CUET UG Accountancy — Partnership previous year questions with solutions.
All assets (except Cash/Bank and fictitious assets) are transferred to the _______ side of _______ account.
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
Amit, Dinesh and Gagan are partners sharing profits in the ratio of 5:3:2 Dinesh retires, Amit and Gagan decide to share the profits of the new firm in the ratio of 3:2. The Gaining ratio between Amit and Gagan will be:-
Revaluation Account is :-
At the time of dissolution of their firm, Ahmed and Subhash, who are partners of that firm, agreed that Ahmed will pay realization expenses for a fixed remuneration of Rs.12,000. The actual expenses were Rs. 16,000. The Journal entry to be passed is
Match the following with regard to partnership | List I | List II | |---|---| | A. When a new partner joins the partnership | I. Compulsory dissolution | | B. When an existing partner leaves the partnership | II. Admission of a partner | | C. When the business of firm becomes illegal | III. Prepared in the case of death of a partner | | D. Executor's Account | IV. Retirement of a Partner | Choose the correct answer from the options given below:
Match List I with List II | List I | List II | |---|---| | A. Mutual Agency | I. It can be oral or written | | B. Agreement | II. Written agreement | | C. Liability of partners | III. Partnership concern carried by all or any of them acting for all. | | D. Partnership deed | IV. Joint and unlimited | Choose the correct answer from the options given below:
Sometimes the value of Goodwill is not given at the time of admission/retirement of a partner. In such a situation, it has to be inferred from capital and profit sharing ratio. such Goodwill is called
A firm which maintains fixed capital had two partners Vimla and Kamla sharing profits in the ratio 1:1 The firm credited the partners with profit without interest on Capital which is allowed in the deed. Choose the correct option to pass a journal entry for the past adjustment if the Interest on capital Rs.2000 for Vimla Rs.3000 for Kamla
Choose the correct sequence of financial statements prepared for a partnership firm at the end of a financial year. A. Capital Accounts B. Profit and Loss A/c C. Profit and Loss Adjustment A/c D. Balance Sheet Choose the correct answer from the options given below:
Which amongst the following is not a ground for dissolution of partnership firm on happening of certain contingencies?
Soni, Moni and Toni are partners sharing profits in the ratio of 5:3:2. If Moni's share of profit at the end of the year amounted to Rs.1,50,000. What will be Soni's share of profits?
Identify from the following when goodwill is required to be calculated. Change in profit sharing ratio A. Change in profit sharing ratio B. Admission of a partner C. Dissolution of Partnership firm D. Amalgamation of partnership firms E. Preparation of Balance Sheet Choose the correct answer from the options given below:
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.
Find the right sequence of appropriation of profits A. Profits transferred to P and L appropriation A/c. B. Interest on capital C. Profits distributed to partner after appropriation D. Interest on partner loan A/c 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.
Identify the right combination of type of Account in making Final Accounts of Partnership Firm. (a) Profit and Loss A/C (b) Profit and Loss Suspence A/C (c) Profit and Loss Appropriation A/C (d) Profit and Loss Adjustment A/C (e) Partners' Capital A/Cs Choose the correct answer from the options given below :
Interest on drawings of a partner has been calculated Rs. 3,000 @ 8% p.a. who has drawn equal amount in each quater; commencing from end of the first quarter throughout the year. The amount of drawing of partner per quarter would be :
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 :
If average capital employed in a firm is Rs. 15,00,000 and fair rate of return in the same industry was 8%. Goodwill was valued at Rs. 90,000 on the basis of three times of super profit. The Average Profit of the firm is ?
A and B are partners sharing profits in the ratio of 5 : 4. C is admitted as a partner and he acquires 25% of his share from A. B surrenders $\frac{1}{4}$ th from his share in favour of C. Calculate C's share in profit.
A, B and C were partners sharing profits and losses in the ratio of 3 : 2 : 1. C died on 1st August, 2022 and his share of profit from the begining of the accounting year upto the date of death amounted to Rs. 70,000. C's share of profit will be debited to :
At the time of retirement of a Partner if retiring Partner's whole amount is treated as loan, then the total amount is Debited in :
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 :