Partnership PYQ — Page 13

Hemant and Naman are partners in a firm sharing profits in the ratio of 3:2. Their capitals were Rs. 80,000 and Rs. 50,000 respectively. They admitted Samrat on Jan. 1, 2025 as a new partner for 1/5 share in the future profits. Samrat brought Rs. 60,000 as his capital. Calculate the value of goodwill of the firm?

In the event of the death of a partner, the ratio in which the continuing partners acquire the share from the deceased partner is called .......

Under which condition, dissolution of a Partnership Firm by Court may take place :-

By virtue of which section of the Indian Partnership Act 1932, partnership is defined as 'the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all'.

In the case of dissolution of firm, accumulated losses are transferred to:

Gaining Ratio is not calculated at the______.

The minimum guaranteed amount shall be paid to the new partner when his share of profit as per the profit sharing ratio:

Excess value of net assets over purchase consideration at the time of purchase of business is credited to

Which item among the following is NOT listed on the credit side of a Realization Account?

Bank A/c is credited by the Realisation A/c by _______ amount in total.

On dissolution of the firm, partner's capital accounts are closed through:

The profit for the five years of a firm are as follows: | Year | Profit (Rs.) | |---|---| | 2013 | 4,00,000 | | 2014 | 3,98,000 | | 2015 | 4,50,000 | | 2016 | 4,45,000 | | 2017 | 5,00,000 | Calculate goodwill of the firm on the basis of 4 years purchase of 5 years average profits.

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.

The books of a business showed that the firm's capital employed on December 31, 2015, is Rs. 5,00,000 and the profits for the last five years were: 2011–Rs. 40,000; 2012-Rs. 50,000; 2013-Rs. 55,000; 2014- Rs.70,000 and 2015-Rs. 85,000. Find out the normal profits of the business, given that the normal rate of return is 10%.

Which statement is not true about Capital Accounts of Partner-

At the time of admission of partner ,Workmen Compensation Claim Exceeding Workmen Compensation Fund is transferred to

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.

Which is not usually included / mentioned in the contents of the Partnership Deed:-

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 :

A and B are partners sharing profits in the ratio of 3:2. They admit C for 1/5th share in the future profits which he gets equally from both A and B. The new profit sharing ratio will be:

X and Y are partners sharing profits in the ratio 3:2. Capital introduced by X and Y is ₹ 1,00,000 and ₹ 5,00,000 respectively. Interest on capital is allowed to partners @ 10%p.a. Profit of the firm for the year ending March 31st, 2025 is ₹ 30,000. Calculate Interest on Capital to be allowed to the partners.

In case of dissolution of a firm, the firm ceases to conduct business and has to settle its accounts. The assets of the firm, including any sum contributed by the partners to make up deficiencies of capital, shall be applied in the following manner and order: (A) In paying to each partner proportionately what is due to him on account of capital. (B) The residue, if any, shall be divided among the partners in their profit sharing ratio. (C) In paying the debts of the firm to third parties. (D) In paying each partner proportionately what is due to him/her from the firm for advances as distinguished from capital (i.e. partner loan). Choose the correct answer from the options given below:

Rohit and Mohit are partners in a firm sharing profits in the ratio 5:3. They admitted Bijoy as a new partner for 1/7 share in the profit. The new profit sharing ratio will be 4:2:1. Calculate the sacrificing ratio of Rohit and Mohit

In the case of fixed capital method, following two accounts are maintained.