning of each month for the whole year, if interest on drawing is charged @ 9 % per annum.
Calculate Interest on drawings for the amount of Rs. 3000 drawn on September 30, 2019
Calculate Interest on drawings for the amount of Rs. 7000 withdrawn on November 30, 2019
Calculate interest on drawings for the amount Rs. 6000 on January 31, 2019.
Calculate Interest on drawings for the amount Rs. 12000 on June 1, 2019.
Choose combination of statements that are true about dissolution- (A) Dissolution of partnership can not take place without intervention of the court. (B) Court can order a firm to be dissolved when a partner becomes insane. (C) A firm is compulsorily dissolved when a partner decide to retire. (D) A partnership is dissolved when there is a death of a partner. Choose the correct answer from the options given below: 1. (B) and (D) only 2. (A), (B) and (D) only 3. (A) and (D) only 4. (B), (C) and (D) only
Choose the correct statement if a partnership deed is not present.
Choose the correct statement if a partnership deed does not exist.
Choose the correct statement in respect of the Fixed Capital Method for a Partnership Firm :-
Contents of the Partnership Deed does not include
Contents of the Partnership Deed does not include
Correct Journal entry for transferring interest on capital to Profit and Loss Appropriation Account is-
D will bring in cash as his capital:
Das and Sinha are partners in a firm sharing profits in 4:1 ratio. They admitted Pal as a new partner for 1/4 share in the profits, which he acquired wholly from Das. Determine the new profit sharing ratio among Das, Sinha and Pal.
Das and Sinha are partners in a firm sharing profits in 4:1 ratio. They admitted Pal as a new partner for 1/4th share in the profits, which he acquired wholly from Das. The new profit sharing ratio of the partners is-
Das and Sinha are partners in a firm sharing profits in 4:1 ratio. They admitted Pal as a new partner for 1/4th share in the profits, which he acquired wholly from Das. The new profit sharing ratio of the partners is-
Determine the value of firm's goodwill by capitalization of the super profit method if the average profits are Rs 1,00,000, super profits are Rs 18,000 and the normal rate of return is 10%.
Dissolution by Court happens:
Dissolution of a firm cannot take place in which of the situation:
Dissolution of a firm cannot take place in which of the situation-
Dissolution of a firm takes place on the happening of certain contingencies. Choose them from the following : (A) By the death of a partner (B) By the adjudication of a partner as an insolvent (C) When the business of the firm becomes illegal (D) If constituted for a fixed term, by the expiry of that term Choose the correct answer from the options given below:
Dissolution of a firm takes place on the happening of certain contingencies in the following cases: (A) By the death of a partner (B) By the adjudication of a partner as an insolvent (C) When the business of the firm becomes illegal (D) If constituted for a fixed term, by the expiry of that term Choose the correct answer from the options given below:
Dissolution of a partnership firm may be ordered by the court on the following grounds: (A) when a partner becomes insane. (B) when a partner becomes permanently incapable of performing his duties as partner. (C) when a partner acts in good faith (D) when it is regarded just and equitable by the court. Choose the correct answer from the options given below:
Dissolution of a partnership firm may be ordered by the court on the following grounds: (A) when a partner becomes insane. (B) when a partner becomes permanently incapable of performing his duties as partner. (C) when a partner acts in good faith (D) when it is regarded just and equitable by the court. Choose the correct answer from the options given below:
Excess value of net assets over purchase consideration at the time of purchase of business is credited to
Excess value of net assets over purchase consideration at the time of purchase of business is credited to
Executor account is prepared on
Following are considered as appropriations out of profits (A) Rent paid to partners (B) Interest on capital (C) Salary paid to partners (D) Commission allowed to partners Choose the correct answer from the options given below:
For distribution of profits among the partners, the following account is debited to the partners:
For distribution of profits made during a year among the partners, the following account is debited:
For taking over investment, Bharat's capital will be
For the right to get a share in future profits of a partnership firm, a newly admitted partner will have to bring :-
G, H and P are partners. On retirement of G, the goodwill already appears in the Balance Sheet at Rs. 24,000. The goodwill will be written-off
Gaining ratio among remaining partners Preeti and Shershah is
Gaining Ratio is not calculated at the______.
Gaining share of Continuing Partner =
Gobind, Hari and Pratap are partners. On retirement of Gobind, the goodwill already appears in the Balance Sheet at Rs. 24,000. The goodwill will be written-off -
Goodwill can also be ascertained by capitalising the super profit directly under which method?
Goodwill is -
Goodwill is a/an:
Goodwill is considered as
Hanny, Pammy and Sunny are partners sharing profits in the ratio of 3 : 2 : 1. Goodwill is appearing in the books at a value of Rs. 60,000. Pammy retires and at the time of Pammy's retirement, goodwill is valued at Rs. 84,000. Hanny and Sunny decided to share future profits in the ratio of 2:1. Pammy's share of current value of goodwill is-
Hem and Nem are partners in a firm sharing profits in the ratio of 3:2. Their capitals were Rs. 80,000 and Rs. 50,000 respectively. They admitted Sam on Jan. 1, 2025 as a new partner for 1/5 share in the future profits. Sam brought Rs. 60,000 as his capital. Sam share of goodwill will be:
Hemant and Naman are partners in a firm sharing profits in the ratio of 3:2. Their capitals were Rs. 80,000 and Rs. 50,000 respectively. They admitted Samrat on Jan. 1, 2025 as a new partner for 1/5 share in the future profits. Samrat brought Rs. 60,000 as his capital. Calculate the value of goodwill of the firm?
Himanshu withdrew Rs 2,500 at the end of each month. The partnership deed provides for charging of interest on drawings @ 12% p.a. Calculate interest on Himanshu's drawings for the year ended March 31, 2017
Himanshu withdrew Rs.2,500 at the end of each month. The partnership deed provides for charging of interest on drawings @ 12% p.a. Calculate interest on Himanshu's drawings for the year ended March 31, 2017.
Identify the correct sequence for finding out divisible Profit & Loss for a Partnership Firm manufacturing Steel pipes : (A) Transfer amount to general reserve, as per requirement. (B) Allow interest on capital and charge interest on drawing. (C) Transfer of the balance of profit and loss account to profit and loss appropriation A/c (D) Find out the balance amount to be distributed among partners. Choose the correct answer from the options given below:
Identify the correct statement from the given below :-
Identify the incorrect journal entry related to Revaluation of Assets and Liabilities of a firm.
Identify the steps involved in calculating goodwill under the capitalization of super profits method: (A) Calculate capital of the firm, which is equal to total assets (excluding goodwill and fictitious assets) minus outside liabilities (B) Multiply the super profits by the required rate of return multiplier (C) Calculate normal profits on capital employed (D) Calculate super profits by deducting normal profits from average profits (E) Calculate average profit for past years Choose the correct answer from the options given below:
Identify the steps involved in calculating goodwill under the capitalized value of average profits method: (A) Capitalize the average profits on the basis of the normal rate of return to ascertain the capitalized value of average profits (B) Ascertain the average profits based on the past few years' performance (C) Compute the value of goodwill by deducting net assets from the capitalized value of average profits (D) Ascertain the actual firm's capital (net assets) by deducting outside liabilities from the total assets (excluding goodwill and fictitious assets) Choose the correct answer from the options given below:
Identify the steps involved in the accounting treatment in the case of dissolution of firm: (A) Capital accounts of partners are prepared and their final settlement is done. (B) The balance of realisation account (profit or loss on realization) is transferred to partners' capital accounts in the profit sharing ratio. (C) All assets and all external liabilities are transferred to realisation account. (D) Realisation account is prepared. (E) Bank account is prepared. Choose the correct answer from the options given below:
Identify the true statement in respect of a partnership Firm-
Identify the true statement in respect of the Fixed Capital Method for a Partnership Firm :-
Identify which statement is FALSE-
If a new partner does not bring his share of goodwill in cash, the following treatment shall be made
If, at the time of admission of a new partner, profit and loss account appears in the books, it will be transferred to:
If nothing is mentioned, the amount due to retiring partner is transferred to _______.
If partnership deed is silent on the profit sharing ratio and other provisions: interest @_____ per annum is allowed on loans advanced by partners:
If partnership deed is silent on the profit sharing ratio: interest @_____ per annum is allowed on loans advanced by partners-
If the amount is withdrawn at the end of each quarter, the interest is calculated on the total money withdrawn during the year, for a period of _______?
If the asset is taken over by the creditor in lieu of the amount due to him, then the journal entry will be:
If the partnership deed is silent, at what rate, the interest would be charged on the drawings made by the partner:
If the partnership deed is silent on interest on capital, then:
If the partnership deed is silent on interest on capital, then:
If the premium for goodwill is paid to the old partners directly / privately by the new partner, what journal entry will be recorded in the books of Partnership Firm :-
If there are some accumulated losses in the form of a debit balance of profit and loss account appearing in the balance sheet of the firm. It should be transferred to:
If there are some accumulated losses in the form of a debit balance of profit and loss account appearing in the balance sheet of the firm, it should be transferred to:
In case at the time of retirement of Kabir, his share of goodwill is valued at Rs 15,000, then what will be the total value of firm valued goodwill on his retirement?
In case, deceased partner's share of profit is calculated during the intervening period, the following Journal Entry will be passed :-
In case normal profit is Rs 60,000 then what will be the normal rate of return?
In case of admission of a partner, the new partner brings Rs. 20,000 only as his share of premium for goodwill out of Rs. 50,000. Journal entry for the adjustment of goodwill will be:
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 ………….
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 ___________.
In case of dissolution of a firm, Losses including deficiencies of capital, shall be paid first out of ....
In case of dissolution of a firm, the firm ceases to conduct business and has to settle its accounts. The assets of the firm, including any sum contributed by the partners to make up deficiencies of capital, shall be applied in the following manner and order: (A) In paying to each partner proportionately what is due to him on account of capital. (B) The residue, if any, shall be divided among the partners in their profit sharing ratio. (C) In paying the debts of the firm to third parties. (D) In paying each partner proportionately what is due to him/her from the firm for advances as distinguished from capital (i.e. partner loan). Choose the correct answer from the options given below:
In case of dissolution of a firm, the firm ceases to conduct business and has to settle its accounts. The assets of the firm, including any sum contributed by the partners to make up deficiencies of capital, shall be applied in the following manner and order: (A). In paying to each partner proportionately what is due to him on account of capital. (B). The residue, if any, shall be divided among the partners in their profit sharing ratio. (C). In paying the debts of the firm to third parties. (D). In paying each partner proportionately what is due to him/her from the firm for advances as distinguished from capital (i.e. partner loan). Choose the correct answer from the options given below:
In case of dissolution of a partnership firm, losses, including deficiencies of capital, shall be paid first out of ...............
In case of dissolution of a partnership firm, losses, including deficiencies of capital, shall be paid first out of ...............
In case of dissolution of firm, the bank overdraft is transferred to:
In case of dissolution of partnership firm, any liability assumed/paid by a partner is shown on ........?
In case of Fixed Capital Account, Interest on Drawings are
In case of Fixed Capital Method, at the time of dissolution of a firm, An un-recorded asset are taken over by a partner, which Journal Entry will be recorded in the books of the Partnership Firm :-
In case of retirement, the profit and loss suspense account is closed by transferring the amount to the _________.
In case of the dissolution of a firm, the firm ceases to conduct business and has to settle its accounts. Arrange the following in the correct sequence : (A) In paying to each partner proportionately what is due to him on account of capital (B) In paying the debts of the firm to the third parties (C) In paying each partner proportionately what is due to him/her from the firm for advances as distinguished from capital (i.e. partner's loan) (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:
In case of the dissolution of a firm, the firm ceases to conduct business and has to settle its accounts. Losses, including deficiencies of capital, shall be paid in the following manner and order: (A) Out of capital of partners. (B) By the partners individually in their profit sharing ratio. (C) Profits. Choose the correct answer from the options given below:
In case of the dissolution of a firm, the firm ceases to conduct business and has to settle its accounts. Arrange in the correct manner and order the assets of the firm, including any sum contributed by the partners to make up for deficiencies of capital: (A) In paying to each partner proportionately what is due to him on account of capital (B) In paying the debts of the firm to the third parties (C) In paying each partner proportionately what is due to him/her from the firm for advances as distinguished from capital (i.e. partner's loan) (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:
In case partner's capital is fixed, then where interest on drawings charged will be shown?
In case partner's capital is fixed, then where interest on drawings charged will be shown?
In case there is no information regarding the acquisition of a share in profit of the retiring/deceased partner by the remaining partners, the assumption is that they will acquire his/her share in the:
In line with what is prescribed by the Accounting Standard, goodwill appearing in the balance sheet is written off at the time of
In the absence of any information, it is assumed that the remaining partners acquire the share of profit of the retiring/deceased partner in:
In the absence of any information regarding the acquisition of share in profits of the retiring/deceased partner by the remaining partners, it is assumed that they will acquire his/her share in following:
In the absence of any information regarding the acquisition of a share in profit of the retiring/deceased partner by the remaining partners, it is assumed that they will acquire his/her share:
In the absence of any information regarding the acquisition of shares in profit of the retiring/deceased partner by the remaining partners, it is assumed that they will acquire his share in:
In the absence of any information regarding the acquisition of share in profit of the retiring/deceased partner by the remaining partners, it is assumed that they will acquire his/her share in:
In the absence of any information regarding the acquisition of share in profits of the retiring/deceased partner by the remaining partners, it is assumed that they will acquire his/her share in________.
In the absence of partnership deed, interest on drawings is charged at.
In the case of a dissolution of a firm, accumulated losses are transferred to:
In the case of a dissolution of a firm, accumulated losses are transferred to:
In the case of a re-constitution of a partnership firm, if the value of decrease in investment exceeds the Investment Fluctuation Fund, the :-
In the case of dissolution of a partnership firm, unrecorded liabilities when paid are shown in:
In the case of dissolution of a partnership firm, the accumulated profits and reserves are transferred to :
In the case of dissolution of firm, accumulated losses are transferred to:
In the case of fixed capital method, following two accounts are maintained.
In the case of fixed capital method, following two accounts are maintained.
In the case of guarantee of profit the Sequence of steps to be Followed are. (A) divide the profit in the given ratio. (B) prepare profit and loss appropriation account as usual. (C) deduct the deficiency from the guaranteeing partner and add the same to guaranteed partner. (D) find the deficiency. Choose the correct answer from the options given below:
In the case of guarantee of profit ,the sequence of Steps to be followed are. (A) divide the profit in the given ratio. (B) prepare profit and loss appropriation account as usual. (C) deduct the deficiency from guaranteeing partner and add the same to guaranteed partner. (D) find the deficiency. Choose the correct answer from the options given below:
In the case of retirement of a partner, the item to be deducted from partner's capital account is.
In the case of the Dissolution of partnership firm, which accounts are opened: (A) Realization Account (B) Revaluation Account (C) Partners Capital Account (D) Bank Account
In the case of the Dissolution of partnership firm, which accounts are opened: (A) Realization Account (B) Revaluation Account (C) Partners Capital Account (D) Bank Account Choose the correct answer from the options given below:
In the event of retirement of partner, following deduction has to be made from his/her share.:
In the event of retirement of partner, following deduction has to be made from his/her share.:
In the event of the death of a partner, the ratio in which the continuing partners acquire the share from the deceased partner is called .......
In the Proforma of Partner's Capital Account under the Fluctuating capital Method, the Credit side includes the following items: (A) Balance b/d (in case of credit opening balance) (B) Salaries (C) Interest on drawings (D) Profit and Loss Appropriation (for share of profit) Choose the correct answer from the options given below:
In this case Average profit is -
In this case, Normal profit is -
In which of the following case court can order dissolution of a partnership firm.
In which of the following case court can order dissolution of a partnership firm.
In which of the following situation compulsory dissolution of partnership can be done?
In which of the following the Economic relationship between the partners comes to an end?
In which of the following ways does dissolution of a firm take place? (A) Dissolution by agreement (B) Compulsory dissolution (C) On the happening of certain contingencies (D) Dissolution by notice Choose the correct answer from the options given below:
In which ratio the deficiency of T will be borne by A & V.
Investment Fluctuation Reserve will be
________ is the value of the reputation of a firm in respect of the profits expected in future over and above the normal profits.
J and K are partners sharing profits and losses in the ratio of 3:1. Their capitals at the end of the financial year 2024-2025 were Rs. 1,50,000 and Rs. 75,000 respectively. During the year 2024-2025, J’s drawings were Rs. 20,000 and the drawings of K were Rs. 5,000, which had been duly debited to partner’s capital accounts. Profit before charging interest on capital for the year was Rs. 16,000. The same had also been credited in their profit sharing ratio. K had brought additional capital of Rs. 16,000 on October 1, 2024. Calculate interest on capital @ 12% p.a. for the year 2024-2025 for J.
John Ibrahim, a partner in Ancient Tours and Travels withdrew money during the year ending March 31, 2020 from his capital account, for his personal use. He withdrew Rs. 3,000 per month at the beginning of the month. Calculate interest on drawings that should be charged from John Ibrahim, if the rate of interest charged on drawing is 9% per annum.
K, N and P are partners sharing profits and losses in the ratio of 4 : 3 : 2. N retires and the goodwill is valued at Rs. 72,000. K and P decided to share future profits and losses in the ratio of 5 : 3. Identify the correct journal entry in this scenario.
K, N and P are partners sharing profits and losses in the ratio of 4:3:2. N retires and the goodwill is valued at Rs 72,000. K and P decided to share future profits and losses in the ratio of 5:3. Find which of the following is not correct?
Keshav, Nirmal and Pankaj are partners sharing profits and losses in the ratio of 4 : 3 : 2. Nirmal retires and the goodwill is valued at Rs. 72,000. Keshav and Pankaj decided to share future profits and losses in the ratio of 5 : 3. Gaining Ratio of Keshav and Pankaj is:
Keshav, Nirmal and Pankaj are partners sharing profits and losses in the ratio of 4 : 3 : 2. Nirmal retires and the goodwill is valued at Rs. 72,000. Keshav and Pankaj decided to share future profits and losses in the ratio of 5 : 3. Gaining Ratio of Keshav and Pankaj is:
Kim and Sim are partners in a firm sharing profits in 4:3 ratio. They admitted Pim as a new partner for 1/4 share in the profits, which he acquired in the ratio of 3:2 from Kim and Sim. Determine the new profit sharing ratio of the partners.
Kumar, Lakshya, Manoj and Naresh are partners sharing profits in the ratio of 3 : 2 : 1 : 4. Kumar retires and his share is acquired by Lakshya and Manoj in the ratio of 3:2. The gaining ratio of the remaining partners is .....?
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:
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:
L, N and T are partners sharing profits in the ratio of 5:3:2. If N retires, the gaining ratio of L & T would be.......
Lalit, Pankaj and Rahul are partners sharing profits in the ratio of 4 : 3 : 3. After all adjustments, on Lalit's retirement with respect to general reserve, goodwill and revaluation etc., the balances in their capital accounts stood at Rs. 70,000, Rs. 60,000 and Rs. 50,000 respectively. It was decided that the amount payable to Lalit will be brought by Pankaj and Rahul in such a way as to make their capitals proportionate to their profit sharing ratio. After Lalit's retirement, the new profit sharing ratio between Pankaj and Rahul is 1:1. New Capital of the firm will be-
M and N are partners in a firm and agree that an interest @12% per annum should be charged on drawings. M draws Rs. 20,000 per month at the beginning of each month. The amount of interest to be charged from M is:
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:
Match List-I with List-II If the partnership deed is silent regarding the items provided in List-I | List-I | List-II | |---|---| | (A) Interest on Capital | (I) to be shared equally | | (B) Interest on Loan | (II) not charged | | (C) Interest on Drawings | (III) not payable | | (D) Sharing of Profits | (IV) @6% p.a. | Choose the correct answer from the options given below:
Match List-I with List-II | List-I | List-II | |---|---| | (A) Dissolution of firm by agreement | (I) When a partner becomes insane | | (B) Compulsory dissolution of firm | (II) With the consent of all partners | | (C) Dissolution of firm by notice | (III) When business of a firm becomes illegal | | (D) Dissolution of firm by Court | (IV) At the request of any one partner | Choose the correct answer from the options given below:
Match List-I with List-II | List-I | List-II | |---|---| | (A) Bank (fresh capital introduced) | (I) Debit side of Partner's Current Account | | (B) Interest on drawings | (II) Debit side of Partner's Capital Account | | (C) Bank (permanent withdrawal of capital) | (III) Credit side of Partner's Current Account | | (D) Commission | (IV) Credit side of Partner's Capital Account | Choose the correct answer from the options given below:
Match List-I with List-II | List-I | List-II | |---|---| | (A). Admission of a New Partner | (I). Realisation Account | | (B). Retirement of a Partner | (II). Sacrificing Ratio | | (C). Dissolution of Partnership | (III). Executors Account | | (D). Death of A Partner | (IV). Revaluation of Assets and Liabilities | Choose the correct answer from the options given below:
Match List-I with List-II | List-I | List-II | |---|---| | (A) Meaning of Dissolution | (I) Section 49,of the partnership Act 1932 | | (B) Application of Assets | (II) Section 39,of the partnership Act 1932 | | (C) Private Debts Vs Firm's Debts | (III) Section 4,of the partnership Act 1932 | | (D) Nature of Partnership | (IV) Section 48,of the partnership Act 1932 | Choose the correct answer from the options given below:
Match List-I with List-II | List-I | List-II | |---|---| | (A) Compulsory Dissolution | (I) A partner persistently commits breach of partnership agreement. | | (B) Happening of contingencies | (II) Death of a partner | | (C) Dissolution by Court | (III) According to contract between the partners. | | (D) Dissolution by agreement | (IV) Business becomes illegal | Choose the correct answer from the options given below: 1. (A) - (IV), (B) - (I), (C) - (III), (D) - (II) 2. (A) - (II), (B) - (I), (C) - (IV), (D) - (III) 3. (A) - (IV), (B) - (II), (C) - (I), (D) - (III) 4. (A) - (III), (B) - (IV), (C) - (I), (D) - (II)
Match List-I with List-II | List-I | List-II | |---|---| | (A) Admission of a partner | (I) Executor Accounts | | (B) Retirement of a partner | (II) Sacrificing Ratio | | (C) Death of a partner | (III) Realisation Account | | (D) Dissolution of a partnership | (IV) Gaining Ratio | Choose the correct answer from the options given below:
Match List-I with List-II | List-I | List-II | |---|---| | (A) Compulsory Dissolution | (I) Partner becomes insane | | (B) Dissolution by notice | (II) Death of a partner | | (C) Dissolution by Court | (III) Business become illegal | | (D) Dissolution on certain contingencies | (IV) Partnership at will | Choose the correct answer from the options given below:
Match List-I with List-II | List-I | List-II | |---|---| | (A) Accumulated Profits/Losses | (I) New Ratio | | (B) Share of goodwill at the time of admission of a partner | (II) Gaining Ratio | | (C) Division of profits after admission of a partner | (III) Old Ratio | | (D) Share of goodwill at the time of retirement/death of a partner | (IV) Sacrificing Ratio | Choose the correct answer from the options given below:
Match List-I with List-II | List-I | List-II | |---|---| | (A) Gaining Ratio | (I) An advantage of good name, reputation and wide business connections. | | (B) New Profit Sharing Ratio | (II) The ratio in which the continuing partners have acquired the share from the retiring/deceased partner | | (C) Sacrificing Ratio | (III) The ratio in which the remaining partners will share future profits after the retirement or death of any partner | | (D) Goodwill | (IV) The ratio in which the old partners agree to sacrifice their share of profit in favour of the incoming partner | Choose the correct answer from the options given below:
Match List-I with List-II | List-I | List-II | |---|---| | (A) Increase in assets at the time of retirement | (I) Debit side of Realisation Account | | (B) Asset taken over by the partner at the time of dissolution of the firm | (II) Credit side of Revaluation Account | | (C) Unrecorded Liability at the time of admission of the partner | (III) Credit side of Realisation Account | | (D) Remuneration paid for realization of assets | (IV) Debit side of Revaluation Account | Choose the correct answer from the options given below:
Match List-I with List-II | List-I | List-II | |---|---| | (A) Bank (fresh capital introduced) | (I) Debit side of Partner's Current Account | | (B) Interest on drawings | (II) Debit side of Partner's Capital Account | | (C) Bank (permanent withdrawal of capital) | (III) Credit side of Partner's Current Account | | (D) Commission | (IV) Credit side of Partner's Capital Account | Choose the correct answer from the options given below:
Match List-I with List-II | List-I | List-II | |---|---| | (A) Admission of a New Partner | (I) Realisation Account | | (B) Retirement of a Partner | (II) Sacrificing ratio | | (C) Dissolution of Partnership | (III) Executors Account | | (D) Death of A Partner | (IV) Gaining Ratio | Choose the correct answer from the options given below:
Match List-I with List-II | List-I | List-II | |---|---| | (A) On dissolution of a firm, creditors is transferred to: | (I) Bank account is credited | | (B) Unrecorded liabilities when paid: | (II) Realization Account | | (C) When realization expenses are paid by the firm on behalf of a partner, such expenses are | (III) Bank account is debited. | | (D) When unrecorded assets are sold | (IV) Partner's Capital Account | Choose the correct answer from the options given below:
Match List-I with List-II | List-I | List-II | |---|---| | (A) Gaining Ratio | (I) New Share - old Share. | | (B) Sacrificing Ratio | (II) Old Share - New Share. | | (C) Admission of Partner | (III) Partner may be paid amount more that what has actually due to him for hidden goodwill share. | | (D) Retirement of Partner | (IV) Partner may or may not bring his share of goodwill in cash. | Choose the correct answer from the options given below:
Match List-I with List-II | List-I | List-II | |---|---| | (A) Bank (fresh capital introduced) | (I) Debit side of Partner's Current Account | | (B) Interest on drawings | (II) Debit side of Partner's Capital Account | | (C) Bank (permanent withdrawal of capital) | (III) Credit side of Partner's Current Account | | (D) Commission | (IV) Credit side of Partner's Capital Account | Choose the correct answer from the options given below:
Match List-I with List-II | List-I | List-II | |---|---| | (A) Payment of loans due to partners | (I) Realisation A/c Dr To Bank A/c | | (B) For settlement of partners' accounts, in case their capital account shows a debit balance | (II) Bank A/c Dr. A/c To loan to partners | | (C) For settlement of loan by a firm to a partner | (III) Bank A/c Dr. To Partner's Capital A/c | | (D) For settlement of any unrecorded liability | (IV) Partner's Loan A/c Dr. To Bank A/c | Choose the correct answer from the options given below:
Match List-I with List-II | List-I | List-II | |---|---| | (A) Sacrificing ratio | (I) Dissolution of Partnership | | (B) Gaining Ratio | (II) Admission of a New Partner | | (C) Executors Account | (III) Retirement of a Partner | | (D) Realisation Account | (IV) Death of a Partner | Choose the correct answer from the options given below:
Match List-I with List-II | List-I | List-II | |---|---| | (A). Payment of loans due to partners | (i). Realisation A/c Dr To Bank A/c | | (B). For settlement of partners' accounts, in case their capital account shows a debit balance. | (ii). Bank A/c Dr. To loan to partners A/c | | (C). For settlement of loan by a firm to a partner: | (iii) Bank A/c Dr. To Partner's Capital A/c | | (D). For settlement of any unrecorded liability | (iv) Partner's Loan A/c Dr. To Bank A/c | Choose the correct answer from the options given below:
Match List-I with List-II | List-I | List-II | |---|---| | (A). Compulsory Dissolution | (I). Partner becomes insane. | | (B). Dissolution by notice | (II). Death of a partner. | | (C). Dissolution by Court | (III). Business become illegal. | | (D). Dissolution on certain contingencies | (IV). Partnership at will. | Choose the correct answer from the options given below:
Match List-I with List-II | List-I | List-II | |---|---| | (Accounting standards Section of Act.) | (Issues) | | (A) AS-3 | (I) Settlement Of Accounts. | | (B) AS-26 | (II) Firm's debt and private debt | | (C) Section 48 of the Indian partnership Act | (III) Cash flow statement. | | (D) Section 49 of the Indian partnership Act | (IV) Treatment of goodwill. | Choose the correct answer from the options given below:
Match List-I with List-II | List-I | List-II | |---|---| | (Different accounts. ) | (Related transaction.) | | (A) profit and loss account. | (I) dissolution of partnership. | | (B) profit and loss appropriation account. | (II) dissolution of firm. | | (C) revaluation account | (III) interest on loan to partner. | | (D) realization account. | (IV) transfer to reserve. | Choose the correct answer from the options given below:
Match List-I with List-II | List-I | List-II | |---|---| | (Events) | (Result.) | | (A) Termination of business. | (I) Not Possible In Dissolution Of Partnership. | | (B) Continuation Of Business | (II) Not possible in the dissolution of a firm. | | (C) Intervention of court. | (III) Dissolution of firm | | (D) Continuation of books of accounts. | (IV) Dissolution of partnership. | Choose the correct answer from the options given below:
Match List-I with List-II | List-I | List-II | |---|---| | (Events) | (Result.) | | (A) Termination of business. | (I) Not possible in the dissolution of partnership. | | (b) Continuation of business | (II) Not possible in the dissolution of a firm. | | (C) Intervention of court. | (III) Dissolution of firm | | (D) Continuation of books of accounts. | (IV) Dissolution of partnership. | Choose the correct answer from the options given below:
Match List-I with List-II | List-I | List-II | |---|---| | Interest on Drawings | Time (Month) | | (A). When the amount is withdrawn at the beginning of each month. | (I). 6 months | | (B). When the amount is withdrawn at the end of each month. | (II). 6.5 months. | | (C). When the amount is withdrawn at the middle of each month. | (III). 5.5 months. | | (D). When the amount is withdrawn at the end of each quarter. | (IV). 4.5 months. | Choose the correct answer from the options given below:
Match List-I with List-II | List-I | List-II | |---|---| | Interest on Drawings | Time (Month) | | (A) When the amount is withdrawn at the beginning of each month. | (I) 6 months | | (B) When the amount is withdrawn at the end of each month. | (II) 6.5 months. | | (C) When the amount is withdrawn at the middle of each month. | (III) 5.5 months. | | (D) When the amount is withdrawn at the end of each quarter. | (IV) 4.5 months. | Choose the correct answer from the options given below:
Match List-I with List-II | List-I | List-II | |---|---| | (Items to be adjusted on admission) | (side of account.) | | (A) Existing goodwill | (i) Debit of capital account. | | (B) Increase in value of assets. | (ii) Debit of revaluation account. | | (C) Decrease in value of assets. | (iii) Credit of revaluation account. | | (D) New partner capital. | (iv) Credit of capital account. | Choose the correct answer from the options given below:
Match List-I with List-II | List-I | List-II | |---|---| | Method of Valuation of Goodwill | Formula | | (A) Average profit method | (I) Goodwill = Super profit × No. of years purchased | | (B) Super Profit Method | (II) Goodwill = capitalized value of average profit - actual firm's capital. | | (C) Capitalization of super profit method | (III) Goodwill = Average Profits × No. of years purchased | | (D) Capitalization of average profit method | (IV) Goodwill = (Super profit/ Normal Rate of Return) × 100 | Choose the correct answer from the options given below:
Match List-I with List-II | List-I | List-II | |---|---| | (Name of ratios.) | (used for) | | (A) old ratio. | (I)distribution of premium for goodwill. | | (B) new ratio. | (II) for adjustment of goodwill in death of partner. | | (C) sacrificing ratio. | (III) sharing revaluation profits. | | (D) gaining ratio. | (IV) sharing future profits. | Choose the correct answer from the options given below:
Match List-I with List-II | List-I | List-II | |---|---| | Revaluation of assets and reassessment of liabilities at the time of admission of a new partner | Journal Entry | | (A) For increase in the value of an asset | (I) Revaluation A/c Dr. To Asset A/c | | (B) For reduction in the amount of a liability | (II) Revaluation A/c Dr. To Liability A/c | | (C) For reduction in the value of an asset | (III) Asset A/c Dr. To Revaluation A/c | | (D) For appreciation in the amount of a liability | (IV) Liability A/c Dr. To Revaluation A/c | Choose the correct answer from the options given below:
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:
Match List-I with List-II | List-I | List-II | |---|---| | (Types of goodwill) | (Treatment to done.) | | (a) Existing Goodwill. | (I) no entry passed. | | (B) Goodwill premium | (II) inferred from the capital arrangement. | | (C) Goodwill paid privately. | (III) Written off. | | (D) Hidden goodwill | (IV) credited to sacrificing partner. | Choose the correct answer from the options given below:
Match List-I with List-II | List–I (Events) | List–II (Result) | | -------------------------------------- | ----------------------------------------------- | | (A) Termination of business. | (I) Not possible in dissolution of partnership. | | (B) Continuation of Business | (II) Not possible in the dissolution of a firm. | | (C) Intervention of court. | (III) Dissolution of firm | | (D) Continuation of books of accounts. | (IV) Dissolution of partnership. | Choose the correct answer from the options given below:
Match List-I with List-II | List–I (Events) | List–II (Result) | | ---------------------------------------- | ---------------------------- | | (A) Profit share | (I) Gaining ratio. | | (B) Admission of Partners | (II) Different concept | | (C) Retirement of a partner. | (III) Equally among partners | | (D) Dissolution of firm and partnership. | (IV) Sacrifice ratio. | Choose the correct answer from the options given below:
Match List-I with List-II | List–I | List–II | | --------------------------- | ---------------------------------------------------- | | (A) Existing Goodwill | (I) no entry passed. | | (B) Goodwill premium | (II) Calculated on the basis of capital of partners. | | (C) Goodwill paid privately | (III) Written off. | | (D) Hidden goodwill | (IV) credited to sacrificing partner. | Choose the correct answer from the options given below:
Match List-I with List-II Match the accounts with their purpose | List-I | List-II | |---|---| | (A) Profit and Loss adjustment A/c | (I) Changes in amount of capital | | (B) Profit and loss appropriation A/c | (II) Generally no change in amount of capital | | (C) Fixed capital A/c | (III) Errors and omissions found after preparation of final A/c | | (D) Fluctuating capital method | (IV) Extention of Profit & loss A/c | Choose the correct answer from the options given below:
Mohan and Shyam are partners in a firm. Which statement among the below can be claimed valid if the Partnership Agreement is silent regarding the same.
