CUET UG Accountancy — Partnership previous year questions with solutions.
What is the mode of dissolution of the firm followed by G, K and B?
Determine the amount of Profit and Loss Account.
Determine Gain/Loss on Realisation.
The entry for realisation expenses in above case study will be:
Existing Profit and Loss Account in the books of the firm will be shared/borne by partners in the ratio:
Mukund's Loan of Rs. 50,000 to the firm, was settled at Rs. 55,000 at the time of firm's dissolution, where Mukund was one of the partner. What entry will be passed ?
Which of the following will not be shown in Realisation Account ?
Select the partner(s) who will compensate the deceased partner for the share of goodwill at the time of death.
On Dissolution of partnership firm out of total debtors of Rs. 2,50,000, Rs. 10,000 became bad and the rest realised 70%. In the given case Bank A/c will be debited by :
Identify the correct sequence to be followed at the time of Retirement of a Partner : (A) New Balance Sheet after Retirement (B) Transferring balance to Retiring partner's Loan Account (C) Calculation Gaining/Sacrificing Ratio (D) Partners' Capital Account (E) Preparation of Revaluation Account Choose the correct answer from the options given below :
At the time of admission, credit balance of Profit and Loss account appearing in books will be transferred to :
If information provided in the case study is used, the sacrifice or gain of Sonam share of goodwill will be :
A, B, and C are partners with equal profit sharing ratio. Their fixed capitals are Rs. 30,000, Rs. 25,000 and Rs. 30,000 respectively. C decided to take retirement. A and B decided to continue the partnership firm and change their profit sharing ratio into Capital Ratio. What is the gaining Ratio of A and B?
A new partner can be admitted :
Read the following facts about admission of a partner. A. A new partner acquires his share from the old partners that reduces the old partners share in profits. B. The partner's capital must be adjusted so as to be proportionate to their new profit sharing ratio. C. Assets and Liabilities may be revalued and reassessed on admission of a partner. D. Adjustment for Reserves and Accumulated profits/loss is done. E. Profit sharing ratio of existing partners may change on admission of a new partner. Choose the correct answer from the options given below:
Lisa, Monika and Nisha are partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Their capital A/c stood as Rs. 50,000, Rs. 50,000 and Rs. 25,000 respectively. Monika died and balance in the reserve on that date was Rs. 15,000. If goodwill of the firm is Rs. 30,000 and profit on revaluation is Rs. 7,050. What amount will be transferred to Monika's Executors Account ?
According to Indian Partnership Act, 1932, when the firm is dissolved, cash received on sale of assets are applied in following order : (A) Paying to each partner proportionately what is due to him/her on account of capital (B) In paying the secured 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 (D) The residue, if any shall be divided among the partner's in their profit sharing ratio (E) In paying unsecured debt of firm to third parties Choose the correct answer from the options given below :
Partnership deed should be drafted and prepared as per :
On retirement, the retiring partner's capital account will be credited with : (A) His/Her Capital Balance (B) His/Her share of goodwill (C) Share of goodwill of remaining partners (D) his/her share of Reserve (E) his/her drawings Choose the correct answer from the options given below :
While calculating Goodwill under super profit method, the sequence followed is : (A) Calculation of Super profit (B) Calculation of Capital Employed (C) Calculation of Normal profit (D) Calculation of Average profit (E) Calculation of Goodwill Choose the correct answer from the options given below :
A, B & C were sharing profits & losses in the ratio of 3 : 2 : 1. They decided to share profits & losses equally in future. General reserve was appearing in their books at Rs. 60,000. Goodwill was valued at Rs. 1,20,000. The partners do not want to disturb the general reserve. The adjusting entry will be :
On dissolution of partnership, goodwill account is transferred to :
Shweta, Shreya and Shaniya were partners sharing profits in the ratio of 3 : 2 : 1. Shaniya retired from the firm and her capital, after making adjustments for reserves and gain of revaluation amounted to Rs. 4,50,000. Shaniya took 25% of the furniture, accepted bill of exchange for Rs. 52,000. Finally Rs. 2,75,000 was transferred to her loan account. The total value of furniture was :
The steps in the Process of Preparing Profit and Loss Appropriation account are : (A) Transfer the net profit to the credit side of P & L Appropriation A/c (B) Divide the Profit among partners in the Profit Sharing ratio (C) Ascertain net profit after providing for all charges (D) Debit the P & L Appropriation A/c with all appropriations like partners salary etc. (E) Credit the P & L Appropriation A/c with interest on drawing and deficiency on account of partner's guarantee of earnings to the firm. Choose the correct answer from the options given below :