Partnership PYQ — Page 28

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 ?

__________ 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 :

In which of the following case, claim is valid if the partnership agreement is silent?

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 :

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.

If information provided in the case study is used, the sacrifice or gain of Sonam share of goodwill will be :

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 :

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

Identify which of the following will lead to dissolution of partnership but NOT dissolution of the firm

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

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 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 :

Identify the amount realised in cash from Sundry Debtors.

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

Hidden Goodwill is :

Goodwill brought by Suraj will be distributed as :

From the information provided in the case study, calculate Sonam's sacrifice or gain :

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:

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

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:

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 :

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:

Arrange the following in the context of dissolution of partnership firm. A. Payment of loan from Partners B. Payment of secured outsider's liabilities C. Realisation of assets into cash D. Settlement of partner's capital E. Payment of unsecured outsider's liability Choose the correct answer from the options given below: