Partnership PYQ — Page 11

Yadu, Madhu and Vidu are partners, sharing profit and losses in the ratio of 2:2:1. Their fixed capitals on April 01,2018 were: Yadu Rs. 5,00,000, Madhu Rs. 4,00,000 and Vidu is 3,50,000. As per a partnership deed, partners are entitled to interest on capital of @5% p.a. and Yadu has to be paid a salary of Rs. 2000 per month. The net loss of the firm as per profit and loss account for the year ending March 31, 2019, amounted to Rs. 75,000. On the basis of the profit and loss appropriation account, Partners' distribution of loss would be:

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?

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:

In case of dissolution of a partnership firm, losses, including deficiencies of capital, shall be paid first out of ...............

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:

In which of the following situation compulsory dissolution of partnership can be done?

Which of the following is not the main factors affecting the value of Goodwill?

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:

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:

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)

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________.

All assets (except cash/bank and fictitious assets) are transferred to the__________ side of __________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:-

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 _____?

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.

In the case of dissolution of a partnership firm, unrecorded liabilities when paid are shown in:

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.

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:

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.

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

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.

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.......

Which among the following is Not the method of valuation of goodwill:

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.