Partnership PYQ — Page 24

The books of a business showed that the firm's capital employed on December 31, 2015, is Rs. 5,00,000 and the profits for the last five years were: 2011-Rs. 40,000; 2012-Rs. 50,000; 2013-Rs. 55,000; 2014- Rs.70,000 and 2015-Rs. 85,000. You are required to find out the normal profits of the business, given that the normal rate of return is 10%.

At the time of retirement of a partner, undistributed profits appearing in the balance sheet of the old firm is transferred to the capital account of:

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-

Match List-I with List-II | List-I | List-II | |---|---| | (A). Compulsory Dissolution | (I). Partner becomes insane. | | (B). Dissolution by notice | (II). Death of a partner. | | (C). Dissolution by Court | (III). Business become illegal. | | (D). Dissolution on certain contingencies | (IV). Partnership at will. | Choose the correct answer from the options given below:

The New Profit Sharing Ratio in this case is:

Which combination of statements is true about dissolution- (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 decides to retire. Choose the correct answer from the options given below:

At the time of death of a partner, undistributed Losses appearing in the balance sheet of the old firm is transferred to the capital account of:

What are the main factors affecting the value of goodwill? (A) Nature of business (B) Location (C) Efficiency of management (D) Market situation Choose the correct answer from the options given below:

Romesh took over Investments at Rs.8,100 which is 10% less then its book value. The book value of the investment was ____

Goodwill is a/an:

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 statement is not false, in respect of the dissolution of a partnership firm :-

"The business of a partnership concern may be carried on by all the partners or any one of them acting for all", indicate which feature of the partnership?

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 Act empowers the Central Government to prescribe a maximum number of partners in a partnership firm :-

Which account is credited if the value of net assets exceeds purchase consideration at the time of purchase of business?

Goodwill is -

All assets except cash/bank and fictitious assets are transferred to the Debit side of the ______Account.

Which Factor does not Affect the Value of Goodwill-

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:

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?

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?

A and B are partners in a firm sharing profits in the ratio 2:1. C is admitted into the firm with 1/4th share in profits and he brings Rs. 30,000 as his capital. If the capitals of A and B are to be adjusted in their profit sharing ratio then the capital of A will be-

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: