CUET UG Accountancy — Partnership previous year questions with solutions.
On dissolution of a partnership firm, the bills payable is transferred to :
Which of the following will lead to the Reconstitution of a partnership Firm? (A) Admission of a new partner (B) Change in the profit sharing ratio among the existing partners (C) Retirement of an existing partner (D) Death of a partner Choose the correct answer from the options given below:
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:
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:
A new partner can be admitted:
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:
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.
Which among the following is Not the method of valuation of goodwill:
Romesh took over stock at Rs.8,100, which is 10% less then its book value. The book value of the stock was .........
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 :
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:
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.
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:
The assets of the firm, including any sum contributed by the partners to make deficiencies of capital, shall be applied first for paying ...........
Which statements are true about the dissolution of a partnership- (A) Dissolution of a partnership is different from dissolution of a firm. (B) A partnership is dissolved when there is a death of a partner. (C) A firm is compulsorily dissolved when a partner decide to retire. (D) Dissolution of partnership can not take place without intervention of the court. Choose the correct answer from the options given below:
Which of the following indicate the situation of compulsory dissolution.
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:
Which statements are true about partnership: (A) Each partner carrying on the business is the principal as well as the agent for all the other partners. (B) Valid partnership can be formulated even without a written agreement between the partners. (C) Interest on partner's loan is to be given @ 12% p.a., if the deed is silent about the rate (D) The maximum number of partners can be 50. Choose the correct answer from the options given below:
When realization expenses are paid by the firm on behalf of a partner, such expenses are debited to:
X, Y and Z are partners in a firm. If M is admitted as a new partner, what would be its implication?
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:
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:
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:
Which of the following is not the feature of partnership: