Partnership PYQ — Page 3

Ram, a partner, has been assigned the responsibility for realization of assets and settlement of liability for which he will be given remuneration of ₹ 10,000. He has to bear all the realization expenses. Actual realization expenses are 12,000. Journal Entry will be

Which of the following is not a part of capital account under the fixed Capital Method?

Which of the following are charges against profits? (A) Rent paid to partners (B) Interest on loan, paid to partners (C) Interest on Capital (D) Manager's commission Choose the correct answer from the options given below:

In case of dissolution of a firm, Losses including deficiencies of capital, shall be paid first out of ....

Calculate interest on drawings for the amount Rs. 6000 on January 31, 2019.

Calculate Interest on drawings for the amount Rs. 12000 on June 1, 2019.

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:

In case of the dissolution of a firm, the firm ceases to conduct business and has to settle its accounts. Arrange in the correct manner and order the assets of the firm, including any sum contributed by the partners to make up for deficiencies of capital: (A) In paying to each partner proportionately what is due to him on account of capital (B) In paying the 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 (i.e. partner's loan) (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:

Sameer and Yasmin are partners with capitals of Rs 15,00,000 and Rs 10,00,000 respectively. They agreed to share profits in the ratio of 3:2. The books are closed on March 31, every year. They admit Ravi on October 1, 2019 in the partnership, who bring Rs 12,00,000 as capital and Sameer also introduced additional capital Rs 3,00,000 on that date. Interest on partner's capital is provided @5% p.a. The amount of interest on the capital of Sameer for the year 2019-20 is-

Which of the following statements are correct in respect of goodwill? (A) the present value of a firm's anticipated excess earnings (B) the capitalised value attached to the differential profit capacity of a business'. (C) goodwill exists only when the firm earns super profits (D) Any firm that earns normal profits or is incurring losses also has goodwill. Choose the correct answer from the options given below:

Partner's current accounts are transferred to the respective partners' ________ at the time of dissolution of a partnership.

Gobind, Hari and Pratap are partners. On retirement of Gobind, the goodwill already appears in the Balance Sheet at Rs. 24,000. The goodwill will be written-off -

Identify the steps involved in the accounting treatment in the case of dissolution of firm: (A) Capital accounts of partners are prepared and their final settlement is done. (B) The balance of realisation account (profit or loss on realization) is transferred to partners' capital accounts in the profit sharing ratio. (C) All assets and all external liabilities are transferred to realisation account. (D) Realisation account is prepared. (E) Bank account is prepared. Choose the correct answer from the options given below:

Match List-I with List-II | List-I | List-II | |---|---| | (A) Gaining Ratio | (I) An advantage of good name, reputation and wide business connections. | | (B) New Profit Sharing Ratio | (II) The ratio in which the continuing partners have acquired the share from the retiring/deceased partner | | (C) Sacrificing Ratio | (III) The ratio in which the remaining partners will share future profits after the retirement or death of any partner | | (D) Goodwill | (IV) The ratio in which the old partners agree to sacrifice their share of profit in favour of the incoming partner | Choose the correct answer from the options given below:

A and B are partners without any partnership deed. B has given loan of Rs.2,00,000 to the firm on 1st July 2023. B claim interest on loan @ 10% p.a. How much interest on loan will be paid to B for the year ending on 31st March 2024. ?

Which of the following is not a method of valuation of goodwill?

When the capital accounts are fixed, additional capital introduced by the partner is.

Ramesh and Suresh are partners in a firm sharing profits in the ratio of 4:3. They admitted Mohan as a new partner. The profit sharing ratio of Ramesh, Suresh and Mohan will be 2:3:1. Choose the correct option with regards to the gain or sacrifice of old partner-

Pinki, Deepti and Kaku are partner's sharing profits in the ratio of 5:4:1. Kaku is given a guarantee that his share of profits in any given year would not be less than Rs 5000. Deficiency, if any, would be borne by Pinki and Deepu equally. Calculate the deficiency assumed by Pinki and Deepti for each case separately if profits for the year were:- Case I - Rs 40,000 or Case II - Rs 60,000

Arrange the various accounting aspects involved on retirement or death of a partner- (A) Ascertainment of share of profit or loss up to the date of retirement/death (B) Ascertainment of new profit sharing ratio and gaining ratio (C) Distribution of accumulated profits and losses (D) Settlement of the amounts due to retired/deceased partner Choose the correct answer from the options given below: 1. (B), (C), (D), (A) 2. (B), (C), (A), (D) 3. (B), (A), (D), (C) 4. (C), (B), (D), (A)

On the admission of a new partner, an increase in the value of assets is debited to:

Correct Journal entry for transferring interest on capital to Profit and Loss Appropriation Account is-

In which ratio the deficiency of T will be borne by A & V.

$A$ and $B$ are partners in a firm sharing profits in the ratio of $5:3$. They admit $C$ as a new partner for $\frac{1}{7}$th share in the profits. The new profit sharing ratio will be $4:2:1$. The sacrificing ratio of $A$ and $B$ is