CUET UG Accountancy — Partnership previous year questions with solutions.
The clauses of a partnership deed can be altered with the consent of ________.
Choose the correct statement in respect of the Fixed Capital Method for a Partnership Firm :-
Match List-I with List-II | List-I | List-II | |---|---| | Revaluation of assets and reassessment of liabilities at the time of admission of a new partner | Journal Entry | | (A) For increase in the value of an asset | (I) Revaluation A/c Dr. To Asset A/c | | (B) For reduction in the amount of a liability | (II) Revaluation A/c Dr. To Liability A/c | | (C) For reduction in the value of an asset | (III) Asset A/c Dr. To Revaluation A/c | | (D) For appreciation in the amount of a liability | (IV) Liability A/c Dr. To Revaluation A/c | Choose the correct answer from the options given below:
Arjun and Vaibhav are partners sharing profits in the ratio of 3:2. They admitted Rahul as a new partner for 1/5 share in the future profits of the firm. The new partner acquired his share from the old partners in the old ratio. Calculate the new profit sharing ratio of Arjun, Vaibhav and Rahul.
Which of the following item is not shown in the Profit and Loss Appropriation Account?
A, B and C are partners sharing profits in the ratio of 3:2:1. A retires and his share is taken up by B and C in the ratio of 3:2. Calculate the new profit sharing ratio.
P, Q and R are partners in a firm. If S is admitted as a new partner then:
Which of the following statements truly makes the distinction between Dissolution of Partnership and Dissolution of Firm: (A) In dissolution of partnership, business is not terminated, while in dissolution of firm business is terminated. (B) The Court intervenes in dissolution of Partnership because a partnership is not dissolved by mutual agreement. A firm can not be dissolved by court order. (C) Economic relationships between partners continue in a changed form in dissolution of partnership. Economic relationships between the partners come to an end at the dissolution of the Firm. (D) Dissolution of Partnership doesn't require permanent closure of books, while in Dissolution of firm books are closed. Choose the correct answer from the options given below:
In the absence of any information, it is assumed that the remaining partners acquire the share of profit of the retiring/deceased partner in:
In case there is no information regarding the acquisition of a share in profit of the retiring/deceased partner by the remaining partners, the assumption is that they will acquire his/her share in the:
Sumit, a partner in Tours and Travels withdrew money during the year ending March 31, 2020 from his capital account, for his personal use. Calculate interest on drawings at simple rate of interest of 10 percent per annum and if an amount of Rs. 4,000 per month was withdrawn by sumit at the end of each month.
Ram, Karan and Shyam are partners. On retirement of Ram, the goodwill already appears in the Balance Sheet at Rs. 32,000. The goodwill will be written-off.
Dissolution of a firm takes place on the happening of certain contingencies. Choose them from the following : (A) By the death of a partner (B) By the adjudication of a partner as an insolvent (C) When the business of the firm becomes illegal (D) If constituted for a fixed term, by the expiry of that term Choose the correct answer from the options given below:
Which of the following is NOT a feature of partnership?
Opening capital balances of partners will be calculated by using which of the following formula :-
The accumulated profits and reserves are transferred to:
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?
Partners' current accounts are transferred to respective Partners' ______ Accounts.
Which of the following is not a method of valuation of goodwill?
Neha contributed Rs. 30,000 and Saloni Rs. 90,000 as capital. What will be Saloni's share in profits if the partnership agreement is silent?
The clauses of a partnership deed can be altered with the consent of ______
Which of the following statements are correct about partnership:- (A) Each partner carrying on the business is the principal as well as the agent for all the other partners (B) If the deed is silent, interest at the rate of 6% p.a. would be charged on the drawings made by the partner (C) If the partnership deed is silent about the profit sharing ratio, the profits and losses of the firm are to be shared equally by partners (D) Interest on partner's loan is to be given @ 12% p.a., if the deed is silent about the rate Choose the correct answer from the options given below:
Sameer and Yasmin are partners with capitals of Rs 15,00,000 and Rs 10,00,000 respectively. They agreed to share profits in the ratio of 3:2. The books are closed on March 31, every year. They admit Ravi on October 1, 2019 in the partnership, who bring Rs 12,00,000 as capital and Sameer also introduced additional capital Rs 3,00,000 on that date. Interest on partner's capital is provided @5% p.a. The amount of interest on the capital of Sameer for the year 2019-20 is-
When a firm is dissolved, the Balance of Investment Account and Balance of Investment Fluctuation Fund Account, shown by Firm's Balance Sheet are transferred into ............... and into ............... respectively:-