Partnership PYQ — Page 4

Lalit, Pankaj and Rahul are partners sharing profits in the ratio of 4 : 3 : 3. After all adjustments, on Lalit's retirement with respect to general reserve, goodwill and revaluation etc., the balances in their capital accounts stood at Rs. 70,000, Rs. 60,000 and Rs. 50,000 respectively. It was decided that the amount payable to Lalit will be brought by Pankaj and Rahul in such a way as to make their capitals proportionate to their profit sharing ratio. After Lalit's retirement, the new profit sharing ratio between Pankaj and Rahul is 1:1. New Capital of the firm will be-

The capitals of other partners are also to be adjusted in the ratio of their respective shares in profits. A will bring in cash as capital after adjustment amount:

Arrange Steps For Capitalisation of Super Profits: (A) Calculate average profit for the past years, as specified. (B) Calculate the capital of the firm. (C) Calculate normal profits on capital employed. (D) Multiply the super profits with the required rate of return multiplier (E) Calculate super profits by deducting normal profits from average profits. Choose the correct answer from the options given below:

Gaining ratio among remaining partners Preeti and Shershah is

Himanshu withdrew Rs 2,500 at the end of each month. The partnership deed provides for charging of interest on drawings @ 12% p.a. Calculate interest on Himanshu's drawings for the year ended March 31, 2017

The old Profit Sharing ratio among M, N and P are 2:2:1. The New profit sharing ratio after N retirement is 3:2. The gaining ratio between M and P will be:

In case, deceased partner's share of profit is calculated during the intervening period, the following Journal Entry will be passed :-

At the time of dissolution, if an asset is taken over by a partner, what journal will be recorded in the books of the firm :-

When a firm is dissolved, Provision for Bad and Doubtful Debt Account :-

Realisation account doesn't show-

D will bring in cash as his capital:

According to section _________ of the Partnership Act, 1932, the dissolution of partnership between all the partners of a firm is called the dissolution of the firm.

Investment Fluctuation Reserve will be

Rana, Sana and Kamana are partners, sharing profits in the ratio 4:3:2. Rana retires; Sana and Kamana decided to share profits in the future in the ratio of 5:3. The Gaining Ratio of Sana and Kamana will be

The dues of Kabir is to be paid in 4 yearly installment.The amount of each installment will be

Match List-I with List-II | List-I | List-II | |---|---| | Interest on Drawings | Time (Month) | | (A) When the amount is withdrawn at the beginning of each month. | (I) 6 months | | (B) When the amount is withdrawn at the end of each month. | (II) 6.5 months. | | (C) When the amount is withdrawn at the middle of each month. | (III) 5.5 months. | | (D) When the amount is withdrawn at the end of each quarter. | (IV) 4.5 months. | Choose the correct answer from the options given below:

In the case of retirement of a partner, the item to be deducted from partner's capital account is.

The profits of firm for the five years are as follows: | Year | Profit (Rs.) | |---|---| | 2012–13 | 20,000 | | 2013–14 | 24,000 | | 2014–15 | 20,000 | | 2015–16 | 20,000 | | 2016–17 | 16,000 | Calculate the value of goodwill on the basis of three years' purchase of average profits.

Which of the following entry shows withdrawal of excess capital by partner's ?:

Vijay and Manohar share profits and losses in the ratio of 2:1. They admit Prakash as a partner with 1/4 share in profits with a guarantee that his share of profit will be at least Rs. 50,000. The net profit of the firm for the year ending March 31, 2015, was Rs. 1,60,000. Calculate the amount of profit Vijay will get.

A, B and C are partners in a firm sharing profits in the ratio of 3:2:1. D is admitted into the firm for 1/4th share in profits, which he gets 1/8th from B. The total capital of the firm is agreed upon as Rs. 1,20,000 and D is to bring in cash equivalent to 1/4th of this amount as his capital. The capitals of other partners are also to be adjusted in the ratio of their respective shares in profits. The capitals of A, B and C after all adjustments, are Rs. 40,000, Rs. 35,000 and Rs. 30,000 respectively. Calculate the new capital of A

Realization profit of 55,980 to be distributed amongst partners is:

If the amount is withdrawn at the end of each quarter, the interest is calculated on the total money withdrawn during the year, for a period of _______?

Which is the correct statement, in respect of the Revaluation Account :-