CUET UG Accountancy — Partnership previous year questions with solutions.
When a partnership firm is dissolved, final payment made to partners is transferred to
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.
Abhiram and Ragini are partners sharing profits in the ratio of 3:2. They admit Arun a new partner for 1/5th share in the future profits of the firm which he gets equally from Abhiram and Ragini. Calculate the new profit sharing ratio of Abhiram, Ragini and Arun.
In the case of guarantee of profit the Sequence of steps to be Followed are. (A) divide the profit in the given ratio. (B) prepare profit and loss appropriation account as usual. (C) deduct the deficiency from the guaranteeing partner and add the same to guaranteed partner. (D) find the deficiency. Choose the correct answer from the options given below:
On the admission of a new partner, an increase in the value of assets is debited to:
When a new partner brings his share of goodwill in cash, the amount is credited to:
On the dissolution of a firm, creditors is transferred to:
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%.
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 .....?
Partnership comes into existence as a result of an agreement among the partners, that agreement is called......
Which of the following is not a general feature of partnership-
On dissolution of the firm, partner's capital accounts are closed through-
The Court may order a partnership firm to be dissolved in which of the following case?
The books of a business showed that the firm's capital employed on December 31, 2015, is Rs. 5,00,000 and the profits for the last five years were: 2011-Rs. 40,000; 2012-Rs. 50,000; 2013-Rs. 55,000; 2014- Rs.70,000 and 2015-Rs. 85,000. You are required to find out the normal profits of the business, given that the normal rate of return is 10%.
Aashish withdrew Rs. 10,000 per month from the firm for his personal use during the year ending March 31, 2017. Calculate the interest on drawings, which is charged @8% p.a., when the amount is withdrawn at the beginning of each month .
Ramesh and Suresh are partners in a firm sharing profits in the ratio of 4:3. They admitted Mohan as a new partner. The profit sharing ratio of Ramesh, Suresh and Mohan will be 2:3:1. Choose the correct option with regards to the gain or sacrifice of old partner-
Which combination of statements is true about partnership- (A) Valid partnership can be formulated even without a written agreement between the partners. (B) Methods of settlement of disputes among the partners can't be part of the partnership deed. (C) If the deed is silent, interest at the rate of 6% p.a. would be charged on the drawings made by the partner. (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:
Which statement is not true about Capital Accounts of Partner-
Identify the incorrect journal entry related to Revaluation of Assets and Liabilities of a firm.
Match List-I with List-II | List-I | List-II | |---|---| | (A) Sacrificing ratio | (I) Dissolution of Partnership | | (B) Gaining Ratio | (II) Admission of a New Partner | | (C) Executors Account | (III) Retirement of a Partner | | (D) Realisation Account | (IV) Death of a Partner | Choose the correct answer from the options given below:
Saloni and Srishti are partners in a firm. Their capital accounts as on April 01, 2019 showed a balance of Rs. 2,00,000 and Rs. 3,00,000 respectively. On July 01, 2019 Saloni introduced additional capital of Rs. 50,000 and Srishti, Rs. 60,000. On October 01, 2019 Saloni withdrew Rs. 30,000 and on January 01, 2020 Srishti withdrew Rs. 15,000 from their respective capitals. Interest is allowed @ 8% p.a. Calculate interest payable on capital to Saloni during the financial year 2019–2020.
Arrange the following steps involved in various accounting aspects of retirement/death of a partner in a sequence - (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:
Which combination of statements is true about dissolution- (A) Dissolution of a partnership is different from dissolution of a firm. (B) A partnership is dissolved when there is a death of a partner. (C) A firm is dissolved when all partners give consent to it. (D) A firm is compulsorily dissolved when a partner decides to retire. Choose the correct answer from the options given below:
Arrange Steps For Capitalisation of Super Profits: (A) Calculate average profit for the past years, as specified. (B) Calculate the capital of the firm. (C) Calculate normal profits on capital employed. (D) Multiply the super profits with the required rate of return multiplier (E) Calculate super profits by deducting normal profits from average profits. Choose the correct answer from the options given below: