Partnership PYQ — Page 14

Which is not a method of valuation of goodwill

The goodwill based on capitalization of average profit method is valued at Rs 1,80,000. If Net Assets are Rs 8,20,000 then find the capitalized value of average profits.

A, B and C are partners sharing profits in the ratio of 3:2:1. A retires and his share is taken up by B and C in the ratio of 3:2. Calculate the new profit sharing ratio.

Goodwill is considered as

When goodwill has to be inferred from the arrangement of capital and profit sharing ratio, it is called.

The steps followed for calculating interest on drawing in the product method are. (A) Calculate number of month for which interest is due on each drawing (B) List down amount of drawing in decending order in a table.. (C) find the total of product and apply the formula to calculate interest on drawing. (D) Calculate product for each drawing by multiplying amount and number of month. Choose the correct answer from the options given below:

Which of the following factors leads to a higher goodwill for firms? (A) Firms having long term contracts for supply of materials (B) Firms with efficient management (C) Firms which are highly profitable (D) Firms which do not have competitive advantages Choose the correct answer from the options given below:

The Partnership Deed usually contains the following details: (A) Amount of capital to be contributed by each partner (B) The accounting period of the firm (C) Profit and loss sharing ratio (D) The rights, duties and liabilities of each partner Choose the correct answer from the options given below:

Which of the following statements relates to Fixed Capital Method? (A) The capitals of the partners shall remain fixed unless additional capital is introduced or capital is withdrawn. (B) All items like share of profit or loss, interest on capital, drawings, interest on drawings, etc. are recorded in Partner's Current Account. (C) The partners' capital accounts will always show a debit balance. (D) The partners' current account may show a debit or a credit balance. Choose the correct answer from the options given below:

Match List-I with List-II | List-I | List-II | |---|---| | (Types of goodwill) | (Treatment to done.) | | (a) Existing Goodwill. | (I) no entry passed. | | (B) Goodwill premium | (II) inferred from the capital arrangement. | | (C) Goodwill paid privately. | (III) Written off. | | (D) Hidden goodwill | (IV) credited to sacrificing partner. | Choose the correct answer from the options given below:

On the dissolution of a firm, creditor's are transferred to:

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

Under which Section & Act, the Central Government is empowered to prescribe a maximum number of partners in a partnership firm?

X and Y are partners sharing profits in the ratio 3:2. Z is entered into the business for 1/4th share of profits, with the guarantee of minimum profits of ₹ 30,000. Profit earned by the business for the year ended March 31st, 2024 is ₹ 1,00,000. Amount of deficiency, if any, will be borne by:

Which combination of statements is true about dissolution- (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 dissolved when all partners give consent to it. (D) A firm is compulsorily dissolved when a partner decides to retire. Choose the correct answer from the options given below:

Asha, Deepa and Lata are partners in a firm sharing profits in the ratio of 3 : 2 : 1. Deepa retires. After making all adjustments relating to revaluation, goodwill, Payment to Deepa and accumulated profit etc., the capital accounts of Asha and Lata showed a credit balance of Rs. 1,60,000 and Rs. 80,000 respectively. It was decided to adjust the capitals of Asha and Lata in their new profit sharing ratio. You are required to calculate the new capitals of the partners i.e Asha and Lata.

Match List-I with List-II | List-I | List-II | |---|---| | (Accounting standards Section of Act.) | (Issues) | | (A) AS-3 | (I) Settlement Of Accounts. | | (B) AS-26 | (II) Firm's debt and private debt | | (C) Section 48 of the Indian partnership Act | (III) Cash flow statement. | | (D) Section 49 of the Indian partnership Act | (IV) Treatment of goodwill. | Choose the correct answer from the options given below:

Match List-I with List-II | List-I | List-II | |---|---| | (A) Payment of loans due to partners | (I) Realisation A/c Dr To Bank A/c | | (B) For settlement of partners' accounts, in case their capital account shows a debit balance | (II) Bank A/c Dr. A/c To loan to partners | | (C) For settlement of loan by a firm to a partner | (III) Bank A/c Dr. To Partner's Capital A/c | | (D) For settlement of any unrecorded liability | (IV) Partner's Loan A/c Dr. To Bank A/c | Choose the correct answer from the options given below:

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:

Which of the following is not a feature of a partnership deed?

On the death of a partner, the deceased partner's capital account will not be credited with :-

At the time of retirement of a partner, the difference between the Old Profit Sharing Ratio and the New Profit Sharing Ratio is a negative outcome for a remaining partner. It indicates that :-

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.

Arrange the following regarding admission procedure in the correct sequence. (A) Giving share to the new partner. (B) Treatment of Goodwill (C) Calculating new profit sharing ratio & sacrificing ratio (D) Preparation of Revaluation A/c (E) Preparing Partner's Capital A/c and Balance Sheet Choose the correct answer from the options given below: