Partnership PYQ — Page 12

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.

If the partnership deed is silent, at what rate, the interest would be charged on the drawings made by the partner:

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 ________.

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)

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:

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.

________ is the value of the reputation of a firm in respect of the profits expected in future over and above the normal profits.

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:

Which statement is not true about Capital Accounts of Partner-

For distribution of profits among the partners, the following account is debited to the partners:

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:

Which of the following is not the feature of partnership:

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

On the admission of a new partner, an increase in the value of assets is debited to:

Unrecorded assets when taken over by a partner are shown in :

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:

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:

In case of dissolution of partnership firm, any liability assumed/paid by a partner is shown on ........?

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:

Amount of Assets realized debited to Bank Account will be:

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?

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?

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: