Partnership PYQ — Page 15

A partnership is not dissolved when:-

J and K are partners sharing profits and losses in the ratio of 3:1. Their capitals at the end of the financial year 2024-2025 were Rs. 1,50,000 and Rs. 75,000 respectively. During the year 2024-2025, J’s drawings were Rs. 20,000 and the drawings of K were Rs. 5,000, which had been duly debited to partner’s capital accounts. Profit before charging interest on capital for the year was Rs. 16,000. The same had also been credited in their profit sharing ratio. K had brought additional capital of Rs. 16,000 on October 1, 2024. Calculate interest on capital @ 12% p.a. for the year 2024-2025 for J.

Goodwill can also be ascertained by capitalising the super profit directly under which method?

In case of retirement, the profit and loss suspense account is closed by transferring the amount to the _________.

Which account is debited for Realisation expenses paid?

On dissolution of a firm, bank overdraft is transferred to:

A and B are partners in a firm sharing profits in the ratio of 3:2. They admitted M as a new partner for 1/4 share. The new profit sharing ratio between A and B will be 2:1. Calculate their sacrificing ratio.

Neha contributed Rs. 30,000 and Saloni Rs. 90,000 as capital. What will be Saloni's share in profits if the partnership agreement is silent?

A business has earned average profits of Rs. 1,00,000 during the last few years and the normal rate of return for a similar business is 10%. Ascertain the value of goodwill by capitalization of average profits method, given that the value of net assets of the business is Rs. 8,20,000.

On dissolution of a partnership firm, the bills payable is transferred to :

Ram, one of the partners, has withdrawn ₹ 1,00,000 from Business for his personal work. If the rate of interest charged on drawings is 12% p.a., find the amount of interest on drawings to be charged from Ram:

R, S and K are partners sharing profits in the ratio 4:3:2. R retires; S and K decided to share profits in future in the ratio of 5:3. Calculate the Gaining Ratio.

Various accounting aspects involved on retirement or death of a partner are as follows (A) Adjustment in respect of unrecorded assets and liabilities (B) Treatment of goodwill (C) Preparation of Realization A/c (D) Preparation of Executor's A/c Choose the correct answer from the options given below:

When realisation expenses are paid by the firm on behalf of a partner, which among the following will be debited:

Arrange the Following Steps to Calculate Goodwill under the Super Profits Method- (A) Calculate the normal profit on the firm's capital on the basis of the normal rate of return (B) Calculate the average profit (C) Calculate the super profits by deducting normal profit from the average profits (D) Calculate goodwill by multiplying the super profits by the given number of years' purchase Choose the correct answer from the options given below:

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:

Which of the following will lead to the Reconstitution of a partnership Firm? (A) Admission of a new partner (B) Change in the profit sharing ratio among the existing partners (C) Retirement of an existing partner (D) Death of a partner Choose the correct answer from the options given below:

At the time of Reconstitution, Goodwill already appearing in books of accounts is distributed among partners in_______.

Which of the following is correct? The important provision affecting partnership accounting, in the absence of a partnership deed is:

What is the amount of T's deficiency in profits?

Arrange the following in a sequence, in which they will be utilize for the payment of losses: (A) Out of capital of partners. (B) Out of profits. (C) By the partners individually in their profit sharing ratio. Choose the correct answer from the options given below:

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

Rent payable to partner is .

On retirement or death of a partner, the remaining partners who have gained due to change in the profit sharing ratio should compensate the: