CUET UG Accountancy — Partnership previous year questions with solutions.
Salary of a partner is shown in
Select the conditions required for computing interest on drawings using average period method: A. Equal amount of drawings B. Fixed interval of drawings C. Varying amounts of drawings D. Different interval of drawings E. Rate of Interest 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:
Match List I with List II | LIST I | LIST II | |---|---| | A. Only Capital A/c exist | I. Credited to partner's capital account | | B. Capital account balance remain unchanged | II. Debited to Partner's Capital Account | | C. Fresh/additional capital brought in by partner | III. Fixed Capital Account | | D. Permanent withdrawal | IV. Fluctuating Capital Account | Choose the correct answer from the options given below:
Identify which of the following will lead to dissolution of partnership but NOT dissolution of the firm
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:
Unrecorded assets when taken over by a partner on dissolution are shown in:
Identify the way by which the clauses of partnership deed can be altered.
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.
A newly admitted partner has the right to -
From the following information, identify when goodwill is required to be calculated. (a) Admission of a Partner (b) Amalgamation of partnership firms (c) Dissolution of partnership firm (d) Retirement and Death of any partner (e) Preparation of Balance sheet Choose the correct answer from the options given below :
At the time of admission of a partner, if nothing is specified then new partner acquires his share from old partners.
On the death of a partner, his share in the loss of the firm till the date of his death is transfered to :
In the balance sheet Total Debtors appear at Rs. 1,50,000 and provision for doubtful debts appear at Rs. 1,500. How much amount will be realised from debtors, if bad debts amounted to Rs. 20,000 and remaining debtors realised at a discount of 15% ?
As per Receipts and Payments Account for the year ended on March 31, 2020, subscriptions received were Rs. 2,50,000 subscriptions outstanding on 1-04-2019 Rs. 50,000, Subscriptions received in advance as on 31-3-2020 are Rs. 30,000. Subscriptions for the year 2019-20 will be:
Due to the ill health of B, they decided to dissolve the firm. It comes under ____ form of dissolution.
The amount recovered from the debtors is:
Identify the correct sequence or order of application of assets including any sum contributed by the partners, in case of dissolution of partnership firm to makeup deficiencies of capital. A. In paying each partner proportionately what is due to him form the firm for advances distinguished from capital B. In paying to each partner proportionately what is due to him on account of capital C. In paying the debts of the firm to the third parties D. The residue, if any, shall be divided among the partners in their profit sharing ratio Choose the correct answer from the options given below:
A, B and C are partners in a firm sharing profits in the ratio 7:4:4. B retires and on the day of his retirement Goodwill existed in the books at 30,000. B's Capital A/c will be debited by
In the absence of Partnership deed, partners share profits and losses :-
The amount of distributed profits of both the partner's will be:
The new profit sharing ratio of Arun, Ram and Sanjeev will be:
On dissolution of a firm, bank overdraft is transferred to :
Plant and Machinery to be shown in Revaluation Account :