CUET UG 2025 — Accountancy Partnership
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 :-
Held on 4 Jun 2025 · Verified 13 Jul 2026.
Loan from Partner A/c Dr. 50,000
To Bank A/c 45,000
To Realisation A/c 5,000
Loan from Partner A/c Dr. 50,000
To Bank A/c 50,000
Realisation A/c Dr. 50,000
To Bank A/c 50,000
Loan from Partner A/c Dr. 45,000
To Bank A/c -45,000
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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:
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If partnership deed is silent on the profit sharing ratio: interest @_____ per annum is allowed on loans advanced by partners-
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-
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Work through every CUET UG Partnership PYQ, year by year.