Partnership PYQ — Page 23

Which combination of statements is true about partnership- (A) Valid partnership can be formulated even without a written agreement between the partners. (B) Methods of settlement of disputes among the partners can't be part of the partnership deed. (C) If the deed is silent, interest at the rate of 6% p.a. would be charged on the drawings made by the partner. (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:

In case of the dissolution of a firm, the firm ceases to conduct business and has to settle its accounts. Arrange the following in the correct sequence : (A) In paying to each partner proportionately what is due to him on account of capital (B) In paying the debts of the firm to the third parties (C) In paying each partner proportionately what is due to him/her from the firm for advances as distinguished from capital (i.e. partner's loan) (D) The residue, if any, shall be divided among the partners in their profit sharing ratio Choose the correct answer from the options given below:

Dissolution of a partnership firm may be ordered by the court on the following grounds: (A) when a partner becomes insane. (B) when a partner becomes permanently incapable of performing his duties as partner. (C) when a partner acts in good faith (D) when it is regarded just and equitable by the court. Choose the correct answer from the options given below:

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.

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:

Partnership comes into existence as a result of an agreement among the partners, that agreement is called......

While doing adjustment of partners capital, for the amount of capital to be brought in by the partner, the following entry will be passed:

Which of the following statement is incorrect?

When a new partner brings his share of goodwill in cash, the amount is credited to:

In the case of fixed capital method, following two accounts are maintained.

The order to be followed in preparation of realization account is. (A) Realization of the assets. (B) Transfer assets and liabilities to realization account. (C) Ascertainment of profit or loss on realization. (D) Payment of liabilities. 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-

Which of the following will lead to dissolution of partnership firm by agreement?

In case of dissolution Machine costing Rs 20,000, alongwith cash of Rs 5,000 were given to creditors of Rs 30,000 in full settlement of their claim. In this case Realisation A/c will be Debited with ___________.

In the case of a dissolution of a firm, accumulated losses are transferred to:

Which of the following are shown under capital account in case capital of partner's are fixed? (A) Fresh capital introduced (B) Permanent capital withdrawn (C) Interest on capital (D) Amount of capital brought down from the previous year Choose the correct answer from the options given below:

According to which section of the partnership Act 1932, the dissolution of a partnership between all the partners of a firm is called the dissolution of the firm?

In the event of retirement of partner, following deduction has to be made from his/her share.:

Match List-I with List-II | List-I | List-II | |---|---| | Interest on Drawings | Time (Month) | | (A). When the amount is withdrawn at the beginning of each month. | (I). 6 months | | (B). When the amount is withdrawn at the end of each month. | (II). 6.5 months. | | (C). When the amount is withdrawn at the middle of each month. | (III). 5.5 months. | | (D). When the amount is withdrawn at the end of each quarter. | (IV). 4.5 months. | Choose the correct answer from the options given below:

Which of the following indicate the situation of compulsory dissolution.

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:

In the absence of any information regarding the acquisition of share in profit of the retiring/deceased partner by the remaining partners, it is assumed that they will acquire his/her share in:

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

While settlement of Accounts, what should be the order of application of assets of Firm (A) In paying the debts of the firm to the third parties (B) In paying to each partner proportionately what is due to him on account of capital (C) divided among the partners in their profit sharing ratio. (D) In paying each partner proportionately what is due to him/her from the firm for advances as distinguished from capital (i.e. partner's loan) Choose the correct answer from the options given below: