Partnership PYQ — Page 33

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 admission of partner if goodwill exist in the books of account it will be written off among:

Sunil and Ravi are partners in a firm sharing profits in the ratio of 3:1. Amar is admitted for 1/4 share. The Sacrificing ratio of Sunil and Ravi is

Rani, Sandhya and Kangana are partners sharing profits in the ratio of 4:3:2 Rani retires. Sandhya and Kangana decided to share profits in future in the ratio of 5:3. Gaining ratio of Sandhya and Kangana 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:

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.

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:

Aman and Mohan, partners of a firm decided to dissolve the business on 31-03-22. The firm decided to pay realisation expenses of Rs. 1,000 on behalf of Mohan. Rs.1000 will be debited to

The capital accounts of partners will always show a ____ balance under fixed capital account method

Ram, Mohan and Roy are Partner in the ratio of 8:6:4 Ram retires, Mohan and Roy decided to share profits in the ratio of 10:6. Calculate gaining ratio.

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 |

When the total amount withdrawn is given but the date of withdrawal is not given then interest on drawings is charged for a period of:

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 :

Identify the steps in preparation of final accounts of not for profit organisation (NPO) A. Prepare Balance Sheet of NPO B. Prepare Income and Expenditure Account from Receipts and payment Account C. Prepare Receipts and payment Account D. Adjust outstanding/prepaid expenditure/Income and determine surplus/ Deficit E. Prepare cash book Choose the correct answer from the options given below:

What would be the new Profit Sharing Ratio :

Creditors to be shown in Balance sheet after admission of partner will be :

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

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:

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?

How will you show Bank overdraft while preparing the Income and Expenditure Account and Balance sheet of a club?

If a partner retires in the middle of the year his/her share of profit from the date of last balance sheet till the date of retirement will be transferred to : ____

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:

When the fixed amount is withdrawn at the end of each quarter, interest on drawing will be calculated for _______

A firm may not be dissolved by court in the following condition :