CUET UG Accountancy — Partnership previous year questions with solutions.
On the dissolution of a firm, creditor's are transferred to:
Himanshu withdrew Rs 2,500 at the end of each month. The partnership deed provides for charging of interest on drawings @ 12% p.a. Calculate interest on Himanshu's drawings for the year ended March 31, 2017
On the admission of a new partner, an increase in the value of assets is debited to:
Anupam and Abhishek are partners. Their capital accounts showed balances of Rs. 1,50,000 and Rs. 2,00,000 respectively on April 01, 2019. Show the interest on capital for the year ending march 31, 2020 allowed, if the partnership deed provides for interest on capital @ 8% p.a. and the firm earned a profit of Rs. 14,000 during the year:
Under which Section & Act, the Central Government is empowered to prescribe a maximum number of partners in a partnership firm?
The old Profit Sharing ratio among M, N and P are 2:2:1. The New profit sharing ratio after N retirement is 3:2. The gaining ratio between M and P will be:
On retirement / death of a partner, the remaining partners who have gained due to the change in profit sharing ratio should compensate the:
At the time of retirement of a partner, the difference between the Old Profit Sharing Ratio and the New Profit Sharing Ratio is a negative outcome for a remaining partner. It indicates that :-
In case of retirement, the profit and loss suspense account is closed by transferring the amount to the _________.
In the event of retirement of partner, following deduction has to be made from his/her share.:
Which of the following is correct? The important provision affecting partnership accounting, in the absence of a partnership deed is:
What is the amount of T's deficiency in profits?
What is the amount of profit to be credited to V's Capital account?
On dissolution of the firm, partner's capital accounts are closed through:
Rent payable to partner is .
Unrecorded Debtors, are realised at the time of dissolution of a Partnership Firm, will be shown in:
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:
When a new partner is admitted, the increase in the value of the assets is debited to which account?
Choose the correct statement if a partnership deed is not present.
Which of the following will lead to dissolution of partnership firm?
Contents of the Partnership Deed does not include
Calculate Interest on drawings for the amount Rs. 12000 on June 1, 2019.
Calculate Interest on drawings for the amount of Rs. 3000 drawn on September 30, 2019
The total amount of interest on drawings will be: