Partnership PYQ — Page 32

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?

On retirement of a partner, the retiring partner's capital account will be credited with _____

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.

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

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

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

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:

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

Which amongst the following is not a ground for dissolution of partnership firm on happening of certain contingencies?

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:

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.

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 :

Which from the following is not a feature of a partnership firm?

The goodwill brought in by the new partner is distributed by old partner their:

________ is the amount received as per the will of a deceased person.

If the total income earned by Saket Club, a Not-for-Profit organisation is Rs. 2,60,000 and surplus earned is Rs. 85,000, then total expenditure incurred will be:

Match List I with List II | List I | List II | | --- | --- | | A. Partner's Salary | I. P & L A/c Dr. | | B. Manager's Salary | II. P & L Appropriation A/c Dr. | | C. Distribution of Loss | III. P & L A/c Cr. | | D. Commission Received | IV. P & L Appropriation A/c Cr. | Choose the correct answer from the options given below:

The amount of salary to be shown in the Dr. side of P & L Appropriation A/C will be:

Match List - I with List - II. | List - I | List - II | |---|---| | (A) Interest on loan | (I) Current Account | | (B) Fixed capital | (II) Charge Against Profit | | (C) Fluctuating capital | (III) Capital Account | | (D) Interest on capital | (IV) Appropriation of Profit | Choose the correct answer from the options given below :

Sudhir and Vimal came into partnership with profit sharing ratio of 3 : 2. Due to paucity of time, Sudhir was unable to give time to business so Vimal acted as principle and took all financial and operational decisions. Due to break down of Covid 19, business suffered a loss of 4,00,000. State the amount of loss to be borne by Sudhir.

From the above calculate amount of Goodwill :