Partnership PYQ — Page 5

Select the factors affecting the value of goodwill- (A) Nature of business. (B) Efficiency of management. (C) Location. (D) Prices. Choose the correct answer from the options given below:

Which of the following are the ways for the dissolution of a firm? (A) Dissolution by Notice (B) Dissolution by agreement (C) Dissolution by court (D) Dissolution by not terminating business Choose the correct answer from the options given below:

If the premium for goodwill is paid to the old partners directly / privately by the new partner, what journal entry will be recorded in the books of Partnership Firm :-

A and N are partners, sharing profits in the ratio 2:1. A's son Ashu was admitted as a partner for 1/4th share, half of which was gifted by A to her son. The remaining was contributed by N. The goodwill of the Firm is valued at 40,000. How much amount will be credited to the old partner's capital account for goodwill?

Unrecorded Liabilities when paid are shown in:

A and B are partners, they admit C into partnership. C was asked to pay Rs 2,50,000 though his share of capital was estimated Rs 2,00,000 only. for what Rs 50,000 extra was asked from C?

Which of the following account / statement is prepared to distribute the profit or loss among partners

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

As per AS-26 Intangible assets like goodwill should be written off.

Ravi, one of the partners, provided Rs 1,00,000 loan to the firm. In the absence of partnership deed, interest on partner's loan is allowed @ _____?

Identify which statement is FALSE-

A, B and C are partners in a firm. If B is being retired from the firm, what would be its effect?

Unrecorded Debtors, are realised at the time of dissolution of a Partnership Firm, will be shown in:

For distribution of profits made during a year among the partners, the following account is debited:

Hanny, Pammy and Sunny are partners sharing profits in the ratio of 3 : 2 : 1. Goodwill is appearing in the books at a value of Rs. 60,000. Pammy retires and at the time of Pammy's retirement, goodwill is valued at Rs. 84,000. Hanny and Sunny decided to share future profits in the ratio of 2:1. Pammy's share of current value of goodwill is-

On the death of an existing partner, in case the value of a Liability decreases then which account will be debited?

The journal entries recorded for revaluation of assets and reassessment of liabilities are given here, find the correct : (A) For increase in the value of an asset Asset A/c Dr. To Revaluation A/c (B) For reduction in the value of an asset Revaluation A/c Dr. Asset A/c (C) For increase in the amount of a liability Liability A/c Dr. To Revaluation A/c (D) For recording in the amount of a unrecorded liability Revaluation A/c Dr. To Liability A/c Choose the correct answer from the options given below:

What is the amount of A's deficiency of annual fee?

Match List-I with List-II | List–I | List–II | | --------------------------- | ---------------------------------------------------- | | (A) Existing Goodwill | (I) no entry passed. | | (B) Goodwill premium | (II) Calculated on the basis of capital of partners. | | (C) Goodwill paid privately | (III) Written off. | | (D) Hidden goodwill | (IV) credited to sacrificing partner. | Choose the correct answer from the options given below:

Sumit, a partner in Tours and Travels withdrew money during the year ending March 31, 2020 from his capital account, for his personal use. Calculate interest on drawings at simple rate of interest of 10 percent per annum and if an amount of Rs. 4,000 per month was withdrawn by sumit at the end of each month.

Match List-I with List-II | List-I | List-II | |---|---| | (A) On dissolution of a firm, creditors is transferred to: | (I) Bank account is credited | | (B) Unrecorded liabilities when paid: | (II) Realization Account | | (C) When realization expenses are paid by the firm on behalf of a partner, such expenses are | (III) Bank account is debited. | | (D) When unrecorded assets are sold | (IV) Partner's Capital Account | Choose the correct answer from the options given below:

The capital of the firm is Rs. 1,00,000 and normal rate of return is 8%. If the average profits for last 5 years are Rs. 12,000 then find goodwill of the firm based on 3 years' purchase of super profits.

Ranjana, Sadhna and Kamana are partners, sharing profits in the ratio 4:3:2. Ranjana retires; Sadhna and Kamana decide to share profits in the future at the ratio of 5:3. Calculate the Gaining Ratio: