CUET UG Accountancy — Partnership previous year questions with solutions.
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 : ____
Match List I with List II in context of not having partnership deed. | | LIST I | | LIST II | |---|---|---|---| | A. | Interest on loan | I. | Equal | | B. | Interest on drawings | II. | Will not be charged | | C. | Salary | III. | @ 6% p.a. | | D. | Profit sharing ratio | IV. | Will not be allowed/provided | 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
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:
It is the amount-paid to the person who is not the regular employee of the institution.
When the total amount withdrawn is given but the date of withdrawal is not given then interest on drawings is charged for a period of:
At the time of admission of partner if goodwill exist in the books of account it will be written off among:
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
Following items appear on the Debit side of Realisation A/C except : A. Transfer of Assets B. Payment of liabilities C. Provisions D. Realisation expenses E. Asset taken over by partner Choose the correct answer from the options given below:
The treatment of Goodwill appearing in the balance sheet will be:
The accumulated profits and reserve are transferred to: