Partnership PYQ — Page 30

Creditors to be shown in Balance sheet after admission of partner will be :

What would be the new Profit Sharing Ratio :

The capital accounts of partners will always show a ____ balance under fixed capital account method

A, B and C are partners with profit sharing ratio of 2:1 respectively. C died on 1 oct 2021. Journal entry to be passed to give C his share of profit immediately will be:-

Sunil and Ravi are partners in a firm sharing profits in the ratio of 3:1. Amar is admitted for 1/4 share. The Sacrificing ratio of Sunil and Ravi is

Anand, Bahadur and Chander are partners, sharing profit equally. On Chander's retirement, his share is acquired by Anand only. Gaining percentage of Anand will be.

Ram and Balram are partners in a firm sharing profit and losses in the ratio of 2:1. An extract of Balance Sheet as of 31st March 2022 | Liabilities | Rs. | Assets | Rs. | |---|---|---|---| | | | Furniture | 80,000 | If the value of above furniture is overvalued by $33\frac{1}{3}\%$, choose the value of furniture to be shown in the new Balance Sheet out of the following:

P, Q & R were partners sharing profit in the ratio 4:3:3. W was admitted to the partnership, bringing 1,00,000 capital and Rs. 24,000 as his share of Goodwill. Choose the correct entry for retaining of Goodwill brought in by W. W's share in profit was $\frac{1}{4}$th

Calculate manager's commission at 10% on Net profit, if the Divisible profit of a firm is Rs. 10,000, salary to partners is Rs. 3000 and Interest on drawings is Rs. 2000.

Identify a characteristics not applicable in partnership

When the fixed amount is withdrawn at the end of each quarter, interest on drawing will be calculated for _______

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.

P, Q and R are partners sharing profits in the ratio of 3:1:1 S admits in the firm for $\frac{2}{10}$ share in the future. The sacrificing ratio would be

Identify the item credited to Realisation Account in the event of dissolution of a partnership firm.

Identify the treatment of Government Grant received from the government from following:

Ram, Mohan and Roy are Partner in the ratio of 8:6:4 Ram retires, Mohan and Roy decided to share profits in the ratio of 10:6. Calculate gaining ratio.

Court may not order for dissolution of a partnership firm out of which of the following grounds:

A firm is dissolved at the time of

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:

How will you show Bank overdraft while preparing the Income and Expenditure Account and Balance sheet of a club?

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 :

Show the following information in financial statements of a Non-Profit Organisation | Detail | Amount (Rs.) | |---|---| | Match Fund | 20,000 | | Match Expenses | 30,000 | | Donation for match fund | 15,000 | | Sale of match ticket | 5,000 |

A, B and C are partners sharing profits in the ratio of 2:3:1. B retries, then new profit sharing ratio between A and C will be

Calculate the amount of subscription to be shown in Income and expenditure A/C for the year ending 31st March 2022 Subscription received during the year 2021-22 Rs. 100,000 Outstanding subscription for the year 2020-21 Rs. 10000 Outstanding subscription for the year 2021-22 Rs. 20000 Subscription received in advance in 2020-21 Rs. 5000 Subscription received in advance in 2021-22 Rs. 4000