Partnership PYQ — Page 27

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 :

A, B, C were partners in a partnership firm their profit sharing ratio was 5:3:2. B retires and the new profit sharing ratio between A and C was 3:2. Calculate gaining ratio.

Calculate the Normal Rate of Return if normal profit is Rs.30,000, Assets Rs.5,30,000 and liabilities Rs.30,000, while calculating the value of goodwill of the firm at the time of admission of a partner.

At the time of admission, credit balance of Profit and Loss account appearing in books will be transferred to :

Select out of the following that is not considered as one of the modes of reconstitution of a partnership firm.

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.

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 Half of which is withdrawn by sacrificing partners. Record Journal entry for Goodwill withdrawn by Partners.

Which mode of dissolution is highlighted in the above case?

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 :

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

Select the entry that is to be made when a creditor accepts an asset in full and final settlement of his account.

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.

A newly admitted partner has the right to -

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:

Salary of a partner is shown in

Out of the following when will the need for valuation of goodwill does not arise:

If at the time of admission, some positive balance of Profit and Loss A/C appears in the books, it will be transferred to:

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 :

Using the information given in above case study, Nimisha's sacrifice 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?

Identify the way by which the clauses of partnership deed can be altered.

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:

From the above information, calculate share of Deepali's sacrifice or gain :

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: