Partnership PYQ — Page 4

Which of the following is not one of the method of valuation of goodwill?

In line with what is prescribed by the Accounting Standard, goodwill appearing in the balance sheet is written off at the time of

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

Neil, Kapil, Sunil started a furniture business in partnership. After one year of their operation, they started exporting Opium by keeping them in blank spaces between the furniture. As authorities came to know about the illegal business of the firm, they will compel them for .......

Net loss of the firm as per profit and loss account for the year ending March 31, 2024 amounted to Rs. 75,000. Yaduvanshi, Madhulika and Vidushi are partners, sharing profits and losses in the ratio of 2:2:1. Their fixed capitals on April 01, 2019 were: Yaduvanshi Rs. 5,00,000, Madhulika Rs. 4,00,000 and Vidushi Rs. 3,50,000. On the basis of the above information, pass the necessary journal entry

Which of the following event take place in the case of dissolution of a partnership firm

Match List-I with List-II Match the accounts with their purpose | List-I | List-II | |---|---| | (A) Profit and Loss adjustment A/c | (I) Changes in amount of capital | | (B) Profit and loss appropriation A/c | (II) Generally no change in amount of capital | | (C) Fixed capital A/c | (III) Errors and omissions found after preparation of final A/c | | (D) Fluctuating capital method | (IV) Extention of Profit & loss A/c | Choose the correct answer from the options given below:

A and B are partners, sharing profits equally. Their fixed capitals were Rs 2,00,000 and Rs 3,00,000 respectively. Interest on capital as provided under partnership deed @10% p.a was omitted. Select the correct option from the following:

A new partner can be admitted:

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

The amount of interest payable at the end of fourth year will be

Net Amount of installment payable at the end of 2nd year to Kabir is

In case at the time of retirement of Kabir, his share of goodwill is valued at Rs 15,000, then what will be the total value of firm valued goodwill on his retirement?

Gaining ratio among remaining partners Preeti and Shershah is

Match List-I with List-II | List-I | List-II | |---|---| | (A) Meaning of Dissolution | (I) Section 49,of the partnership Act 1932 | | (B) Application of Assets | (II) Section 39,of the partnership Act 1932 | | (C) Private Debts Vs Firm's Debts | (III) Section 4,of the partnership Act 1932 | | (D) Nature of Partnership | (IV) Section 48,of the partnership Act 1932 | Choose the correct answer from the options given below:

Which of the below mentioned methods are considered while valuing goodwill (A) Average Profits Method (B) Super Profits Method (C) Peacemeal distribution Method (D) Capitalization Method Choose the correct answer from the options given below:

Under which method No. of Year's Purchase are not considered

If nothing is mentioned, the amount due to retiring partner is transferred to _______.

Match List-I with List-II | List-I | List-II | |---|---| | (A) Accumulated Profits/Losses | (I) New Ratio | | (B) Share of goodwill at the time of admission of a partner | (II) Gaining Ratio | | (C) Division of profits after admission of a partner | (III) Old Ratio | | (D) Share of goodwill at the time of retirement/death of a partner | (IV) Sacrificing Ratio | Choose the correct answer from the options given below:

X and Y are partners sharing profits in the ratio 3:2. Capital introduced by X and Y is ₹ 1,00,000 and ₹ 5,00,000 respectively. Interest on capital is allowed to partners @ 10%p.a. Profit of the firm for the year ending March 31st, 2025 is ₹ 30,000. Calculate Interest on Capital to be allowed to the partners.

Ram, one of the partners, has withdrawn ₹ 1,00,000 from Business for his personal work. If the rate of interest charged on drawings is 12% p.a., find the amount of interest on drawings to be charged from Ram:

At the time of Reconstitution, Goodwill already appearing in books of accounts is distributed among partners in_______.

The Central government has prescribed the maximum number of partners in a firm to be

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 _______?