Partnership PYQ — Page 34

Identify a characteristics not applicable in partnership

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

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.

Choose the correct sequence of financial statements prepared for a partnership firm at the end of a financial year. A. Capital Accounts B. Profit and Loss A/c C. Profit and Loss Adjustment A/c D. Balance Sheet Choose the correct answer from the options given below:

Identify the item credited to Realisation Account in the event of dissolution of a partnership firm.

In the balance sheet Total Debtors appear at Rs. 1,50,000 and provision for doubtful debts appear at Rs. 1,500. How much amount will be realised from debtors, if bad debts amounted to Rs. 20,000 and remaining debtors realised at a discount of 15% ?

Find the right sequence of appropriation of profits A. Profits transferred to P and L appropriation A/c. B. Interest on capital C. Profits distributed to partner after appropriation D. Interest on partner loan A/c Choose the correct answer from the options given below

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

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

The amount of distributed profits of both the partner's will be:

As per Receipts and Payments Account for the year ended on March 31, 2020, subscriptions received were Rs. 2,50,000 subscriptions outstanding on 1-04-2019 Rs. 50,000, Subscriptions received in advance as on 31-3-2020 are Rs. 30,000. Subscriptions for the year 2019-20 will be: