CUET UG Accountancy — Partnership previous year questions with solutions.
On retirement/death of a partner, the remaining partners who have gained due to change in profit sharing ratio should compensate the :
If Average Capital Employed in a firm is Rs. 9,00,000 ; Average Profits Rs. 2,80,000 and Normal rate of return is 20%, then value of goodwill as per capitalisation of super profits is :
Rohit a partner paid the realisation expenses of Rs. 10,000 and he was to get a remuneration of Rs. 12,000 for completing the dissolution process and realisation expenses were borne by Rohit. The amount transferred to his capital A/c will be :
Goodwill brought by Suraj will be distributed as :
Share of revaluation profit of Amrita and Kalyani is :
What is Amrita's share in workmen compensation fund ?
What journal entry will be passed for goodwill appearing in the books ?
Complete the sequence where interest on capital has to be provided as per partnership deed, but available profits are not sufficient to provide full amount of Interest on capital. A. If it is appropriation, calculate interest on capital for all partners at given rate B. Divide the available amount in the capital ratio among the partners C. Calculate ratio between capital of partners D. Consider the partnership deed and decide whether interest on capital is a charge or an appropriation E. Consider the available profit Choose the correct answer from the options given below:
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:
Arrange following in a sequence in which amount realised from Assets will be utilised to pay. A. Partner's Loan B. Partner's Capital C. Secured debts of the firm D. Unsecured debts of the firm E. Residue to partners Choose the correct answer from the options given below:
Out of the following when will the need for valuation of goodwill does not arise:
In a partnership firm, partners share profit and loss in the ratio of 3:2. If the firm incurred a loss of Rs. 10,000 during the year then calculate the amount of loss to be shared by partners.
From the following identify the items which are payable to retiring partner, if mentioned in deed: A. Credit balance of his/her Capital/Current Account B. Share of goodwill C. Goodwill of the firm D. Share in revaluation gain/loss E. Share in accumulated profits (Reserves) Choose the correct answer from the options given below:
On R's retirement, the amount payable to him after all adjustments, work out to be Rs. 60,000 but the remaining partners P and Q agreed to pay him Rs. 75,000 in full settlement of his claim. Identify the term which represent Rs. 15,000 extra, that is paid to R.
Identify the correct sequence where new partner is to bring proportionate capital. A. Calculation of Capital Balance of old partners B. Preparation of Revaluation A/c C. Determination of Revaluation gain/loss D. Presentation of Treatment of Goodwill E. Calculation of Capital to be brought in by the new partner Choose the correct answer from the options given below:
Identify that account to which share of profit of a deceased partner is debited from the date of the last Balance Sheet to the date of his/her death
In which of the following case, claim is valid if the partnership agreement is silent?
Match List I with List II | LIST I | LIST II | |---|---| | A. Transfer of accumulated profits | I. Realisation account | | B. Unrecorded asset sold on dissolution of firm | II. Profit and Loss Account | | C. Manager's commission | III. Profit and Loss Appropriation Account | | D. Partner's commission | IV. Partner's Capital account | Choose the correct answer from the options given below:
Match List I with List II | LIST I | LIST II | |---|---| | A. Loss on Revaluation | I. Credited to old partners in old ratio | | B. Profit on Revaluation | II. Debited to profit and loss suspense A/C | | C. Premium brought by new partner | III. Credited to old partners in sacrificing ratio | | D. On the death of a partner, profit till the date of death is Rs. 2,000 | IV. Debited to old partners in the old ratio | Choose the correct answer from the options given below:
Match List I with List II | LIST I | LIST II | |---|---| | A. Interest on capital | I. Admission of partner | | B. Gaining Ratio | II. Profit/Loss in the old profit sharing ratio | | C. Sacrificing ratio | III. Continuing partners | | D. Revaluation of Assets and Liabilities | IV. when partnership deed specifically provide for it | Choose the correct answer from the options given below:
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.
Which mode of dissolution is highlighted in the above case?
Identify the amount realised in cash from Sundry Debtors.
State Journal entry for payment of realisation expenses.