Partnership PYQ — Page 16

Ram and Laxman started business on 1st Jan 2020 with a capital of Rs 1,20,000 and Rs 80,000 respectively. Ram introduced Rs. 50,000 to the firm on 1st July 2020 as additional capital. If the rate of interest is 15% p.a. Assuming that accounts are closed as per calender year then the Interest payable to Ram on Capital would be:

Which of the following will lead to dissolution of partnership firm?

Anupam and Abhishek are partners. Their capital accounts showed balances of Rs. 1,50,000 and Rs. 2,00,000 respectively on April 01, 2019. Show the interest on capital for the year ending march 31, 2020 allowed, if the partnership deed provides for interest on capital @ 8% p.a. and the firm earned a profit of Rs. 14,000 during the year:

Opening capital balances of partners will be calculated by using which of the following formula :-

Choose the correct statement if a partnership deed does not exist.

If, at the time of admission of a new partner, profit and loss account appears in the books, it will be transferred to:

Arrange the steps of method, Capitalization of Average for the calculation of goodwill, in the correct sequence: (A) Capitalize the average profits on the basis of the normal rate of return to ascertain the capitalized value of average profits as follows: Average Profits × 100/Normal Rate of Return (B) Ascertain the average profits based on the past few years' performance. (C) Ascertain the actual firm's capital (net assets) by deducting outside liabilities from the total assets (excluding goodwill and fictitious assets). Firms' Capital = Total Assets (excluding goodwill) – Outside Liabilities Where outside Liabilities include both long term and short term Liabilities (D) Compute the value of goodwill by deducting net assets from the capitalized value of average profits. Choose the correct answer from the options given below:

In the case of a dissolution of a firm, accumulated losses are transferred to:

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 :

Kumar, Lakshya, Manoj and Naresh are partners sharing profits in the ratio of 3 : 2 : 1 : 4. Kumar retires and his share is acquired by Lakshya and Manoj in the ratio of 3:2. The gaining ratio of the remaining partners is .....?

Which section of the Partnership Act 1932, defines partnership?

In case there is no information regarding the acquisition of a share in profit of the retiring/deceased partner by the remaining partners, the assumption is that they will acquire his/her share in the:

Which of the following characteristics is highlighted in the statement: "He can bind other partners by his acts and also is bound by the acts of other partners with regard to the business of the firm."

Ram and Laxman started business on 1st Jan 2020 with a capital of Rs 1,20,000 and Rs 80,000 respectively. Ram introduced Rs. 50,000 to the firm on 1st July 2020 as additional capital. If the rate of interest is 15% p.a. Assuming that accounts are closed as per calender year then the Interest payable to Ram on Capital would be:

Match List-I with List-II | List-I | List-II | |---|---| | Method of Valuation of Goodwill | Formula | | (A) Average profit method | (I) Goodwill = Super profit × No. of years purchased | | (B) Super Profit Method | (II) Goodwill = capitalized value of average profit - actual firm's capital. | | (C) Capitalization of super profit method | (III) Goodwill = Average Profits × No. of years purchased | | (D) Capitalization of average profit method | (IV) Goodwill = (Super profit/ Normal Rate of Return) × 100 | Choose the correct answer from the options given below:

The journal entries are as under Incoming partners' current A/c. Dr. To Sacrificing partners capital A/c. What statement among the following is TRUE for the above entry?

When the deceased partner's share in the estimated loss is calculated for a period from the date of the latest Balance Sheet to the date of death of the partner, then :

In which of the following case court can order dissolution of a partnership firm.

On dissolution of a firm, the amount of loan taken from partner by firm will be transferred to

Reconstitution of partnership does not involves

The Central government has prescribed the maximum number of partners in a firm to be

The profit or loss on revaluation of assets and liabilities are distributed in

At the time of admission of a new partner, in the case of fixed capital method, if the sacrificing partner withdraw their amounts of goodwill (in full or in part), the following journal entry will be recorded :-

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: