Partnership PYQ — Page 2

Under which method No. of Year's Purchase are not considered

Which of the below mentioned methods are considered while valuing goodwill (A) Average Profits Method (B) Super Profits Method (C) Peacemeal distribution Method (D) Capitalization Method Choose the correct answer from the options given below:

There is a need for valuation of goodwill under which of the following cases (A) Admission of new partner (B) Retirement of a partner (C) Dissolution of a firm involving sale of business as a going concern. (D) Amalgamation of partnership firms. Choose the correct answer from the options given below:

For taking over investment, Bharat's capital will be

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

R, S and K are partners sharing profits in the ratio 8:6:4. On the retirement of R, the new profit sharing ratio between S and K was decided to be 5:3. The Gaining ratio is -

Match List-I with List-II | List-I | List-II | |---|---| | (A) Admission of a New Partner | (I) Realisation Account | | (B) Retirement of a Partner | (II) Sacrificing ratio | | (C) Dissolution of Partnership | (III) Executors Account | | (D) Death of A Partner | (IV) Gaining Ratio | Choose the correct answer from the options given below:

In case of the dissolution of a firm, the firm ceases to conduct business and has to settle its accounts. Losses, including deficiencies of capital, shall be paid in the following manner and order: (A) Out of capital of partners. (B) By the partners individually in their profit sharing ratio. (C) Profits. Choose the correct answer from the options given below:

Which of the following statement is incorrect?

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

K, N and P are partners sharing profits and losses in the ratio of 4:3:2. N retires and the goodwill is valued at Rs 72,000. K and P decided to share future profits and losses in the ratio of 5:3. Find which of the following is not correct?

One of the partner took-over furniture at the time of dissolution of the firm, which account will be debited:

All adjustments in respect of partner's salary, partner's commission, interest on capital, interest on drawings, etc. are made through:

A and B share profits in the ratio of 3:2. C was admitted as a partner who gets 1/5 share. New profit sharing ratio, if C acquires 3/20 from A and 1/20 from B, would be:

When a firm is dissolved with the consent of all the partners, it is called:

Yadu, Madhu and Vidu are partners, sharing profit and losses in the ratio of 2:2:1. Their fixed capitals on April 01, 2018 were: Yadu Rs. 5,00,000, Madhu Rs. 4,00,000 and Vidu is 3,50,000. As per the partnership deed, partners are entitled to interest on capital @5% p.a. and Yadu has to be paid a salary of Rs. 2000 per month. The net loss of the firm as per profit and loss account for the year ending March 31, 2019, amounted to Rs. 75,000. On the basis of the profit and loss appropriation account, Partners' distribution of loss would be:

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:

When a new partner brings his share of goodwill in cash, the amount is credited to:

Which of the following indicate the situation of compulsory dissolution.

'The business of a partnership concern may be carried on by all the partners or any of them acting for all.' Which feature of partnership is indicated by the above statement?

The past average profits of a business works out at Rs. 20,000 and it is expected that such profits are likely to continue for another three years, the value of goodwill based on average profit method will be……. .

Share of loss of deceased partner, calculated on the basis of previous years profit is

Naveen, Suresh and Tarun are partners sharing profits and losses in the ratio of 5:3:2. Tarun retires from the firm and his share was taken over by Naveen and suresh in the ratio 2:1. In such a case, the new profit sharing ratio will be:

In case of dissolution Machine costing Rs 20,000, alongwith cash of Rs 5,000 were given to creditors of Rs 30,000 in full settlement of their claim. In this case Realisation A/c will be Debited with ………….