CUET UG Accountancy — Partnership previous year questions with solutions.
A and B are partners in a firm with their fixed capital Rs 4,00,000 and 5,00,000 respectively. After preparation of accounts, it was found that interest on capital @ 10% p.a as provided by the partnership deed is omitted. In order to rectify the mistake, A's Current account will be _____?
Ravi, one of the partners, provided Rs 1,00,000 loan to the firm. In the absence of partnership deed, interest on partner's loan is allowed @ _____?
In case of dissolution Machine costing Rs 20,000, alongwith cash of Rs 5,000 were given to creditors of Rs 30,000 in full settlement of their claim. In this case Realisation A/c will be Debited with ___________.
A and B are partners sharing profits equally with capitals of Rs 45,000 each. They admitted C as a new partner for one-third share in the profit. C brings in Rs 60,000 as his capital. Find the value of Firm Goodwill.
For distribution of profits made during a year among the partners, the following account is debited:
Which account is credited if the value of net assets exceeds purchase consideration at the time of purchase of business?
In the case of fixed capital method, following two accounts are maintained.
The sum due to the retiring partner and to the legal representatives/executors (in case of death) includes the following, in addition to credit balance of his capital/current A/c, share of goodwill, gain on revaluation of assets and liabilities.
Which Factor does not Affect the Value of Goodwill:
Which section of the Partnership Act 1932, defines partnership?
In this case, Normal profit is -
In this case Average profit is -
Super profit is -
Unrecorded liabilities when paid are shown in:
Keshav, Nirmal and Pankaj are partners sharing profits and losses in the ratio of 4 : 3 : 2. Nirmal retires and the goodwill is valued at Rs. 72,000. Keshav and Pankaj decided to share future profits and losses in the ratio of 5 : 3. Gaining Ratio of Keshav and Pankaj is:
Arrange the following steps for calculating Goodwill under Capitalisation of Average Profits Method in correct sequence- (A) Ascertain the actual firm's capital (net assets) by deducting outside liabilities from the total assets. (B) Compute the value of goodwill by deducting net assets from the capitalised value of average profits. (C) Ascertain the average profits based on the past few years' performance. (D) Capitalize the average profits on the basis of the normal rate of return to ascertain the capitalised value of average profits. Choose the correct answer from the options given below:
In case partner's capital is fixed, then where interest on drawings charged will be shown?
If partnership deed is silent on the profit sharing ratio and other provisions: interest @_____ per annum is allowed on loans advanced by partners:
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. Babul is to be allowed an annual salary of Rs. 2,500. Manager is to be allowed commission Rs. 5,000. Amitabh has also given a loan on April 01, 2019 of Rs. 50,000 to the firm without any agreement. During the year 2019-20, the profits earned is Rs. 22,250. What amount of profit will be transferred to Profit and Loss Appropriation account :
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:
Which of the following is the feature of fluctuating capital:
At the time of admission of a partner, undistributed profits appearing in the balance sheet of the old firm is transferred to the capital account of:
$A$ and $B$ are partners in a firm sharing profits in the ratio of $5:3$. They admit $C$ as a new partner for $\frac{1}{7}$th share in the profits. The new profit sharing ratio will be $4:2:1$. The sacrificing ratio of $A$ and $B$ is
In case of dissolution of a firm, Losses including deficiencies of capital, shall be paid first out of ....