Partnership PYQ — Page 26

Determine Gain/Loss on Realisation.

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.

A partnership can have maximum 50 partners. This limit has been set by the:

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:

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:

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 :

Which of the following will not be shown in Realisation Account ?

Which of the following will be shown on the credit side of Deceased Partner A/C? A. Revaluation Gain Share B. Goodwill written off C. Share of profit till date of death D. Drawings till date of death E. Interest on capital till date of death Choose the correct answer from the options given below:

Which of the following facts are related to modes of reconstitution of a partnership firm. (A) Admission of a new partner (B) Dissolution of a partnership firm (C) Death of a partner (D) Change in the profit sharing ratio among the existing partners (E) Retirement of a partner Choose the correct answer from the options given below :

Which mode of dissolution is highlighted in the above case?

When a creditor accepts an asset whose value is more than the amount due to him, he will _______ the excess amount which will be credited to _______ Account.

What journal entry will be passed for goodwill appearing in the books ?

What is Amrita's share in workmen compensation fund ?

Vikas and Rahul are partners who shared profits in the ratio of 2:3. They admitted Sunil as a partner for $\frac{3}{7}$ th share in future profits who brings Rs.37,500 as his share of Goodwill. Half of which is withdrawn by sacrificing partners. Record Journal entry for Goodwill withdrawn by Partners.

Using the information given in the case study, calculate Deepali's amount of sacrifice or gain in Goodwill.

Using the information given in above case study, Nimisha's sacrifice of goodwill will be :

Unrecorded assets when taken over by a partner on dissolution are shown in:

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 :

The dissolution of Partnership may take place due to: A. Retirement of Partner B. Death of Partner C. Insolvency of Partner D. Admission of New Partner E. Completion of Venture, if partnership formed for that purpose Choose the correct answer from the options given below:

The content of Partnership deed includes: A. Name and address of all partners B. Method of settlement of disputes among partners C. Deed once made cannot be altered D. Rules regarding operation of Bank account E. Verbal agreement between partners is considered as deed Choose the correct answer from the options given below:

State Journal entry for realisation of investment.

State Journal entry for payment of realisation expenses.

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 :

Share of revaluation profit of Amrita and Kalyani is :