Mohit, Neeraj and Sohan are partners in a firm sharing profits in the ratio of 2 : 1 : 1. Neeraj retires and Mohit and Sohan decided that the capital of the new firm will be fixed at Rs. 1,20,000 and D is to bring in cash equivalent to 1/4th of this amount as his capital. The capital accounts of Mohit and Sohan show a credit balance of Rs. 82,000 and Rs. 41,000 respectively after making all the adjustments. Calculate the actual cash to be paid off or to be brought in by the continuing partners in total-
Murli, Naveen and Omprakash are partners sharing profits in the ratio of 3 /8 , 1/2 and 1/8 . Murli retires and surrenders 2/3rd of his share in favour of Naveen and the remaining share in favour of Omprakash. The gaining ratio of the remaining partners is-
Murli, Naveen and Omprakesh are partners sharing profits in the ratio of 3 /8 , 1/2 and 1/8 . Murli retires and surrenders 2/3rd of his share in favour of Naveen and the remaining share in favour of Omprakesh. The gaining ratio of the remaining partners is-
Naveen and Ghanshyam are partners in a firm sharing profits in the ratio of 3:2. They admitted Daniel as a new partner for 1/4 share. The new profit sharing ratio between Naveen and Ghanshyam will be 2:1. Calculate the New profit sharing ratio of Naveen, Ghanshyam and Daniel :
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:
Naveen, Suresh and Tarun are partners, sharing profits and losses in the ratio of 5:3:2. Suresh retires from the firm and his share was acquired by Naveen and Tarun in the ratio of 2:1. Calculate the new share of profit :
Naveen, Suresh and Tarun are partners sharing profits and losses in the ratio of 5:3:2. Suresh retires from the firm and his share was acquired by Naveen and Tarun in the ratio 2:1. The new profit sharing ratio is
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 share of profit will be .
Neha contributed Rs. 30,000 and Saloni Rs. 90,000 as capital. What will be Saloni's share in profits if the partnership agreement is silent?
Neha contributed Rs. 30,000 and Solani Rs. 90,000 as capital. What will be Saloni's share in profits if the partnership agreement is silent?
Neil, Kapil, Sunil started a furniture business in partnership. After one year of their operation, they started exporting Opium by keeping them in blank spaces between the furniture. As authorities came to know about the illegal business of the firm, they will compel them for .......
Net Amount of installment payable at the end of 2nd year to Kabir is
Net loss of the firm as per profit and loss account for the year ending March 31, 2024 amounted to Rs. 75,000. Yaduvanshi, Madhulika and Vidushi are partners, sharing profits and losses in the ratio of 2:2:1. Their fixed capitals on April 01, 2019 were: Yaduvanshi Rs. 5,00,000, Madhulika Rs. 4,00,000 and Vidushi Rs. 3,50,000. On the basis of the above information, pass the necessary journal entry
On dissolution of a firm, bank overdraft is transferred to:
On dissolution of a firm, partner's loan account is transferred to:
On dissolution of a firm, partner's loan account is transferred to:
On dissolution of a firm, the amount of loan taken from partner by firm will be transferred to
On dissolution of a partnership firm, the bills payable is transferred to :
On dissolution of the firm, partner's capital accounts are closed through-
On dissolution of the firm, partner's capital accounts are closed through:
On dissolution of the firm, partner's capital accounts are closed through:
On retirement / death of a partner, the remaining partners who have gained due to the change in profit sharing ratio should compensate the:
On retirement or death of a partner, the remaining partners who have gained due to change in the profit sharing ratio should compensate the:
On retirement/death of a partner, the retiring/deceased partner's capital account will be credited with:
On the admission of a new partner, an increase in the value of assets is debited to:
On the admission of a new partner, an increase in the value of assets is debited to:
On the admission of a new partner, an increase in the value of assets is debited to:
On the admission of a new partner, an increase in the value of assets is debited to:
On the admission of a new partner increase in the value of assets is debited to:
On the admission of a new partner increase in the value of assets is debited to:
On the death of a partner, the deceased partner's capital account will not be credited with :-
On the Death of a Partner, which account is debited for his/her share of profit for the intervening period, i.e., the period from date of the last balance sheet till the date of the partner's death:
On the death of an existing partner, in case the value of a Liability decreases then which account will be debited?
On the dissolution of a firm, creditor's are transferred to:
On the dissolution of a firm, creditors is transferred to:
On the dissolution of a firm, the Creditors are transferred to :
On the dissolution of a firm, the Creditors are transferred to .....................:
On the happening of certain contingencies, Subject to contract between the partners, a firm is dissolved , (A) if constituted for a fixed term, by the expiry of that term. (B) If constituted to carry out one or more ventures, by the completion thereof. (C)by the death of a partner (D) by the adjudication of a partner as an insolvent Choose the correct answer from the options given below:
On the happening of certain contingencies, Subject to contract between the partners, a firm is dissolved , (A) if constituted for a fixed term, by the expiry of that term. (B) if constituted to carry out one or more ventures, by the completion thereof. (C) by the death of a partner (D) by the adjudication of a partner as an insolvent Choose the correct answer from the options given below:
On the retirement of an existing partner, an increase in the value of a liability will be credited to :-
One of the partner took-over furniture at the time of dissolution of the firm, which account will be debited:
Opening capital balances of partners will be calculated by using which of the following formula :-
P, Q and R are partners in a firm. If S is admitted as a new partner then:
P, Q and R share profits equally. At the time of P's retirement, goodwill appears in the books at Rs. 3000. P will be debited with _____ amount for Goodwill share.
P, Q and R share profits equally. At the time of P's retirement, goodwill appears in the books at Rs. 3000. P will be credited with ___ amount for Goodwill share.
Partners' current accounts are transferred to respective Partners' ______ Accounts.
Partner's current accounts are transferred to respective Partners' _____________________.
Partner's current accounts are transferred to respective________ partner's accounts.
Partner's current accounts are transferred to the respective partners' ________ at the time of dissolution of a partnership.
Partnership comes into existence as a result of an agreement among the partners, that agreement is called......
Pinki, Deepti and Kaku are partner's sharing profits in the ratio of 5:4:1. Kaku is given a guarantee that his share of profits in any given year would not be less than Rs 5000. Deficiency, if any, would be borne by Pinki and Deepu equally. Calculate the deficiency assumed by Pinki and Deepti for each case separately if profits for the year were:- Case I - Rs 40,000 or Case II - Rs 60,000
R and S are partners in a firm sharing profits in the ratio of 5:3. They admitted B as a new partner for 1/7th share in the profit. The new profit sharing ratio will be 4:2:1. The sacrificing ratio of R and S is:
R, S and K are partners sharing profits in the ratio 8:6:4. On the retirement of R, the new profit sharing ratio between S and K was decided to be 5:3. The Gaining ratio is -
R, S and K are partners sharing profits in the ratio 4:3:2. R retires; S and K decided to share profits in future in the ratio of 5:3. Calculate the Gaining Ratio.
Rajinder and Surinder are partners in a firm sharing profits in the ratio of 4:1. On April 15, 2017, they admitted Narender as a new partner. On that date, there was a balance of Rs. 20,000 in general reserve and a debit balance of Rs. 10,000 in the profit and loss account of the firm. Which among the following statements is correct for transferring profit and loss account?
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
Ram and Laxman started business on 1st Jan 2020 with a capital of Rs 1,20,000 and Rs 80,000 respectively. Ram introduced Rs. 50,000 to the firm on 1st July 2020 as additional capital. If the rate of interest is 15% p.a. Assuming that accounts are closed as per calender year then the Interest payable to Ram on Capital would be:
Ram and Laxman started business on 1st Jan 2020 with a capital of Rs 1,20,000 and Rs 80,000 respectively. Ram introduced Rs. 50,000 to the firm on 1st July 2020 as additional capital. If the rate of interest is 15% p.a. Assuming that accounts are closed as per calender year then the Interest payable to Ram on Capital would be:
Ram, Karan and Shyam are partners. On retirement of Ram, the goodwill already appears in the Balance Sheet at Rs. 32,000. The goodwill will be written-off.
Ram, one of the partners, has withdrawn ₹ 1,00,000 from Business for his personal work. If the rate of interest charged on drawings is 12% p.a., find the amount of interest on drawings to be charged from Ram:
Ramesh and Suresh are partners in a firm sharing profits in the ratio of 4:3. They admitted Mohan as a new partner. The profit sharing ratio of Ramesh, Suresh and Mohan will be 2:3:1. Choose the correct option with regards to the gain or sacrifice of old partner-
Rana, Sana and Kamana are partners, sharing profits in the ratio 4:3:2. Rana retires; Sana and Kamana decided to share profits in the future in the ratio of 5:3. The Gaining Ratio of Sana and Kamana will be
Ranjan and Anjan were Partners in a firm sharing profits and losses in 3:2. they admitted Sanjan for 1/4 share of profit on 1 Jan 2024. Goodwill of the firm will be valued at 3 years purchase of average profit of last 4 years which were 2024: Rs. 80,000 2023: Rs. 1,40,000. 2022: Rs. 2,00,000 2021: Rs. 1,60,000 The goodwill of the reconstituted firm will be
Ranjana, Sadhna and Kamana are partners, sharing profits in the ratio 4:3:2. Ranjana retires; Sadhna and Kamana decide to share profits in the future at the ratio of 5:3. Calculate the Gaining Ratio:
Ravi, one of the partners, provided Rs 1,00,000 loan to the firm. In the absence of partnership deed, interest on partner's loan is allowed @ _____?
Realisation account doesn't show-
Realization profit of 55,980 to be distributed amongst partners is:
Reconstitution of partnership does not involves
Rent payable to partner is .
Required capitals of all partners is:
Rohan, Bharti and Leela are partners. On the retirement of Rohan, the goodwill already appears in the balance sheet at Rs. 24,000. The goodwill will be written-off:
Rohan, Bharti and Leela are partners. On the retirement of Rohan, the goodwill already appears in the balance sheet at Rs. 24,000. The goodwill will be written-off:
Rohit and Mohit are partners in a firm sharing profits in the ratio of 5:3. They admitted Bijoy as a new partner for 1/7th share in the profit. The new profit sharing ratio will be 4:2:1. What will be the sacrificing ratio of Rohit and Mohit?
Rohit and Mohit are partners in a firm sharing profits in the ratio 5:3. They admitted Bijoy as a new partner for 1/7 share in the profit. The new profit sharing ratio will be 4:2:1. Calculate the sacrificing ratio of Rohit and Mohit
Rohit and Mohit are partners in a firm sharing profits in the ratio of 5:3. They admit Bijoy as a new partner for 1/7th share in the profits. The new profit sharing ratio will be 4:2:1. The sacrificing ratio of Rohit and Mohit is-
Romesh took over Investments at Rs.8,100 which is 10% less then its book value. The book value of the investment was ____
Romesh took over stock at Rs.8,100, which is 10% less then its book value. The book value of the stock was .........
Saloni and Srishti are partners in a firm. Their capital accounts as on April 01, 2019 showed a balance of Rs. 2,00,000 and Rs. 3,00,000 respectively. On July 01, 2019 Saloni introduced additional capital of Rs. 50,000 and Srishti, Rs. 60,000. On October 01, 2019 Saloni withdrew Rs. 30,000, and on January 01, 2020 Srishti withdrew Rs. 15,000 from their capitals. Interest is allowed @ 8% p.a. Calculate interest payable on capital to Saloni during the financial year 2019–2020.
Saloni and Srishti are partners in a firm. Their capital accounts as on April 01, 2019 showed a balance of Rs. 2,00,000 and Rs. 3,00,000 respectively. On July 01, 2019 Saloni introduced additional capital of Rs. 50,000 and Srishti, Rs. 60,000. On October 01, 2019 Saloni withdrew Rs. 30,000 and on January 01, 2020 Srishti withdrew Rs. 15,000 from their respective capitals. Interest is allowed @ 8% p.a. Calculate interest payable on capital to Saloni during the financial year 2019–2020.
Sameer and Yasmin are partners with capitals of Rs 15,00,000 and Rs 10,00,000 respectively. They agreed to share profits in the ratio of 3:2. The books are closed on March 31, every year. They admit Ravi on October 1, 2019 in the partnership, who bring Rs 12,00,000 as capital and Sameer also introduced additional capital Rs 3,00,000 on that date. Interest on partner's capital is provided @5% p.a. The amount of interest on the capital of Sameer for the year 2019-20 is-
Sameer and Yasmin are partners with capitals of Rs 15,00,000 and Rs 10,00,000 respectively. They agreed to share profits in the ratio of 3:2. The books are closed on March 31, every year. They admit Ravi on October 1, 2019 in the partnership, who bring Rs 12,00,000 as capital and Sameer also introduced additional capital Rs 3,00,000 on that date. Interest on partner's capital is provided @5% p.a. The amount of interest on the capital of Sameer for the year 2019-20 is-
Sameer and Yasmin are partners with capitals of Rs 15,00,000 and Rs 10,00,000 respectively. They agreed to share profits in the ratio of 3:2. The books are closed on March 31, every year. They admit Ravi on October 1, 2019 in the partnership, who bring Rs 12,00,000 as capital and Sameer also introduced additional capital Rs 3,00,000 on that date. Interest on partner's capital is provided @5% p.a. The amount of interest on the capital of Sameer for the year 2019-20 is-
Section 49, of the Indian Partnership Act 1932, deals with
Section 49, of the Indian Partnership Act 1932, deals with
Select the factors affecting the value of goodwill- (A) Nature of business. (B) Efficiency of management. (C) Location. (D) Prices. Choose the correct answer from the options given below:
Share of loss of deceased partner, calculated on the basis of previous years profit is
Sindhu, Neha and Priya are partners, sharing profits in the ratio of 5:3:2. Calculate the new profit sharing ratio and gaining ratio if Neha retires:
Steps involved in accounting treatment at the time of death of a partner - (A) Preparation of deceased partner's capital account (B) Ascertainment of new profit sharing ratio and gaining ratio (C) Preparation of revaluation account, if required (D) Settlement by making payment to deceased partner's executor. Choose the correct answer from the options given below:
Steps involved in accounting treatment at the time of death/retirement of a partner - (A) Adjustment of capital, if required (B) Preparation of revaluation account, if required (C) Ascertainment of new profit sharing ratio and gaining ratio (D) Settlement of the amounts due to retired / deceased partner Choose the correct answer from the options given below:
Steps involved in various accounting aspects of retirement or death of a partner - (A) Settlement of the amounts due to retired/deceased partner (B) Ascertainment of new profit sharing ratio and gaining ratio (C) Adjustment of capital, if required (D) Revaluation of assets and liabilities Choose the correct answer from the options given below:
Stock at the time of dissolution was appearing in books at Rs 50,000. Half of the stock was sold at a discount of 20% and the remaining was taken over by one of the partners at a 10% discount. What amount was received in cash at the time of realization of stock.
Stock at the time of dissolution was appearing in books at Rs 50,000. Half of the stock was sold at a discount of 20% and the remaining was taken over by one of the partners at a 10% discount. What amount was received in cash at the time of realization of stock.
Sumit, a partner in Tours and Travels withdrew money during the year ending March 31, 2020 from his capital account, for his personal use. Calculate interest on drawings at simple rate of interest of 10 percent per annum and if an amount of Rs. 4,000 per month was withdrawn by sumit at the end of each month.
Super profit is -
The accumulated profits and reserves are transferred to:
The amount of interest payable at the end of fourth year will be
The assets of the firm, including any sum contributed by the partners to make deficiencies of capital, shall be applied first for paying ………….
The assets of the firm, including any sum contributed by the partners to make up deficiencies of capital, shall be utilized in which sequence? Arrange the following in proper sequence (A) In paying the debts of the firm to the third parties (B) In paying each partner proportionately what is due to him/her from the firm for advances as distinguished from capital (i.e. partner's loan) (C) In paying to each partner proportionately what is due to him on account of capital (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:
The assets of the firm, including any sum contributed by the partners to make deficiencies of capital, shall be applied first for paying ...........
The books of a business showed that the firm's capital employed on December 31, 2015, is Rs. 5,00,000 and the profits for the last five years were: 2011-Rs. 40,000; 2012-Rs. 50,000; 2013-Rs. 55,000; 2014- Rs.70,000 and 2015-Rs. 85,000. You are required to find out the normal profits of the business, given that the normal rate of return is 10%.
The books of a business showed that the firm's capital employed on December 31, 2015, is Rs. 5,00,000 and the profits for the last five years were: 2011–Rs. 40,000; 2012-Rs. 50,000; 2013-Rs. 55,000; 2014- Rs.70,000 and 2015-Rs. 85,000. Find out the normal profits of the business, given that the normal rate of return is 10%.
"The business of a partnership concern may be carried on by all the partners or any one of them acting for all", indicate which feature of the partnership?
'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?
The capital of the firm is Rs. 1,00,000 and normal rate of return is 8%. If the average profits for last 5 years are Rs. 12,000 then find goodwill of the firm based on 3 years' purchase of super profits.
The capitals of other partners are also to be adjusted in the ratio of their respective shares in profits. A will bring in cash as capital after adjustment amount:
The Central Government has prescribed the maximum number of partners in a firm to be .......
The Central government has prescribed the maximum number of partners in a firm to be
The clauses of a partnership deed can be altered with the consent of ________.
The clauses of a partnership deed can be altered with the consent of ______
The Court may order a partnership firm to be dissolved in which of the following case?
The Court may order a partnership firm to be dissolved in which of the following case?
The dissolution of partnership may take place in any of the following ways except:
The dues of Kabir is to be paid in 4 yearly installment.The amount of each installment will be
The following are the features of the fluctuating capital method by which the capital accounts of partners can be maintained. (A) Under the fluctuating capital method, only one account, i.e. capital account is maintained for each partner. (B) All the adjustments such as share of profit and loss, interest on capital, drawings, interest on drawings, etc. are recorded directly in the capital accounts of the partners. (C) the capital of the partners shall remain fixed unless additional capital is introduced or a part of the capital is withdrawn as per the agreement between the partners. (D) The capital account may sometimes show a debit balance. Choose the correct answer from the options given below:
The goodwill based on capitalization of average profit method is valued at Rs 1,80,000. If Net Assets are Rs 8,20,000 then find the capitalized value of average profits.
The goodwill based on capitalization of average profit method is valued at Rs 1,80,000. If Net Assets are Rs 8,20,000 then find the capitalized value of average profits.
The important methods of valuation of goodwill are as follows: (A) Average Profits Method (B) Normal Profits Method (C) Super Profits Method (D) Capitalization Method Choose the correct answer from the options given below:
The journal entries are as under Incoming partners' current A/c. Dr. To Sacrificing partners capital A/c. What statement among the following is TRUE for the above entry?
The journal entries recorded for revaluation of assets and reassessment of liabilities are given here, find the correct : (A) For increase in the value of an asset Asset A/c Dr. To Revaluation A/c (B) For reduction in the value of an asset Revaluation A/c Dr. Asset A/c (C) For increase in the amount of a liability Liability A/c Dr. To Revaluation A/c (D) For recording in the amount of a unrecorded liability Revaluation A/c Dr. To Liability A/c Choose the correct answer from the options given below:
The liability of partners is
The major difference between Retirement and Death is
The maximum limit for the number of partner is decided by.
The minimum guaranteed amount shall be paid to the new partner when his share of profit as per the profit sharing ratio:
The new partner acquired the rights on admission into the firm. He acquires : (A) Rights in past profits of firm before admission. (B) Right to share in the future profits of the firm. (C) Right to share assets of the firm. (D) The right to carry on competing business. Choose the correct answer from the options given below:
The New Profit Sharing Ratio in this case is:
The old Profit Sharing ratio among M, N and P are 2:2:1. The New profit sharing ratio after N retirement is 3:2. The gaining ratio between M and P will be:
The order to be followed in preparation of realization account is. (A) Realization of the assets. (B) Transfer assets and liabilities to realization account. (C) Ascertainment of profit or loss on realization. (D) Payment of liabilities. Choose the correct answer from the options given below:
The order to be followed in preparation of realization account is. (A) Realization of the assets. (B) Transfer assets and liabilities to realization account. (C) Ascertainment of profit or loss on realization. (D) Payment of liabilities. Choose the correct answer from the options given below:
The Partnership agreement between Maneesh and Girish provides that: (A) Profits will be shared equally (B) Maneesh will be allowed a salary of Rs 400 pm (C) Girish who manages the sales department will be allowed a commission of 10% of the net profits after deducting Maneesh's salary (D) 7% p.a. interest will be allowed on Partner's fixed capital (E) 5% p.a. interest will be charged on partner's annual drawings (F) The fixed capitals of Maneesh and Girish are Rs 1,00,000 and Rs. 80,000 respectively. Their annual drawings were Rs. 16,000 and Rs 14,000 respectively. The net profit for the year ended March 31, 2018 amounted to Rs. 40,000 Calculate the profit allocated to each partner after all adjustments.
The Partnership Deed usually contains the following details: (A) Amount of capital to be contributed by each partner (B) The accounting period of the firm (C) Profit and loss sharing ratio (D) The rights, duties and liabilities of each partner Choose the correct answer from the options given below:
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……. .
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....... .
The Profit and Loss Appropriation Account is merely an extension of the Profit and Loss Account of the firm, Which, among the following, is not shown in the Profit and Loss Appropriation Account?
The Profit and Loss Appropriation Account is merely an extension of the Profit and Loss Account of the firm, which, among the following, is not shown in the Profit and Loss Appropriation Account?
The Profit and Loss Appropriation Account is merely an extension of the Profit and Loss Account of the firm, which, among the following, is not shown in the Profit and Loss Appropriation Account?
The profit for the five years of a firm are as follows – year 2013 Rs. 4,00,000; year 2014 Rs. 3,98,000; year 2015 Rs. 4,50,000; year 2016 Rs. 4,45,000 and year 2017 Rs. 5,00,000. The goodwill of the firm on the basis of 4 years purchase of 5 years average profits is-
The profit for the five years of a firm are as follows: | Year | Profit (Rs.) | |---|---| | 2013 | 4,00,000 | | 2014 | 3,98,000 | | 2015 | 4,50,000 | | 2016 | 4,45,000 | | 2017 | 5,00,000 | Calculate goodwill of the firm on the basis of 4 years purchase of 5 years average profits.
The profit or loss on revaluation of assets and liabilities are distributed in
The profits for the five years of a firm are as follows – year 2013 Rs. 4,00,000;year 2014 Rs. 3,98,000; year 2015 Rs. 4,50,000; year 2016 Rs. 4,45,000 and year 2017 Rs. 5,00,000. Calculate the goodwill of the firm on the basis of a 4-year purchase of 5 years average profits:
The profits of firm for the five years are as follows: | Year | Profit (Rs.) | |---|---| | 2012–13 | 20,000 | | 2013–14 | 24,000 | | 2014–15 | 20,000 | | 2015–16 | 20,000 | | 2016–17 | 16,000 | Calculate the value of goodwill on the basis of three years' purchase of average profits.
The profits of the firm for the five years are as follows: | Year | Profit (Rs.) | |---|---| | 2012-13 | 20,000 | | 2013-14 | 24,000 | | 2014-15 | 30,000 | | 2015-16 | 25,000 | | 2016-17 | 18,000 | Calculate the value of goodwill on the basis of three years' purchase of weighted average profits based on weights of the last five years as 1,2,3,4 and 5 respectively.
The ratio in which the continuing partners have acquired the share from the retiring/deceased partner is called:
The ratio in which the old partners agree to give their share of profit in favor of the incoming partner is called:
The reserve fund at the time of admission of a new partner is transferred to -
The steps followed for calculating interest on drawing in the product method are. (A) Calculate number of month for which interest is due on each drawing (B) List down amount of drawing in decending order in a table.. (C) find the total of product and apply the formula to calculate interest on drawing. (D) Calculate product for each drawing by multiplying amount and number of month. Choose the correct answer from the options given below:
The steps involved in calculation of Goodwill under Super Profit method are: (A) Calculate the super profits by deducting normal profit from the average profits. (B) Calculate the normal profit on the firm's capital on the basis of the normal rate of return. (C) Calculate the average profit. (D) Calculate goodwill by multiplying the super profits by the given number of years' purchase. Choose the correct sequence of steps from the options given below:
The steps involved in the calculation of goodwill under the super profit method are: (A) Calculate goodwill by multiplying the super profit by number of years purchase. (B) Calculate normal profit. (C) Calculate Average Profit (D) Calculate super profit. Choose the correct answer from the options given below:
The sum due to the retiring partner and to the legal representatives/executors (in case of death) includes the following, in addition to credit balance of his capital/current A/c, share of goodwill, gain on revaluation of assets and liabilities.
The sum due to the retiring partner includes : (A) His share of profits up to the date of retirement. (B) His share of goodwill; (C) His share of accumulated profits ; (D) His share in the gain of revaluation of assets and liabilities; Choose the correct answer from the options given below:
The total amount of interest on drawings will be:
There is a need for valuation of goodwill under which of the following cases (A) Admission of new partner (B) Retirement of a partner (C) Dissolution of a firm involving sale of business as a going concern. (D) Amalgamation of partnership firms. Choose the correct answer from the options given below:
Under the fixed capital method, the capital of the partners shall remain fixed unless additional capital is introduced or a part of the capital is withdrawn as per the agreement between the partners. Which among the following is NOT the feature of the fixed capital method?
Under the fixed capital method, the capital of the partners shall remain fixed unless additional capital is introduced or a part of the capital is withdrawn as per the agreement between the partners. Which among the following is NOT the feature of the fixed capital method?
Under which condition, dissolution of a Partnership Firm by Court may take place :-
Under which method is the goodwill valued at agreed number of years' purchase of the average profits of the past few years?
Under which method No. of Year's Purchase are not considered
Under which Section & Act, the Central Government is empowered to prescribe a maximum number of partners in a partnership firm?
Under which Section & Act, the Central Government is empowered to prescribe a maximum number of partners in a firm, but the number of partners can not be more than 100?
Unrecorded assets when taken over by a partner are shown in :
Unrecorded assets when taken over by a partner are shown on:
Unrecorded Debtors, are realised at the time of dissolution of a Partnership Firm, will be shown in:
Unrecorded liabilities when paid are shown in:
Unrecorded Liabilities when paid are shown in:
Unrecorded liabilities when paid are shown in:
Unrecorded liabilities when paid are shown in:
Unrecorded liabilities when paid are shown in:
Unrecorded liabilities when paid at the time of dissolution of a partnership firm, are shown in:
Valuation of goodwill is not done in which of the following case?
Various accounting aspects involved on death of a partner are as follows: (A) Adjustment in respect of unrecorded assets and liabilities (B) Treatment of goodwill (C) Preparation of Realization A/c (D) Preparation of Executor's loan A/c Choose the correct answer from the options given below:
Various accounting aspects involved on retirement or death of a partner are as follows (A) Adjustment in respect of unrecorded assets and liabilities (B) Treatment of goodwill (C) Preparation of Realization A/c (D) Preparation of Executor's A/c Choose the correct answer from the options given below:
Vijay and Manohar share profits and losses in the ratio of 2:1. They admit Prakash as a partner with 1/4 share in profits with a guarantee that his share of profit will be at least Rs. 50,000. The net profit of the firm for the year ending March 31, 2015, was Rs. 1,60,000. Calculate the amount of profit Vijay will get.
Vijay and Manohar share profits and losses in the ratio of 2:1. They admit Prakash as a partner with 1/4 share in profits with a guarantee that his share of profit will be at least Rs. 50,000. The net profit of the firm for the year ending March 31, 2015, was Rs. 1,60,000. Calculate the amount of profit Vijay will get.
Vijay and Manohar share profits and losses in the ratio of 2:1. They admit Prakash as a partner with 1/4 share in profits with a guarantee that his share of profit will be at least Rs. 50,000. The net profit of the firm for the year ending March 31, 2015, was Rs. 1,60,000. Calculate the amount of profit Vijay will get:
Vijay and Sanjay are partners in a firm sharing profits and losses in the ratio of 3:2. They admitted Ajay into partnership with 1/4th share in profits. Ajay brings in Rs. 30,000 for capital and the requisite amount of premium in cash for goodwill. The goodwill of the firm is valued at Rs. 20,000. The new profit sharing ratio is 2:1:1. The sacrificing ratio of Vijay and Sanjay is:
What are the main factors affecting the value of goodwill? (A) Nature of business (B) Location (C) Efficiency of management (D) Market situation Choose the correct answer from the options given below:
What is the amount of A's deficiency of annual fee?
What is the amount of profit to be credited to A's Capital account?
What is the amount of profit to be credited to V's Capital account?
What is the amount of T's deficiency in profits?
What journal entry will be passed for settlement of loan from a partner of Rs. 50,000 by paying Rs. 45,000 at the time of dissolution of a firm :-
When a firm is dissolved, Provision for Bad and Doubtful Debt Account :-
When a firm is dissolved, the Balance of Investment Account and Balance of Investment Fluctuation Fund Account, shown by Firm's Balance Sheet are transferred into ............... and into ............... respectively:-
When a firm is dissolved, the Balance of Investment Account and Balance of Investment Fluctuation Fund Account, shown by Firm's Balance Sheet are transferred into _________and into _________respectively:-
When a firm is dissolved with the consent of all the partners, it is called:
When a new partner brings his share of goodwill in cash, the amount is credited to:
When a new partner brings his share of goodwill in cash, the amount is credited to:
When a new partner brings his share of goodwill in cash, the amount is credited to-
When a new partner is admitted, the increase in the value of the assets is debited to which account?
When a new partner is admitted, the increase in the value of the assets is debited to which account?
When a new partner is admitted, the undistributed profits that appear in the balance sheet of the old firm are transferred to the capital account of:
When a partner retires in the middle of the year and his share of profit is calculated based on previous years' profit. Which of the following account is to be debited?
When a partnership firm is being dissolved, the private property of any partner shall be applied first, in payment of __________ and the surplus, if any, may be utilised for payment of __________, in case the firm's liabilities exceed the firm's assets.
When a partnership firm is dissolved, final payment made to partners is transferred to
When drawings are made at the beginning of every month for the full year, interest on drawings is calculated for
When goodwill has to be inferred from the arrangement of capital and profit sharing ratio, it is called.
When realisation expenses are paid by the firm on behalf of a partner, which account will be debited:
When realisation expenses are paid by the firm on behalf of a partner, which among the following will be debited:
When realisation expenses are paid by the firm on behalf of a partner, which account will be debited :
When realisation expenses are paid by the firm on behalf of a partner, such expenses are debited to
When realisation expenses are paid by the Partner on behalf of a Firm, which account will be credited:
When realization expenses are paid by the firm on behalf of a partner, such expenses are debited to:
When the business of the partnership firm becomes illegal, it leads to dissolution of the firm under ___________?
When the capital accounts are fixed, additional capital introduced by the partner is.
When the date of drawing is not specified, interest on drawings are calculated for
When the date of drawing is not specified, interest on drawings is calculated for
When the deceased partner's share in the estimated loss is calculated for a period from the date of the latest Balance Sheet to the date of death of the partner, then :
Showing 500 of 584 questions.