Partnership PYQ — Page 13

In case of dissolution of firm, the bank overdraft is transferred to:

Which combination of statements is true about the fixed and fluctuating capital: (A). Under the Fixed capital method, two separate accounts are maintained for each partner, viz., 'capital account' and 'current account'. (B). Under the Fluctuating capital method, the balance of the capital account fluctuates from year to year. (C). Under the Fixed capital method, drawings, salary, interest on capital etc. are posted (transferred) in the current accounts and not in the capital accounts. (D). Under the Fixed capital method, the capital accounts always show a debit balance. Choose the correct answer from the options given below:

Sameer and Yasmin are partners with capitals of Rs 15,00,000 and Rs 10,00,000 respectively. They agreed to share profits in the ratio of 3:2. The books are closed on March 31, every year. They admit Ravi on October 1, 2019 in the partnership, who bring Rs 12,00,000 as capital and Sameer also introduced additional capital Rs 3,00,000 on that date. Interest on partner's capital is provided @5% p.a. The amount of interest on the capital of Sameer for the year 2019-20 is-

Amitabh and Babul are partners sharing profits in the ratio of 3:2, with capitals of Rs. 50,000 and Rs. 30,000 respectively. Interest on capital is agreed @ 6% p.a. Amitabh has also given a Loan on April 01, 2024 of Rs. 50,000 to the firm without any agreement. Calculate Interest on Amitabh's Loan assuming books are closing on 31st March, 2025.

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 case of admission of a partner, the new partner brings Rs. 20,000 only as his share of premium for goodwill out of Rs. 50,000. Journal entry for the adjustment of goodwill will be:

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:

Hem and Nem 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 Sam on Jan. 1, 2025 as a new partner for 1/5 share in the future profits. Sam brought Rs. 60,000 as his capital. Sam share of goodwill will be:

Ram and Laxman started business on 1st Jan 2020 with a capital of Rs 1,20,000 and Rs 80,000 respectively. Ram introduced Rs. 50,000 to the firm on 1st July 2020 as additional capital. If the rate of interest is 15% p.a. Assuming that accounts are closed as per calender year then the Interest payable to Ram on Capital would be:

Goodwill is a/an:

Arrange the steps in the correct sequence while calculating goodwill by capitalization of average profit method: (A) Ascertain the actual firm's capital (net assets) (B) Compute the value of goodwill (C) compute the capitalized value of the average profits (D) Ascertain the average profits Choose the correct answer from the options given below:

A partnership is not dissolved when:-

Arrange the following steps in correct sequence in case of retirement of a partner: (A) Adjustment of Capital, if required (B) Ascertain new profit sharing ratio and gaining ratio (C) Distribution of Revaluation/Accumulated profits and losses (D) Undertake revaluation of assets and liabilities Choose the correct answer from the options given below:

At the time of dissolution, when creditor accepts an asset whose value is much more than the amount due to him, he will _________ the excess amount which will be credited to _________ account?

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:

A and B are partners sharing profits in the ratio of 2:1. C is admitted into the firm for 1/4 share of profits. C brings in Rs. 20,000 in respect of his capital. The capitals of old partners A and B, after all adjustments relating to goodwill, revaluation of assets and liabilities, etc., are Rs. 45,000 and Rs. 15,000 respectively, It is agreed that partners' capitals should be according to the new profit sharing ratio. A's Capital in the new firm will be:

Any firm that earns normal profits or is incurring losses has ____________.

Which of the following combination of statements are true about dissolution- (A). A firm is compulsorily dissolved when a partner decide to retire. (B). Dissolution of a partnership is different from dissolution of a firm. (C). A partnership is dissolved when there is a death of a partner. (D). Dissolution of a firm necessarily involves dissolution of partnership. Choose the correct answer from the options given below:

Match List-I with List-II | List-I | List-II | |---|---| | Interest on Drawings | Time (Month) | | (A). When the amount is withdrawn at the beginning of each month. | (I). 6 months | | (B). When the amount is withdrawn at the end of each month. | (II). 6.5 months. | | (C). When the amount is withdrawn at the middle of each month. | (III). 5.5 months. | | (D). When the amount is withdrawn at the end of each quarter. | (IV). 4.5 months. | Choose the correct answer from the options given below:

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.

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:

Unrecorded liabilities when paid at the time of dissolution of a partnership firm, are shown in:

Match List-I with List-II | List-I | List-II | |---|---| | (A) Gaining Ratio | (I) An advantage of good name, reputation and wide business connections. | | (B) New Profit Sharing Ratio | (II) The ratio in which the continuing partners have acquired the share from the retiring/deceased partner | | (C) Sacrificing Ratio | (III) The ratio in which the remaining partners will share future profits after the retirement or death of any partner | | (D) Goodwill | (IV) The ratio in which the old partners agree to sacrifice their share of profit in favour of the incoming partner | 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. Suresh retires from the firm and his share was acquired by Naveen and Tarun in the ratio 2:1. The new profit sharing ratio is