Partnership PYQ — Page 30

It is the amount-paid to the person who is not the regular employee of the institution.

The treatment of Goodwill appearing in the balance sheet will be:

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

Rate of Interest on loan given by Sanjeev will be:

The amount recovered from the debtors is:

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.

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.

If Amit, a partner, withdrew Rs. 10,000 per month in the end, what will be the amount of interest on drawing if it is calculated @ 8 % p.a.?

Arrange the following steps to calculate value of Goodwill by capitalization method of super profit in a proper sequence. A. Calculate normal profit on capital employed B. Actual Profits - Normal Profits = Super Profit C. $\frac{super\ profit \times 100}{Normal\ rate\ of\ returns}$ D. Calculate actual profits on capital employed Choose the correct answer from the given options

Lockers Rent Received during the year by a club is Rs. 17,050. Locker rent Rs. 3,050 outstanding for the previous year and Rs. 1500 outstanding for the current year. The amount to be shown in Income and Expenditure is :

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

Due to the ill health of B, they decided to dissolve the firm. It comes under ____ form of dissolution.

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?

Match List - I with List - II. | List - I | List - II | | --- | --- | | (a) Building undervalued | (i) Credited to Partner's Capital Account | | (b) Building overvalued | (ii) Credited to Revaluation Account | | (c) Capital withdrawn | (iii) Debited to Revaluation Account | | (d) Additional capital introduced | (iv) Debited to Partner's Capital Account | Choose the correct answer from the options given below :

Monu, Sonu and Golu are partners in a firm sharing profits in the ratio of 2 : 2 : 1. Golu died on 5th November 2021. Under the partnership deed, the executors of the deceased partner are entitled to his share of profit to the date of death, calculated on the basis of last year's profit. Profit for the year ended 31st March 2022 was Rs. 3,00,000. Golu's share of profit will be :

Revaluation Account is :-

A, B and C are partner's sharing profits and losses in the ratio of $\frac{3}{8} : \frac{1}{2} : \frac{1}{8}$. If A dies, then the new ratio of B and C will be :

Match List I with List II in context of not having partnership deed. | | LIST I | | LIST II | |---|---|---|---| | A. | Interest on loan | I. | Equal | | B. | Interest on drawings | II. | Will not be charged | | C. | Salary | III. | @ 6% p.a. | | D. | Profit sharing ratio | IV. | Will not be allowed/provided | Choose the correct answer from the options given below:

Outstanding Salaries for the current year is shown A. In the Opening Balance Sheet, as an asset B. In the Closing Balance Sheet, as an asset C. In the Income and Expenditure A/c by adding to the expense 'salary' D. In the Closing Balance Sheet, as a liability Choose the correct answer form the options given below:

The accumulated profits and reserve are transferred to:

In case of retirement or death of a partner, all accumulated profit and losses are transferred in capital account of partners in the:

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 firm earns a profit in last three years as follows : 2020 - 21 Rs. 75,000 2019 - 20 Rs. 1,20,000 2018 - 19 Rs. 50,000 Additional Information :- Closing stock of 2020 - 21 was undervalued by Rs. 10,000. Calculate the Average Profit.