Partnership PYQ — Page 23

John Ibrahim, a partner in Ancient Tours and Travels withdrew money during the year ending March 31, 2020 from his capital account, for his personal use. He withdrew Rs. 3,000 per month at the beginning of the month. Calculate interest on drawings that should be charged from John Ibrahim, if the rate of interest charged on drawing is 9% per annum.

A correct journal entry for Transfer of the balance of Profit and Loss Account (a credit balance) to Profit and Loss Appropriation Account is-

Arrange the following in correct sequence for application of assets in the Settlement of Accounts in Case Of Dissolution of a Partnership firm - (A) The balance should be applied to repay loans made by the partners to the firm. (B) The assets of the firm should be used in paying the debts of the firm to third parties. (C) The balance assets may be used for paying partners proportionately, on account of capital. (D) The asset's residue, if any, shall be divided among the partners in their profit sharing ratio. Choose the correct answer from the options given below:

The profits of firm for the five years are as follows: | Year | Profit (Rs.) | |---|---| | 2012–13 | 20,000 | | 2013–14 | 24,000 | | 2014–15 | 20,000 | | 2015–16 | 20,000 | | 2016–17 | 16,000 | Calculate the value of goodwill on the basis of three years' purchase of average profits.

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:

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:

Realisation account doesn't show-

Which among the following is NOT true?

Which of the following statements are true: (A) Dissolution of a partnership is different from dissolution of a firm. (B) A partnership is dissolved when there is a death of a partner. (C) A firm is dissolved when all partners give consent to it. (D) A firm is compulsorily dissolved when a partner decide to retire. Choose the correct answer from the options given below:

Sindhu, Neha and Priya are partners, sharing profits in the ratio of 5:3:2. Calculate the new profit sharing ratio and gaining ratio if Neha retires:

On the admission of a new partner increase in the value of assets is debited to:

A and B are partners in a firm sharing profits in the ratio of 3:2. They admitted M as a new partner for 1/4 share. The new profit sharing ratio between A and B will be 2:1. Calculate their sacrificing ratio.

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:

Arrange the Following Steps to Calculate Goodwill under the Super Profits Method- (A) Calculate the normal profit on the firm's capital on the basis of the normal rate of return (B) Calculate the average profit (C) Calculate the super profits by deducting normal profit from the average profits (D) Calculate goodwill by multiplying the super profits by the given number of years' purchase Choose the correct answer from the options given below:

Which of the following is not always an essential feature of partnership?

Rohan, Bharti and Leela are partners. On the retirement of Rohan, the goodwill already appears in the balance sheet at Rs. 24,000. The goodwill will be written-off:

Vijay and Manohar share profits and losses in the ratio of 2:1. They admit Prakash as a partner with 1/4 share in profits with a guarantee that his share of profit will be at least Rs. 50,000. The net profit of the firm for the year ending March 31, 2015, was Rs. 1,60,000. Calculate the amount of profit Vijay will get:

Match List-I with List-II | List-I | List-II | |---|---| | (A) Dissolution of firm by agreement | (I) When a partner becomes insane | | (B) Compulsory dissolution of firm | (II) With the consent of all partners | | (C) Dissolution of firm by notice | (III) When business of a firm becomes illegal | | (D) Dissolution of firm by Court | (IV) At the request of any one partner | Choose the correct answer from the options given below:

Which combination of statements are false about partnership- (A) Interest on partner's loan is to be given @ 12% p.a. If the deed is silent about the rate. (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) Methods of settlement of dispute among the partners can't be part of the partnership deed. (D) Each partner carrying on the business is the principal as well as the agent for all the other partners Choose the correct answer from the options given below: 1. (A), (B) and (D) only 2. (A), (B) and (C) only 3. (A), (B), (C) and (D) 4. (B), (C) and (D) only

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: 1. (A), (B) and (C) only 2. (A), (B) and (D) only 3. (A), (B), (C) and (D) 4. (B), (C) and (D) only

Murli, Naveen and Omprakash are partners sharing profits in the ratio of 3 /8 , 1/2 and 1/8 . Murli retires and surrenders 2/3rd of his share in favour of Naveen and the remaining share in favour of Omprakash. The gaining ratio of the remaining partners is-

On the admission of a new partner increase in the value of assets is debited to:

Dissolution by Court happens:

Partner's current accounts are transferred to respective________ partner's accounts.