Partnership PYQ — Page 29

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 :

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:

According to Indian Partnership Act, 1932, when the firm is dissolved, cash received on sale of assets are applied in following order : (A) Paying to each partner proportionately what is due to him/her on account of capital (B) In paying the secured debts of the firm to the third parties (C) In paying each partner proportionately what is due to him/her from the firm for advances as distinguished from capital (D) The residue, if any shall be divided among the partner's in their profit sharing ratio (E) In paying unsecured debt of firm to third parties Choose the correct answer from the options given below :

A newly admitted partner has the right to -

A new partner can be admitted :

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 :

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.

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?

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.

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.

X, Y, Z are partners who decided to dissolve their firm. Realisation expenses were to be borne by Y for which he was to be given remuneration of Rs. 10,000. Actual expenses were Rs. 12,000. How much amount will be transferred to Y's Capital A/c for it?

X, Y and Z are partners in the ratio of $\frac{1}{2}:\frac{2}{5}:\frac{1}{10}$. What will be the new ratio of the remaining partner if X retires?

X and Y are partners in a firm sharing profits in the ratio of 4:1. Z is admitted in the firm for $\frac{1}{5}$ share. On the admission of Z there was a balance of Rs. 20,000 in general reserve. What would be the journal entry for distributing the reserve.

Which of the following statement is true ?

Which from the following is not a feature of a partnership firm?

Which amongst the following is not a ground for dissolution of partnership firm on happening of certain contingencies?

Which among the following are the modes of dissolution? A. Dissolution by Nature B. Compulsory Dissolution C. Dissolution by Agreement D. Dissolution by Notice Choose the correct answer from the options given below:

When the total amount withdrawn is given but the date of withdrawal is not given then interest on drawings is charged for a period of:

When the fixed amount is withdrawn at the end of each quarter, interest on drawing will be calculated for _______

What would be the new Profit Sharing Ratio :

What would be the effect of the line "All Debtors are good.

What will be the share of deceased partner, whose ratio was $\frac{1}{4}$, if the turnover in year of death till the date of death was Rs. 8,00,000 and in previous year was Rs. 20,00,000? Profit in previous year was Rs. 4,00,000

Vivek, Virat and Vineet were partners in a firm. Their capital accounts as on April 1, 2019 showed a balance of Rs.4,00,000, Rs.6,00,000 and Rs.8,00,000 respectively. On 1st July 2019 Virat introduced additional capital of Rs.1,00,000 while Vineet withdraw 50,000 on 31 Oct 2019 from their capitals. Interest on capital is allowed @8%. Calculate Interest on capital to be given to each partner.

Value of stock to be shown in Balance sheet after admission will be :