Partnership PYQ — Page 22

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 :-

Unrecorded liabilities when paid are shown in:

R and S are partners in a firm sharing profits in the ratio of 5:3. They admitted B as a new partner for 1/7th share in the profit. The new profit sharing ratio will be 4:2:1. The sacrificing ratio of R and S is:

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?

Arrange the following steps for calculating Goodwill under Capitalisation of Average Profits Method in correct sequence- (A). Ascertain the actual firm's capital (net assets) by deducting outside liabilities from the total assets. (B). Compute the value of goodwill by deducting net assets from the capitalised value of average profits. (C). Ascertain the average profits based on the past few years' performance. (D). Capitalize the average profits on the basis of the normal rate of return to ascertain the capitalised value of average profits. Choose the correct answer from the options given below:

Match List-I with List-II | List-I | List-II | |---|---| | (A) Meaning of Dissolution | (I) Section 49,of the partnership Act 1932 | | (B) Application of Assets | (II) Section 39,of the partnership Act 1932 | | (C) Private Debts Vs Firm's Debts | (III) Section 4,of the partnership Act 1932 | | (D) Nature of Partnership | (IV) Section 48,of the partnership Act 1932 | Choose the correct answer from the options given below:

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.

The assets of the firm, including any sum contributed by the partners to make deficiencies of capital, shall be applied first for paying ...........

If the partnership deed is silent on interest on capital, then:

Stock at the time of dissolution was appearing in books at Rs 50,000. Half of the stock was sold at a discount of 20% and the remaining was taken over by one of the partners at a 10% discount. What amount was received in cash at the time of realization of stock.

Which of the following is the feature of Fixed Capital Method in Partnership Accounts:-

Aashish withdrew Rs. 10,000 per month from the firm for his personal use during the year ending March 31, 2017. What will be the amount of interest if the amount is withdrawn at the beginning of each month and rate of interest on drawings is 8% per annum?

A business has earned average profits of Rs. 1,00,000 during the last few years and the normal rate of return in a similar business is 25%. Ascertain the value of goodwill by capitalisation of average profits method, given that the value of net assets of the business is Rs. 3,20,000.

Which among the following is not the feature of a fixed capital method by which the capital accounts of partners can be maintained?

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

Excess value of net assets over purchase consideration at the time of purchase of business is credited to

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.

If there are some accumulated losses in the form of a debit balance of profit and loss account appearing in the balance sheet of the firm, it should be transferred to:

When a new partner is admitted, the increase in the value of the assets is debited to which account?

As per Section 48 of the Partnership Act 1932, which of the following will be utilized for payment of losses, including deficiencies of capital: (A) Out of Profits (B) Out of capital of Partners (C) By partners individually in their profit sharing ratio (D) Creditors Assets Choose the correct answer from the options given below:

On dissolution of a firm, partner's loan account is transferred to:

The Court may order a partnership firm to be dissolved in which of the following case?

Keshav, Nirmal and Pankaj are partners sharing profits and losses in the ratio of 4 : 3 : 2. Nirmal retires and the goodwill is valued at Rs. 72,000. Keshav and Pankaj decided to share future profits and losses in the ratio of 5 : 3. Gaining Ratio of Keshav and Pankaj is:

Amitabh and Babul are partners sharing profits in the ratio of 3:2, with capitals of Rs. 50,000 and Rs. 30,000 respectively. Interest on capital is agreed @ 6% p.a. Amitabh has also given a Loan on April 01, 2024 of Rs. 50,000 to the firm without any agreement. Calculate Interest on Amitabh's Loan assuming books are closing on 31st March, 2025.