Partnership PYQ — Page 19

Neil, Kapil, Sunil started a furniture business in partnership. After one year of their operation, they started exporting Opium by keeping them in blank spaces between the furniture. As authorities came to know about the illegal business of the firm, they will compel them for .......

Choose the correct statement in respect of the Fixed Capital Method for a Partnership Firm :-

The ratio in which the old partners agree to give their share of profit in favor of the incoming partner is called:

In the case of the Dissolution of partnership firm, which accounts are opened: (A) Realization Account (B) Revaluation Account (C) Partners Capital Account (D) Bank Account Choose the correct answer from the options given below:

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:

In case of admission of a partner, the new partner brings Rs. 20,000 only as his share of premium for goodwill out of Rs. 50,000. Journal entry for the adjustment of goodwill will be:

When a partnership firm is dissolved, final payment made to partners is transferred to

On the dissolution of a firm, the Creditors are transferred to :

Arrange the following steps which involve the Super Profits Method of valuation of goodwill in the correct sequence: (A) Calculate the average profit. (B) Calculate the normal profit on the firm's capital on the basis of the normal rate of return. (C) Calculate goodwill by multiplying the super profits by the given number of years' purchase (D) Calculate the super profits by deducting normal profit from the average profits. Choose the correct answer from the options given below:

Steps involved in accounting treatment at the time of death of a partner - (A) Preparation of deceased partner's capital account (B) Ascertainment of new profit sharing ratio and gaining ratio (C) Preparation of revaluation account, if required (D) Settlement by making payment to deceased partner's executor. Choose the correct answer from the options given below:

Determine the value of firm's goodwill by capitalization of the super profit method if the average profits are Rs 1,00,000, super profits are Rs 18,000 and the normal rate of return is 10%.

Which combination of statements are false about partnership- (A) Interest on partner's loan is to be given @ 12% p.a. If the deed is silent about the rate. (B) If the deed is silent, interest at the rate of 6% p.a. would be charged on the drawings made by the partner. (C) Methods of settlement of dispute among the partners can't be part of the partnership deed. (D) Each partner carrying on the business is the principal as well as the agent for all the other partners Choose the correct answer from the options given below: 1. (A), (B) and (D) only 2. (A), (B) and (C) only 3. (A), (B), (C) and (D) 4. (B), (C) and (D) only

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

Under which method is the goodwill valued at agreed number of years' purchase of the average profits of the past few years?

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:

Calculate Interest on drawings for the amount of Rs. 3000 drawn on September 30, 2019

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

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:

Kim and Sim are partners in a firm sharing profits in 4:3 ratio. They admitted Pim as a new partner for 1/4 share in the profits, which he acquired in the ratio of 3:2 from Kim and Sim. Determine the new profit sharing ratio of the partners.

Which of the following is the feature of fluctuating capital:

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:

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:

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-

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: