CUET UG Accountancy — Partnership previous year questions with solutions.
Valuation of goodwill is not done in which of the following case?
Match List-I with List-II | List-I | List-II | |---|---| | (A) Increase in assets at the time of retirement | (I) Debit side of Realisation Account | | (B) Asset taken over by the partner at the time of dissolution of the firm | (II) Credit side of Revaluation Account | | (C) Unrecorded Liability at the time of admission of the partner | (III) Credit side of Realisation Account | | (D) Remuneration paid for realization of assets | (IV) Debit side of Revaluation Account | Choose the correct answer from the options given below:
There is a need for valuation of goodwill under which of the following cases (A) Admission of new partner (B) Retirement of a partner (C) Dissolution of a firm involving sale of business as a going concern. (D) Amalgamation of partnership firms. Choose the correct answer from the options given below:
While settlement of Accounts, what should be the order of application of assets of Firm (A) In paying the debts of the firm to the third parties (B) In paying to each partner proportionately what is due to him on account of capital (C) divided among the partners in their profit sharing ratio. (D) In paying each partner proportionately what is due to him/her from the firm for advances as distinguished from capital (i.e. partner's loan) Choose the correct answer from the options given below:
Realization profit of 55,980 to be distributed amongst partners is:
Amount of Assets realized debited to Bank Account will be:
For taking over investment, Bharat's capital will be
Ram and Laxman started business on 1st Jan 2020 with a capital of Rs 1,20,000 and Rs 80,000 respectively. Ram introduced Rs. 50,000 to the firm on 1st July 2020 as additional capital. If the rate of interest is 15% p.a. Assuming that accounts are closed as per calender year then the Interest payable to Ram on Capital would be:
The ratio in which the old partners agree to give their share of profit in favor of the incoming partner is called:
The assets of the firm, including any sum contributed by the partners to make up deficiencies of capital, shall be utilized in which sequence? Arrange the following in proper sequence (A) In paying the debts of the firm to the third parties (B) In paying each partner proportionately what is due to him/her from the firm for advances as distinguished from capital (i.e. partner's loan) (C) In paying to each partner proportionately what is due to him on account of capital (D) The residue, if any, shall be divided among the partners in their profit sharing ratio Choose the correct answer from the options given below:
If, at the time of admission of a new partner, profit and loss account appears in the books, it will be transferred to:
Which of the following factors affects the value of goodwill? (A) Location of Business (B) Partners Performance (C) Nature of Business (D) Market Situation Choose the correct answer from the options given below:
In the case of the Dissolution of partnership firm, which accounts are opened: (A) Realization Account (B) Revaluation Account (C) Partners Capital Account (D) Bank Account Choose the correct answer from the options given below:
R, S and K are partners sharing profits in the ratio 8:6:4. On the retirement of R, the new profit sharing ratio between S and K was decided to be 5:3. The Gaining ratio is -
The reserve fund at the time of admission of a new partner is transferred to -
G, H and P are partners. On retirement of G, the goodwill already appears in the Balance Sheet at Rs. 24,000. The goodwill will be written-off
When the date of drawing is not specified, interest on drawings is calculated for
Which of the following statement is incorrect?
In the absence of any information regarding the acquisition of share in profits of the retiring/deceased partner by the remaining partners, it is assumed that they will acquire his/her share in________.
Match List-I with List-II | List-I | List-II | |---|---| | (A) Admission of a New Partner | (I) Realisation Account | | (B) Retirement of a Partner | (II) Sacrificing ratio | | (C) Dissolution of Partnership | (III) Executors Account | | (D) Death of A Partner | (IV) Gaining Ratio | Choose the correct answer from the options given below:
In case of the dissolution of a firm, the firm ceases to conduct business and has to settle its accounts. Losses, including deficiencies of capital, shall be paid in the following manner and order: (A) Out of capital of partners. (B) By the partners individually in their profit sharing ratio. (C) Profits. Choose the correct answer from the options given below:
The Central Government has prescribed the maximum number of partners in a firm to be .......
Partner's current accounts are transferred to the respective partners' ________ at the time of dissolution of a partnership.
K, N and P are partners sharing profits and losses in the ratio of 4:3:2. N retires and the goodwill is valued at Rs 72,000. K and P decided to share future profits and losses in the ratio of 5:3. Find which of the following is not correct?