Partnership PYQ — Page 31

Calculate the amount of adjusted profit for the year ended 31 March 2021 for the purpose of valuation of Goodwill from the following information: Profit for the year ended 31 March 2021: Rs. 80,000 On 1 July, 2020, a major plant repair was undertaken for Rs. 10,000 which was charged to Revenue. The said sum is to be capitalised for Goodwill valuation subject to adjustment of depreciation @ 10 % p.a. on reducing balance method.

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.

In partnership, a minor can be partner:

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:

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:-

Which of the following statement is true ?

A's share of goodwill brought in by C will be :

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

Plant and Machinery to be shown in Revaluation Account :

Calculate net profit as per P & L A/c for the year ending 31 March, 2022 from the following information : share of profit transferred to Capital A/c's of partners : Ram Rs. 7,000 Shyam Rs. 3,500 Interest on capital : Ram Rs. 1,500 Shyam Rs. 500 Interest on Drawings : Ram Rs. 300 Shyam Rs. 200 Ram's salary Rs. 1,000

On 1st April 2022, A, B and C decided to dissolve their firm On the date of dissolution, Sundry debtors appeared in Balance Sheet at Rs. 6,00,000 and Provision for doubtful debt at Rs. 30,000 Debtors to extent of Rs. 60,000 were bad. In journal entry for realisation of debtors.

Goodwill brought in by new partners would be _________.

In the absence of Partnership deed, partners share profits and losses :-

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.

Calculate the total amount brought in by new partner D including Goodwill share :

A firm is dissolved at the time of

All assets (except Cash/Bank and fictitious assets) are transferred to the _______ side of _______ account.

Which among the following are the modes of dissolution? A. Dissolution by Nature B. Compulsory Dissolution C. Dissolution by Agreement D. Dissolution by Notice Choose the correct answer from the options given below:

At the time of admission of a new partner general reserve appearing in the old balance sheet is transferred to _______

Gitansh withdrew Rs. 5000 pm at the end of every month for ten months. Interest on drawing is charged @ 10% p.a. Gitansh's interest on drawings is :

At the time a new partner is admitted, revaluation of assets and liabilities is made for the:

For computing Goodwill by capitalisation of Average Profit method, the following sequence would be followed: A. Capitalise the average profit on the basis of Normal Rate of Return B. Ascertain the firm's Capital - Total Assets - Outside Liabilities C. Ascertain the average profits based on past years' performance D. Compute the volume of Goodwill Choose the correct answer from the options given below:

Value of stock to be shown in Balance sheet after admission will be :

On 1/4/22, X and Y decided to dissolve their firm. On that date of dissolution, Goodwill appeared at Rs. 5,00,000 in the Balance Sheet. Goodwill will be: