CUET UG Accountancy — Partnership previous year questions with solutions.
A, B and C are partners in a firm. If B is being retired from the firm, what would be its effect?
In the absence of any information regarding the acquisition of share in profit of the retiring/deceased partner by the remaining partners, it is assumed that they will acquire his/her share in:
Which of the following factors leads to a higher goodwill for firms? (A) Firms having long term contracts for supply of materials (B) Firms with efficient management (C) Firms which are highly profitable (D) Firms which do not have competitive advantages Choose the correct answer from the options given below:
The goodwill based on capitalization of average profit method is valued at Rs 1,80,000. If Net Assets are Rs 8,20,000 then find the capitalized value of average profits.
A and B are partners sharing profits in the ratio of 3:2. They admit C for 1/5th share in the future profits which he gets equally from both A and B. The new profit sharing ratio will be:
"The business of a partnership concern may be carried on by all the partners or any one of them acting for all", indicate which feature of the partnership?
When the business of the partnership firm becomes illegal, it leads to dissolution of the firm under ___________?
C will withdraw the capital amount after capital are adjusted in the ratio of their respective shares in profits. The amount is:
Which of the following is not a features of partnership:
At the time of admission of a partner, undistributed profits appearing in the balance sheet of the old firm is transferred to the capital account of:
Which Factor does not Affect the Value of Goodwill-
Rana, Sana and Kamana are partners, sharing profits in the ratio 4:3:2. Rana retires; Sana and Kamana decided to share profits in the future in the ratio of 5:3. The Gaining Ratio of Sana and Kamana will be
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.
The sum due to the retiring partner includes : (A) His share of profits up to the date of retirement. (B) His share of goodwill; (C) His share of accumulated profits ; (D) His share in the gain of revaluation of assets and liabilities; Choose the correct answer from the options given below:
Which of the following is not the main factors affecting the value of Goodwill?
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:
Hemant and Naman are partners in a firm sharing profits in the ratio of 3:2. Their capitals were Rs. 80,000 and Rs. 50,000 respectively. They admitted Samrat on Jan. 1, 2025 as a new partner for 1/5 share in the future profits. Samrat brought Rs. 60,000 as his capital. Calculate the value of goodwill of the firm?
If a new partner does not bring his share of goodwill in cash, the following treatment shall be made
L, N and T are partners sharing profits in the ratio of 5:3:2. If N retires, the gaining ratio of L & T would be.......
Rohit and Mohit are partners in a firm sharing profits in the ratio of 5:3. They admit Bijoy as a new partner for 1/7th share in the profits. The new profit sharing ratio will be 4:2:1. The sacrificing ratio of Rohit and Mohit is-
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.
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:
Match List-I with List-II | List-I | List-II | |---|---| | (Different accounts. ) | (Related transaction.) | | (A) profit and loss account. | (I) dissolution of partnership. | | (B) profit and loss appropriation account. | (II) dissolution of firm. | | (C) revaluation account | (III) interest on loan to partner. | | (D) realization account. | (IV) transfer to reserve. | Choose the correct answer from the options given below:
Which is the correct statement, in respect of the Revaluation Account :-