CUET UG Accountancy — Partnership previous year questions with solutions.
A firm may not be dissolved by court in the following condition :
On the dissolution of the partnership firm the amount realised from sale of assets shall be applied in following order. (a) Distributing the amount left among the partners in their profit sharing ratio (b) Paying amount due to partner on account of loan advanced by him (c) Paying amount due to the creditors (d) Paying partners' capital account balances Choose the correct answer from the options given below :
Value of stock to be shown in Balance sheet after admission will be :
Provision for Doubtful debts to be shown in Revaluation Account :
A's share of goodwill brought in by C will be :
Which from the following is not a feature of a partnership firm?
At the time a new partner is admitted, revaluation of assets and liabilities is made for the:
In partnership, a minor can be partner:
The goodwill brought in by the new partner is distributed by old partner their:
X, Y and Z are partners in the ratio of $\frac{1}{2}:\frac{2}{5}:\frac{1}{10}$. What will be the new ratio of the remaining partner if X retires?
In case of retirement or death of a partner, all accumulated profit and losses are transferred in capital account of partners in the:
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:
In the absence of any information regarding the acquisition of share in the profit of retiring/deceased partner by the remaining partners, it is assumed that they will acquire his/her share in the:
Extract of Receipt and Payment Account for the year ended on March 31, 2021 is given. Calculate the amount of Stationery to be shown in Income and Expenditure A/c. Payments for Stationery: Rs. 23,000 Additional Information: | | 1 April, 2020 | 31 Mar 2021 | | --- | --- | --- | | Stock of Stationary | 4,000 | 3,000 | | Creditors for stationery | 9,000 | 2,500 |
________ is the amount received as per the will of a deceased person.
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:
From the following information, calculate interest on Capital of C, a partner for the year ended 31st March, 2022. C's Capital on 31/3/2022: Rs. 12,00,000 Profit credited to C for the year ended 31/3/2022: Rs. 3,00,000 Drawings made during the year: Rs. 1,00,000 Additional Capital introduced on 1/10/21: Rs. 5,00,000 Rate of Interest = 12 % p.a.
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:
If X share of profit was to be calculated on the basis of Average Profit of the last three years, which were Rs. 1,36,000 for 2018-19, Rs. 1,54,000 for 2019-20 and Rs. 1,00,000 for 2020-21. X share of profit for the period from April 01, 2020 to June 30, 2020 shall be calculated on the basis of Average Profit. The profit sharing ration is 4 : 5 : 1 between X, Y and Z. His share of profit will be:
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:
Raman and Naman were in partnership sharing profit and losses as 3 : 2. Their partnership firm was dissolved on 31 March 2022. On the date of dissolution, Naman's loan was Rs. 20,000. Naman agreed to take stock (already transferred to Realisation A/c) of Rs. 15,000 at Rs. 18,000 and balance in cash for the settlement of loan. Journal Entry for above transaction is:
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.
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:
How will you deal with the following items while preparing for the Bombay Women Cricket Club, its Income and Expenditure Account for the year ending 31st March 2021, and its Balance Sheet, on the same date : Donation for the Pavilion construction Rs. 12,25,000, Expenditure incurred Rs. 10,80,000, Total estimate Rs. 25,00,000.