Partnership PYQ — Page 17

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.

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-

Which of the following is not the feature of fluctuating capital in partnership-

In the absence of any information regarding the acquisition of shares in profit of the retiring/deceased partner by the remaining partners, it is assumed that they will acquire his share in:

Calculate interest on drawings for the amount Rs. 6000 on January 31, 2019.

Calculate Interest on drawings for the amount of Rs. 7000 withdrawn on November 30, 2019

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:

A and B are partners, sharing profits equally. Their fixed capitals were Rs 2,00,000 and Rs 3,00,000 respectively. Interest on capital as provided under partnership deed @10% p.a was omitted. Select the correct option from the following:

The steps involved in the calculation of goodwill under the super profit method are: (A) Calculate goodwill by multiplying the super profit by number of years purchase. (B) Calculate normal profit. (C) Calculate Average Profit (D) Calculate super profit. Choose the correct answer from the options given below:

Match List-I with List-II | List-I | List-II | |---|---| | (Items to be adjusted on admission) | (side of account.) | | (A) Existing goodwill | (i) Debit of capital account. | | (B) Increase in value of assets. | (ii) Debit of revaluation account. | | (C) Decrease in value of assets. | (iii) Credit of revaluation account. | | (D) New partner capital. | (iv) Credit of capital account. | Choose the correct answer from the options given below:

When goodwill has to be inferred from the arrangement of capital and profit sharing ratio, it is called.

Which of the following statement is incorrect?

In case of Fixed Capital Method, at the time of dissolution of a firm, An un-recorded asset are taken over by a partner, which Journal Entry will be recorded in the books of the Partnership Firm :-

What journal entry will be passed for settlement of loan from a partner of Rs. 50,000 by paying Rs. 45,000 at the time of dissolution of a firm :-

Which of the following factors affects the value of goodwill? (A). Location of Business (B). Partner's Performance (C). Nature of Business (D). Market Situation Choose the correct answer from the options given below:

As per Section 48 of the Partnership Act 1932, which of the following will be utilized for payment of losses, including deficiencies of capital: (A) Out of Profits (B) Out of capital of Partners (C) By partners individually in their profit sharing ratio (D) Creditors Assets Choose the correct answer from the options given below:

Arrange the following in correct order in which assets of the firm can be used in there settlement. (A) Residue shall be divided between the partners in their profit sharing ratio. (B) In paying the partners proportionately what is due to him/her on account of capital. (C) In paying the partners proportionately what is due to him/her from the firm for advances/loans. (D) In paying the debts of the firm to the third parties. Choose the correct answer from the options given below:

In which of the following the Economic relationship between the partners comes to an end?

At the time of dissolution, a firm transferred Rs.100,000 Assets to the realization account and 50% of the assets were taken over by Kiran at 20% discount. How much net assets were taken over by Kiran?

At the time of death of a partner, undistributed Losses appearing in the balance sheet of the old firm is transferred to the capital account of:

In case of dissolution of a partnership firm, losses, including deficiencies of capital, shall be paid first out of ...............

Match List-I with List-II | List-I | List-II | |---|---| | (A). Payment of loans due to partners | (i). Realisation A/c Dr To Bank A/c | | (B). For settlement of partners' accounts, in case their capital account shows a debit balance. | (ii). Bank A/c Dr. To loan to partners A/c | | (C). For settlement of loan by a firm to a partner: | (iii) Bank A/c Dr. To Partner's Capital A/c | | (D). For settlement of any unrecorded liability | (iv) Partner's Loan A/c Dr. To Bank A/c | Choose the correct answer from the options given below:

Which is not usually included / mentioned in the contents of the Partnership Deed:-

Ranjana, Sadhna and Kamana are partners, sharing profits in the ratio 4:3:2. Ranjana retires; Sadhna and Kamana decide to share profits in the future at the ratio of 5:3. Calculate the Gaining Ratio: