Partnership PYQ — Page 20

Which of the following statements results in the reconstitution of a partnership firm :- (A) Change in profit sharing ratio among partners. (B) Admission of a new partner. (C) Dissolution of a partnership firm. (D) Dissolution of a partnership. Choose the correct answer from the options given below:

In case of dissolution of a partnership firm, losses, including deficiencies of capital, shall be paid first out of ...............

Match List-I with List-II | List-I | List-II | |---|---| | (Events) | (Result.) | | (A) Termination of business. | (I) Not Possible In Dissolution Of Partnership. | | (B) Continuation Of Business | (II) Not possible in the dissolution of a firm. | | (C) Intervention of court. | (III) Dissolution of firm | | (D) Continuation of books of accounts. | (IV) Dissolution of partnership. | Choose the correct answer from the options given below:

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:

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:

Calculate interest on drawing if Ram withdrew Rs. 3,000 per month at the beginning of each month for the whole year, if interest on drawing is charged @ 9 % per annum.

The Profit and Loss Appropriation Account is merely an extension of the Profit and Loss Account of the firm, which, among the following, is not shown in the Profit and Loss Appropriation Account?

A firm is dissolved compulsorily in the following cases: (A) When all the partners or all but one partner, become insolvent, rendering them incompetent to sign a contract. (B) When the business of the firm becomes illegal (C) Change in existing profit sharing ratio among partners (D) When some event has taken place which makes it unlawful for the partners to carry on the business of the firm in partnership. Choose the correct answer from the options given below:

Match List-I with List-II | List-I | List-II | |---|---| | (A) Bank (fresh capital introduced) | (I) Debit side of Partner's Current Account | | (B) Interest on drawings | (II) Debit side of Partner's Capital Account | | (C) Bank (permanent withdrawal of capital) | (III) Credit side of Partner's Current Account | | (D) Commission | (IV) Credit side of Partner's Capital Account | Choose the correct answer from the options given below:

On retirement/death of a partner, the retiring/deceased partner's capital account will be credited with:

At the time of dissolution of a Firm, the Loan from a Partner Account should be

Match List-I with List-II | List-I | List-II | |---|---| | (Transaction) | (Relevant account) | | (A) Settlement of Partners Loan | (I) Credit side of Realization A/c | | (B) Transfer of liabilities | (II) Partner's Capital will be credited | | (C) Transfer of Assets | (III) Credit Side of Bank A/c | | (D) Remuneration payable to partner | (IV) Debit Side of Realization A/c | Choose the correct answer from the options given below:

What is the amount of profit to be credited to V's Capital account?

Contents of the Partnership Deed does not include

Section 49, of the Indian Partnership Act 1932, deals with

Match List-I with List-II | List-I | List-II | |---|---| | (Events) | (Result.) | | (A) Termination of business. | (I) Not possible in the dissolution of partnership. | | (b) Continuation of business | (II) Not possible in the dissolution of a firm. | | (C) Intervention of court. | (III) Dissolution of firm | | (D) Continuation of books of accounts. | (IV) Dissolution of partnership. | Choose the correct answer from the options given below:

Arrange the following in correct order in which assets of the firm can be used in there settlement. (A) Residue shall be divided between the partners in their profit sharing ratio. (B) In paying the partners proportionately what is due to him/her on account of capital. (C) In paying the partners proportionately what is due to him/her from the firm for advances/loans. (D) In paying the debts of the firm to the third parties. Choose the correct answer from the options given below:

The clauses of a partnership deed can be altered with the consent of ______

Under the fixed capital method, the capital of the partners shall remain fixed unless additional capital is introduced or a part of the capital is withdrawn as per the agreement between the partners. Which among the following is NOT the feature of the fixed capital method?

In which of the following the Economic relationship between the partners comes to an end?

When the business of the partnership firm becomes illegal, it leads to dissolution of the firm under ___________?

Arrange the steps in the correct sequence while calculating goodwill by capitalization of average profit method: (A) Ascertain the actual firm's capital (net assets) (B) Compute the value of goodwill (C) compute the capitalized value of the average profits (D) Ascertain the average profits 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 capitals. Interest is allowed @ 8% p.a. Calculate interest payable on capital to Saloni during the financial year 2019–2020.

A and B are partners in a firm with their fixed capital Rs 4,00,000 and 5,00,000 respectively. After preparation of accounts, it was found that interest on capital @ 10% p.a as provided by the partnership deed is omitted. In order to rectify the mistake, A's current account will be ………?