CUET UG Accountancy — Partnership previous year questions with solutions.
Which item among the following is NOT listed on the credit side of a Realization Account?
On dissolution of a firm, the amount of loan taken from partner by firm will be transferred to
On dissolution of a firm, partner's loan account is transferred to:
When a firm is dissolved, Provision for Bad and Doubtful Debt Account :-
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. Find out the normal profits of the business, given that the normal rate of return is 10%.
On the death of a partner, the deceased partner's capital account will not be credited with :-
Which statement is not true about Capital Accounts of Partner-
At the time of admission of partner ,Workmen Compensation Claim Exceeding Workmen Compensation Fund is transferred to
In the absence of any information regarding the acquisition of share in profits of the retiring/deceased partner by the remaining partners, it is assumed that they will acquire his/her share in following:
The journal entries are as under Incoming partners' current A/c. Dr. To Sacrificing partners capital A/c. What statement among the following is TRUE for the above entry?
All assets except cash/bank and fictitious assets are transferred to the Debit side of the ______Account.
When the deceased partner's share in the estimated loss is calculated for a period from the date of the latest Balance Sheet to the date of death of the partner, then :
Required capitals of all partners is:
In case of dissolution of a firm, the firm ceases to conduct business and has to settle its accounts. The assets of the firm, including any sum contributed by the partners to make up deficiencies of capital, shall be applied in the following manner and order: (A) In paying to each partner proportionately what is due to him on account of capital. (B) The residue, if any, shall be divided among the partners in their profit sharing ratio. (C) In paying the debts of the firm to third parties. (D) In paying each partner proportionately what is due to him/her from the firm for advances as distinguished from capital (i.e. partner loan). Choose the correct answer from the options given below:
Rohit and Mohit are partners in a firm sharing profits in the ratio 5:3. They admitted Bijoy as a new partner for 1/7 share in the profit. The new profit sharing ratio will be 4:2:1. Calculate the sacrificing ratio of Rohit and Mohit
Which of the following characteristics is highlighted in the statement: "He can bind other partners by his acts and also is bound by the acts of other partners with regard to the business of the firm."
When a partnership firm is being dissolved, the private property of any partner shall be applied first, in payment of __________ and the surplus, if any, may be utilised for payment of __________, in case the firm's liabilities exceed the firm's assets.
Goodwill is considered as
When realisation expenses are paid by the firm on behalf of a partner, which among the following will be debited:
At the time of admission of a new partner, for getting right to share the assets of the partnership firm, the new partner atleast will bring :-
In the case of dissolution of a partnership firm, unrecorded liabilities when paid are shown in:
Romesh took over Investments at Rs.8,100 which is 10% less then its book value. The book value of the investment was ____
The profit or loss on revaluation of assets and liabilities are distributed in
When a new partner brings his share of goodwill in cash, the amount is credited to: