Partnership PYQ — Page 18

Required capitals of all partners is:

A partnership firm is dissolved compulsorily in the following cases: (A) when all the partners or all but except one partner, become insolvent, rendering them incompetent to sign a contract: (B) When the business of the firm becomes illegal (C) Change in existing profit sharing ratio among partners (D) When some event has taken place which makes it unlawful for the partners to carry on the business of the firm in partnership, e.g., when a partner who is a citizen of a country becomes an alien enemy because of the declaration of war with his country and India. Choose the correct answer from the options given below:

The Partnership agreement between Maneesh and Girish provides that: (A) Profits will be shared equally (B) Maneesh will be allowed a salary of Rs 400 pm (C) Girish who manages the sales department will be allowed a commission of 10% of the net profits after deducting Maneesh's salary (D) 7% p.a. interest will be allowed on Partner's fixed capital (E) 5% p.a. interest will be charged on partner's annual drawings (F) The fixed capitals of Maneesh and Girish are Rs 1,00,000 and Rs. 80,000 respectively. Their annual drawings were Rs. 16,000 and Rs 14,000 respectively. The net profit for the year ended March 31, 2018 amounted to Rs. 40,000 Calculate the profit allocated to each partner after all adjustments.

The major difference between Retirement and Death is

Murli, Naveen and Omprakash are partners sharing profits in the ratio of 3 /8 , 1/2 and 1/8 . Murli retires and surrenders 2/3rd of his share in favour of Naveen and the remaining share in favour of Omprakash. The gaining ratio of the remaining partners is-

If the asset is taken over by the creditor in lieu of the amount due to him, then the journal entry will be:

Match List-I with List-II | List–I (Events) | List–II (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:

If a new partner does not bring his share of goodwill in cash, the following treatment shall be made

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 :-

C will withdraw the capital amount after capital are adjusted in the ratio of their respective shares in profits. The amount is:

Himanshu withdrew Rs.2,500 at the end of each month. The partnership deed provides for charging of interest on drawings @ 12% p.a. Calculate interest on Himanshu's drawings for the year ended March 31, 2017.

Steps involved in various accounting aspects of retirement or death of a partner - (A) Settlement of the amounts due to retired/deceased partner (B) Ascertainment of new profit sharing ratio and gaining ratio (C) Adjustment of capital, if required (D) Revaluation of assets and liabilities Choose the correct answer from the options given below:

Various accounting aspects involved on 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 loan A/c Choose the correct answer from the options given below:

When realisation expenses are paid by the firm on behalf of a partner, such expenses are debited to

The maximum limit for the number of partner is decided by.

By virtue of which Section of the Companies Act 2013, the Central Government is empowered to prescribe the maximum number of partners in a firm, but the number of partners can not be more than 100?

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:

Any firm that earns normal profits or is incurring losses has ____________.

At the time of the Dissolution of a Partnership Firm, which statement is not false :-

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

Identify the incorrect journal entry related to Revaluation of Assets and Liabilities of a firm.

On dissolution of a firm, partner's loan account is transferred to:

Match List-I with List-II At the time of retirement following Transactions took place. Chose the correct treatment | List-I | List-II | |---|---| | (Particulars ) | (Treatment ) | | (A) Asset taken over by the partner | (I) Debit side of Revaluation A/C | | (B) Increase in Assets | (II) Written off amongst old partners in old ratio | | (C) Unrecorded Liability | (III) Debit side of Partners Capital A/C | | (D) Goodwill Appearing in books | (IV) Credit side of Revaluation A/C | Choose the correct answer from the options given below: