CUET UG Accountancy — Partnership previous year questions with solutions.
Match List-I with List-II | List-I | List-II | |---|---| | (Events) | (Result.) | | (A) Termination of business. | (I) Not possible in the dissolution of partnership. | | (b) Continuation of business | (II) Not possible in the dissolution of a firm. | | (C) Intervention of court. | (III) Dissolution of firm | | (D) Continuation of books of accounts. | (IV) Dissolution of partnership. | Choose the correct answer from the options given below:
Which is not a method of valuation of goodwill
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the capital of the partners shall remain fixed unless additional capital is introduced or a part of the capital is withdrawn as per the agreement between the partners.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?
In case, deceased partner's share of profit is calculated during the intervening period, the following Journal Entry will be passed :-
Identify the correct statement from the given below :-
An unrecorded asset is taken over by a creditor in full settlement in such a case
The liability of partners is
As per AS-26 Intangible assets like goodwill should be written off.
Match List-I with List-II
Which of the following would affect the Revaluation Account at the time of admission of a partner?
Which of the following would affect the Revaluation Account at the time of reconstitution of a partnership firm?
Identify the correct sequence to be followed while preparing of final account of a partnership firm:
The adjustment required for overvaluation of closing stock, while calculating adjusted profit for calculating goodwill is
A, B and C are partners sharing profits in the ratio of 3:2:1. C died on 1st July, 2023. On this date, final accounts were prepared to ascertain profits for the period. It resulted in a profit of ₹ 1,75,000 to the firm. To give effect to the above:
On the date of admission of a partner there was a balance of ₹ 45,000 in the account of machinery. It was found undervalued by 10%. The value of machinery will appear in the new Balance Sheet at:
A partnership can have maximum 50 partners. This limit has been set by the:
If there is no claim against Workmen Compensation Reserve, it is __________ at the time of admission of a partner.
A, B and C are partners sharing profits in the ratio of 3:3:4. They decide to share the future profits equally. The sacrifice or gain of partners are:
Match List-I with List-II
Kavita and Lalita are partners, sharing profits in the ratio of 2:1. They decide to admit Mohan for 1/4th share in profits with a guaranteed amount of ₹ 25,000. Both Kavita and Lalita undertake to meet the liability arising due to the guaranteed amount to Mohan in their respective profit sharing ratio. The firm earned profits of ₹ 76,000 for the year 2022-23. The deficiency borne by Kavita is:
Anshu and Nitu are partners, sharing profits in the ratio of 3:2. They admitted Jyoti as a new partner for 3/10 share which she acquired 2/10 from Anshu and 1/10 from Nitu. Calculate the new profit sharing ratio of Anshu, Nitu and Jyoti.
The journal entry for treatment of goodwill, when a new partner brings his share of goodwill in cash and one of the old partners gains, involves the following:
On dissolution of a firm, bank overdraft is transferred to:
The Deceased Partner's Capital Account includes the following amount/balances: