CUET UG Accountancy — Partnership previous year questions with solutions.
Which combination of statements are correct about Death of a partner- (A) Ascertainment of new profit sharing ratio and gaining ratio (B) Preparation of Realization Account (C) Revaluation of assets and liabilities (D) Adjustment of capital, if required Choose the correct answer from the options given below:
On dissolution of a firm, partner's loan account is transferred to:
Dissolution of a firm cannot take place in which of the situation:
The New Profit Sharing Ratio in this case is:
The capitals of other partners are also to be adjusted in the ratio of their respective shares in profits. A will bring in cash as capital after adjustment amount:
Hanny, Pammy and Sunny are partners sharing profits in the ratio of 3 : 2 : 1. Goodwill is appearing in the books at a value of Rs. 60,000. Pammy retires and at the time of Pammy's retirement, goodwill is valued at Rs. 84,000. Hanny and Sunny decided to share future profits in the ratio of 2:1. Pammy's share of current value of goodwill is-
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 profit for the five years of a firm are as follows – year 2013 Rs. 4,00,000; year 2014 Rs. 3,98,000; year 2015 Rs. 4,50,000; year 2016 Rs. 4,45,000 and year 2017 Rs. 5,00,000. The goodwill of the firm on the basis of 4 years purchase of 5 years average profits is-
A, B and C are partners in a firm. If C retires/dies, his capital account is credited with:
Which Journal Entry will be recorded for realization of unrecorded asset at the time of dissolution of a Partnership Firm.
Vijay and Manohar share profits and losses in the ratio of 2:1. They admit Prakash as a partner with 1/4 share in profits with a guarantee that his share of profit will be at least Rs. 50,000. The net profit of the firm for the year ending March 31, 2015, was Rs. 1,60,000. Calculate the amount of profit Vijay will get.
Identify the steps involved in calculating goodwill under the capitalization of super profits method: (A) Calculate capital of the firm, which is equal to total assets (excluding goodwill and fictitious assets) minus outside liabilities (B) Multiply the super profits by the required rate of return multiplier (C) Calculate normal profits on capital employed (D) Calculate super profits by deducting normal profits from average profits (E) Calculate average profit for past years Choose the correct answer from the options given below:
Identify the true statement in respect of a partnership Firm-
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 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:
Which Act empowers the Central Government to prescribe a maximum number of partners in a partnership firm :-
Identify the steps involved in the accounting treatment in the case of dissolution of firm: (A) Capital accounts of partners are prepared and their final settlement is done. (B) The balance of realisation account (profit or loss on realization) is transferred to partners' capital accounts in the profit sharing ratio. (C) All assets and all external liabilities are transferred to realisation account. (D) Realisation account is prepared. (E) Bank account is prepared. Choose the correct answer from the options given below:
The Profit and Loss Appropriation Account is merely an extension of the Profit and Loss Account of the firm, Which, among the following, is not shown in the Profit and Loss Appropriation Account?
Anubha looked after the dissolution work for remuneration of Rs. 8,500 and agreed to bear dissolution expenses upto Rs. 6,000. Actual expenses paid by her were Rs. 7,600. In this case, (A) Realisation A/c is debited by Rs. 10,100 (B) Anubha's Capital A/c is credited by Rs. 9,600. (C) Realisation A/c is debited by Rs. 13,600. (D) Anubha's Capital is credited by Rs. 10100. Choose the correct answer from the options given below:
In which of the following ways does dissolution of a firm take place? (A) Dissolution by agreement (B) Compulsory dissolution (C) On the happening of certain contingencies (D) Dissolution by notice Choose the correct answer from the options given below:
What are the main factors affecting the value of goodwill? (A) Nature of business (B) Location (C) Efficiency of management (D) Market situation Choose the correct answer from the options given below:
On the happening of certain contingencies, Subject to contract between the partners, a firm is dissolved , (A) if constituted for a fixed term, by the expiry of that term. (B) If constituted to carry out one or more ventures, by the completion thereof. (C)by the death of a partner (D) by the adjudication of a partner as an insolvent Choose the correct answer from the options given below:
The ratio in which the continuing partners have acquired the share from the retiring/deceased partner is called:
At the time of dissolution of a Firm, the Loan from a Partner Account should be