CUET UG Accountancy — Partnership previous year questions with solutions.
When realisation expenses are paid by the firm on behalf of a partner, which account will be debited :
A and B are partners in a firm sharing profits in the ratio 2:1. C is admitted into the firm with 1/4th share in profits and he brings Rs. 30,000 as his capital. If the capitals of A and B are to be adjusted in their profit sharing ratio then the capital of A will be-
According to which section of the partnership Act 1932, the dissolution of a partnership between all the partners of a firm is called the dissolution of the firm?
Arrange the following regarding admission procedure in the correct sequence. (A) Giving share to the new partner. (B) Treatment of Goodwill (C) Calculating new profit sharing ratio & sacrificing ratio (D) Preparation of Revaluation A/c (E) Preparing Partner's Capital A/c and Balance Sheet Choose the correct answer from the options given below:
A, B and C are partners in a firm. If D is admitted as a new partner, what will be its affect?
A and B are partners sharing profits in the ratio of 2:1. C is admitted into the firm for 1/4 share of profits. C brings in Rs. 20,000 in respect of his capital. The capitals of old partners A and B, after all adjustments relating to goodwill, revaluation of assets and liabilities, etc., 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 profit sharing ratio
A business has earned average profits of Rs. 1,00,000 during the last few years and the normal rate of return in a similar business is 25%. Ascertain the value of goodwill by capitalisation of average profits method, given that the value of net assets of the business is Rs. 3,20,000.
Stock at the time of dissolution was appearing in books at Rs 50,000. Half of the stock was sold at a discount of 20% and the remaining was taken over by one of the partners at a 10% discount. What amount was received in cash at the time of realization of stock.
Match List-I with List-II | List-I | List-II | |---|---| | (A) Payment of loans due to partners | (I) Realisation A/c Dr To Bank A/c | | (B) For settlement of partners' accounts, in case their capital account shows a debit balance | (II) Bank A/c Dr. A/c To loan to partners | | (C) For settlement of loan by a firm to a partner | (III) Bank A/c Dr. To Partner's Capital A/c | | (D) For settlement of any unrecorded liability | (IV) Partner's Loan A/c Dr. To Bank A/c | Choose the correct answer from the options given below:
Arrange the following in a sequence, in which they will be utilize for the payment of losses: (A) Out of capital of partners. (B) Out of profits. (C) By the partners individually in their profit sharing ratio. Choose the correct answer from the options given below:
Match List-I with List-II | List-I | List-II | |---|---| | (A) Compulsory Dissolution | (I) Partner becomes insane | | (B) Dissolution by notice | (II) Death of a partner | | (C) Dissolution by Court | (III) Business become illegal | | (D) Dissolution on certain contingencies | (IV) Partnership at will | Choose the correct answer from the options given below:
Arrange the following in the sequence in which they shall be applied in payment at the time of dissolution of a firm: (A) The debts of the firm to the third parties. (B) Partner proportionately what is due to him/her from the firm for advances as distinguished from capital (i.e. partner's loan). (C) Each partner proportionately what is due to him on account of capital. (D) Divided among the partners in their profit sharing ratio. Choose the correct answer from the options given below:
The steps involved in calculation of Goodwill under Super Profit method are: (A) Calculate the super profits by deducting normal profit from the average profits. (B) Calculate the normal profit on the firm's capital on the basis of the normal rate of return. (C) Calculate the average profit. (D) Calculate goodwill by multiplying the super profits by the given number of years' purchase. Choose the correct sequence of steps from the options given below:
Asha, Deepa and Lata are partners in a firm sharing profits in the ratio of 3 : 2 : 1. Deepa retires. After making all adjustments relating to revaluation, goodwill, Payment to Deepa and accumulated profit etc., the capital accounts of Asha and Lata showed a credit balance of Rs. 1,60,000 and Rs. 80,000 respectively. It was decided to adjust the capitals of Asha and Lata in their new profit sharing ratio. You are required to calculate the new capitals of the partners i.e Asha and Lata.
Investment Fluctuation Reserve will be
What is the amount of A's deficiency of annual fee?
What is the amount of profit to be credited to A's Capital account?
In which ratio the deficiency of T will be borne by A & V.
Accounting treatment for a partnership firm is similar to that of a sole proprietorship business except the following aspects: (A) Distribution of Profit and Loss among the partners (B) Dissolution of Partnership Firm (C) Raising Capital through public offering (D) Adjustments for Wrong Appropriation of Profits in the Past Choose the correct answer from the options given below:
In which of the following case court can order dissolution of a partnership firm.
A and B are partners, they admit C into partnership. C was asked to pay Rs 2,50,000 though his share of capital was estimated Rs 2,00,000 only. for what Rs 50,000 extra was asked from C?
Match List-I with List-II If the partnership deed is silent regarding the items provided in List-I | List-I | List-II | |---|---| | (A) Interest on Capital | (I) to be shared equally | | (B) Interest on Loan | (II) not charged | | (C) Interest on Drawings | (III) not payable | | (D) Sharing of Profits | (IV) @6% p.a. | Choose the correct answer from the options given below:
Which of the following are shown under capital account in case capital of partner's are fixed? (A) Fresh capital introduced (B) Permanent capital withdrawn (C) Interest on capital (D) Amount of capital brought down from the previous year Choose the correct answer from the options given below:
In case of dissolution of a partnership firm, losses, including deficiencies of capital, shall be paid first out of ...............