Partnership PYQ — Page 33

Valuation of Goodwill takes place on which of the following occasions: A. Incorporation of a new business B. Change in profit sharing ratio C. Amalgamation of partnership firm D. Admission of a partner E. Dissolution of firm or closure of business Choose the correct answer from the options given below:

What will be the share of deceased partner, whose ratio was $\frac{1}{4}$, if the turnover in year of death till the date of death was Rs. 8,00,000 and in previous year was Rs. 20,00,000? Profit in previous year was Rs. 4,00,000

If Amit, a partner, withdrew Rs. 10,000 per month in the end, what will be the amount of interest on drawing if it is calculated @ 8 % p.a.?

X, Y, Z are partners who decided to dissolve their firm. Realisation expenses were to be borne by Y for which he was to be given remuneration of Rs. 10,000. Actual expenses were Rs. 12,000. How much amount will be transferred to Y's Capital A/c for it?

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

Interest on capital will be shown on the Dr. side of Profit and Loss Appropriation A/c and ________ side of Partner's ________ A/c.

Rate of Interest on loan given by Sanjeev will be:

A, B and C are partner's sharing profits and losses in the ratio of $\frac{3}{8} : \frac{1}{2} : \frac{1}{8}$. If A dies, then the new ratio of B and C will be :

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.

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

M and R are partners sharing profits and losses in the ratio of 3 : 2. Their capital A/c's showed the balance of Rs. 4,00,000 and Rs. 3,00,000 respectively on 1 April, 2021. M introduced additional capital on 1 August, 2021. Interest on capital is allowed @ 6% p.a. Total interest on capital of both the partners is Rs. 50,000. Calculate additional capital introduced by M on 1 August, 2021 and interest on capital earned on additional capital. Books are closed on 31 March.

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.

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 :

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 :

The central government has prescribed the maximum number of partners in a firm to be _________ under Rule 10 of the companies (Miscellaneous) Rules, 2014.

Which of the following statement is true ?

From the above calculate amount of Goodwill :

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

What would be the effect of the line "All Debtors are good.

Goodwill brought in by new partners would be _________.

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

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

Journal entry to be passed for unrecorded assets for preparing Revaluation A/C at the time of Retirement of a partner will be ____

At the time of retirement of a Partner the remaining gaining partners should compensate the ______