CUET UG Accountancy — Partnership previous year questions with solutions.
State Journal entry for realisation of investment.
Hidden Goodwill is :
__________ is/are not true with regard to Limited liability partnership. (A) Separate Legal entity (B) Unlimited liability for one partner (C) Indian Partnership Act, 1932 is applicable (D) Perpetual Succession (E) Unlimited liability of partners 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 :
In the absence of a partnership deed which of the following are correct. (A) Profit sharing ratio will be on the basis of capital contributed by the partners (B) No interest on capital will be provided (C) No interest on Drawing will be charged (D) 6% p.a. interest on partner's loan will be provided (E) Partner will get salary for extra time devoted for the firm Choose the correct answer from the options given below :
Select the entry that is to be made when a creditor accepts an asset in full and final settlement of his account.
Realisation A/c is debited with __________ on the dissolution of firm.
Select the way by which provisions appearing in the Balance Sheet of a partnership firm are closed at the time of firm's dissolution.
Match List - I with List - II. | List - I | List - II | |---|---| | (A) Increase in Furniture Value | (I) Credit side of Partner's Capital A/c | | (B) Depreciation on Machinery | (II) Debit side of Partner's Capital A/c | | (C) General Reserve | (III) Credit side of Revaluation A/c | | (D) Goodwill appearing in Books | (IV) Debit side of Revaluation A/c | Choose the correct answer from the options given below :
Match List - I with List - II. | List - I | List - II | |---|---| | (A) Profits of firm after admission of partner | (I) Sacrificing Ratio | | (B) Goodwill brought in by new partner | (II) Old Ratio | | (C) Profit on revaluation | (III) Gaining Ratio | | (D) Retiring Partner's Share of Goodwill | (IV) New Ratio | Choose the correct answer from the options given below :
Arrange the following in sequence of the final Accounts for a Partnership firm. (A) Profit and Loss Account (B) Partner's Capital Account (C) Trading Account (D) Balance Sheet (E) Profit and Loss Appropriation Account Choose the correct answer from the options given below :
From the above information, calculate share of Deepali's sacrifice or gain :
From the information provided in the case study, calculate Sonam's sacrifice or gain :
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 :
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:
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.
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.
A and B are partners sharing profits in the ratio of 2:1. C is admitted for the 1/4th share of profits, who brings Rs.20,000 as capital. After all adjustments related to goodwill, revaluation of assets and reassessment of liabilities etc, Capital of A and B are Rs.45,000 and Rs.15,000 respectively. It is agreed that partners capitals should be according to the new profit sharing ratio. Determine the new capital of B.
Arrange the following statements in proper sequence in context of admission of partner. A. Finalising terms for admission of new partner B. Calculation of sacrificing/ gaining ratio C. Finalising balance in partner's capital A/c D. Calculation of new profit sharing ratio E. Valuation and adjustment of goodwill Choose the correct answer from the options given below:
If at the time of admission, some positive balance of Profit and Loss A/C appears in the books, it will be transferred to:
A, B and C are partners sharing profits in the ratio of 3:2:1. D is admitted into firm for $\frac{1}{4}$ th share of profit, which he gets $\frac{1}{8}$ from A and $\frac{1}{8}$ from B. Calculate new profit sharing ratio of all the partners.
Select out of the following that is not considered as one of the modes of reconstitution of a partnership firm.
Profits made on Revaluation of Assets and Reassessment of Liabilities is distributed among whom?