Partnership PYQ — Page 10

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.

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 | |---|---| | (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:

In case of Fixed Capital Account, Interest on Drawings are

In the absence of partnership deed, interest on drawings is charged at.

When realisation expenses are paid by the Partner on behalf of a Firm, which account will be credited:

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

For the right to get a share in future profits of a partnership firm, a newly admitted partner will have to bring :-

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....... .

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:

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:

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 .

When the capital accounts are fixed, additional capital introduced by the partner is.

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.

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:

Reconstitution of partnership does not involves

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:

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

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:

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:

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.

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:

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?

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: