Partnership PYQ — Page 16

The order to be followed in preparation of realization account is. (A) Realization of the assets. (B) Transfer assets and liabilities to realization account. (C) Ascertainment of profit or loss on realization. (D) Payment of liabilities. Choose the correct answer from the options given below:

________ is the value of the reputation of a firm in respect of the profits expected in future over and above the normal profits.

Match List-I with List-II | List-I | List-II | |---|---| | (Name of ratios.) | (used for) | | (A) old ratio. | (I)distribution of premium for goodwill. | | (B) new ratio. | (II) for adjustment of goodwill in death of partner. | | (C) sacrificing ratio. | (III) sharing revaluation profits. | | (D) gaining ratio. | (IV) sharing future profits. | Choose the correct answer from the options given below:

Identify the steps involved in calculating goodwill under the capitalized value of average profits method: (A) Capitalize the average profits on the basis of the normal rate of return to ascertain the capitalized value of average profits (B) Ascertain the average profits based on the past few years' performance (C) Compute the value of goodwill by deducting net assets from the capitalized value of average profits (D) Ascertain the actual firm's capital (net assets) by deducting outside liabilities from the total assets (excluding goodwill and fictitious assets) Choose the correct answer from the options given below:

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.

When a new partner is admitted, the undistributed profits that appear in the balance sheet of the old firm are transferred to the capital account of:

By virtue of which section of the Indian Partnership Act 1932, partnership is defined as 'the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all'.

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:

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

In case of dissolution of partnership firm, any liability assumed/paid by a partner is shown on ........?

Match List-I with List-II | List-I | List-II | |---|---| | (Events) | (Result.) | | (A) Termination of business. | (I) Not Possible In Dissolution Of Partnership. | | (B) Continuation Of Business | (II) Not possible in the dissolution of a firm. | | (C) Intervention of court. | (III) Dissolution of firm | | (D) Continuation of books of accounts. | (IV) Dissolution of partnership. | Choose the correct answer from the options given below:

Partner's current accounts are transferred to respective Partners' _____________________.

If the partnership deed is silent, at what rate, the interest would be charged on the drawings made by the partner:

When a new partner is admitted, the increase in the value of the assets is debited to which account?

A, B and C are partners in a firm. On retirement/death of C, his capital account will be credited with:

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?

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.

In the case of a re-constitution of a partnership firm, if the value of decrease in investment exceeds the Investment Fluctuation Fund, the :-

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 of 2:1. Calculate the new share of profit :

Das and Sinha are partners in a firm sharing profits in 4:1 ratio. They admitted Pal as a new partner for 1/4th share in the profits, which he acquired wholly from Das. The new profit sharing ratio of the partners is-

If the partnership deed is silent on interest on capital, then:

Unrecorded Liabilities when paid are shown in:

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

A and N are partners, sharing profits in the ratio 2:1. A's son Ashu was admitted as a partner for 1/4th share, half of which was gifted by A to her son. The remaining was contributed by N. The goodwill of the Firm is valued at 40,000. How much amount will be credited to the old partner's capital account for goodwill?