CUET UG Accountancy — Partnership previous year questions with solutions.
Arrange the various accounting aspects involved on retirement or death of a partner- (A) Ascertainment of share of profit or loss up to the date of retirement/death (B) Ascertainment of new profit sharing ratio and gaining ratio (C) Distribution of accumulated profits and losses (D) Settlement of the amounts due to retired/deceased partner Choose the correct answer from the options given below: 1. (B), (C), (D), (A) 2. (B), (C), (A), (D) 3. (B), (A), (D), (C) 4. (C), (B), (D), (A)
Which of the following is not included in the Contents of the Partnership Deed-
Excess value of net assets over purchase consideration at the time of purchase of business is credited to
Match List-I with List-II | List-I | List-II | |---|---| | (A) Compulsory Dissolution | (I) A partner persistently commits breach of partnership agreement. | | (B) Happening of contingencies | (II) Death of a partner | | (C) Dissolution by Court | (III) According to contract between the partners. | | (D) Dissolution by agreement | (IV) Business becomes illegal | Choose the correct answer from the options given below: 1. (A) - (IV), (B) - (I), (C) - (III), (D) - (II) 2. (A) - (II), (B) - (I), (C) - (IV), (D) - (III) 3. (A) - (IV), (B) - (II), (C) - (I), (D) - (III) 4. (A) - (III), (B) - (IV), (C) - (I), (D) - (II)
Gobind, Hari and Pratap are partners. On retirement of Gobind, the goodwill already appears in the Balance Sheet at Rs. 24,000. The goodwill will be written-off -
Lalit, Pankaj and Rahul are partners sharing profits in the ratio of 4 : 3 : 3. After all adjustments, on Lalit's retirement with respect to general reserve, goodwill and revaluation etc., the balances in their capital accounts stood at Rs. 70,000, Rs. 60,000 and Rs. 50,000 respectively. It was decided that the amount payable to Lalit will be brought by Pankaj and Rahul in such a way as to make their capitals proportionate to their profit sharing ratio. After Lalit's retirement, the new profit sharing ratio between Pankaj and Rahul is 1:1. New Capital of the firm will be-
In the case of a dissolution of a firm, accumulated losses are transferred to:
Unrecorded assets when taken over by a partner are shown on:
When a new partner brings his share of goodwill in cash, the amount is credited to-
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-
Arrange the following in correct sequence in the case of dissolution of a partnership. (A) Preparing a Bank account (B) Realizing assets and payments of liabilities. (C) Transferring of assets and liabilities in realization account. (D) Preparation of capital account of partners. Choose the correct answer from the options given below: 1. (A), (C), (B), (D) 2. (B), (C), (D), (A) 3. (B), (A), (D), (C) 4. (C), (B), (D), (A)
Correct Journal entry for transferring interest on capital to Profit and Loss Appropriation Account is-
Which of the following is NOT a method of valuation of goodwill?
At the time of admission of a partner, undistributed profits appearing in the balance sheet of the old firm is transferred to the capital account of:
Arrange the steps involved under the super profit method of calculating goodwill- (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 goodwill by multiplying the super profits by the given number of years' purchase (D) Calculate the super profits by deducting normal profit from the average profits Choose the correct answer from the options given below: 1. (A), (B), (C), (D) 2. (B), (C), (A), (D) 3. (B), (A), (D), (C) 4. (C), (B), (D), (A)
Choose combination of statements that are true about dissolution- (A) Dissolution of partnership can not take place without intervention of the court. (B) Court can order a firm to be dissolved when a partner becomes insane. (C) A firm is compulsorily dissolved when a partner decide to retire. (D) A partnership is dissolved when there is a death of a partner. Choose the correct answer from the options given below: 1. (B) and (D) only 2. (A), (B) and (D) only 3. (A) and (D) only 4. (B), (C) and (D) only
Calculate interest on drawing if Ram withdrew Rs. 3,000 per month at the beginning of each month for the whole year, if interest on drawing is charged @ 9 % per annum.
Arrange in correct sequence at a time of admission of partner- (A) Adjustments of capital accounts. (B) Valuation of goodwill (C) Calculation of new profit sharing ratio and sacrificing ratio. Choose the correct answer from the options given below: 1. (A), (B), (C) 2. (A), (C), (B) 3. (B), (A), (C) 4. (C), (B), (A)
Under which Section & Act, the Central Government is empowered to prescribe a maximum number of partners in a firm, but the number of partners can not be more than 100?
Gaining share of Continuing Partner =
Which of the following statements are correct in respect of goodwill? (A) the present value of a firm's anticipated excess earnings (B) the capitalised value attached to the differential profit capacity of a business'. (C) goodwill exists only when the firm earns super profits (D) Any firm that earns normal profits or is incurring losses also has goodwill. Choose the correct answer from the options given below:
K, N and P are partners sharing profits and losses in the ratio of 4 : 3 : 2. N retires and the goodwill is valued at Rs. 72,000. K and P decided to share future profits and losses in the ratio of 5 : 3. Identify the correct journal entry in this scenario.
Identify the true statement in respect of the Fixed Capital Method for a Partnership Firm :-
The profit for the five years of a firm are as follows: | Year | Profit (Rs.) | |---|---| | 2013 | 4,00,000 | | 2014 | 3,98,000 | | 2015 | 4,50,000 | | 2016 | 4,45,000 | | 2017 | 5,00,000 | Calculate goodwill of the firm on the basis of 4 years purchase of 5 years average profits.