Partnership PYQ — Page 6

Murli, Naveen and Omprakesh are partners sharing profits in the ratio of 3 /8 , 1/2 and 1/8 . Murli retires and surrenders 2/3rd of his share in favour of Naveen and the remaining share in favour of Omprakesh. The gaining ratio of the remaining partners is-

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:

Rajinder and Surinder are partners in a firm sharing profits in the ratio of 4:1. On April 15, 2017, they admitted Narender as a new partner. On that date, there was a balance of Rs. 20,000 in general reserve and a debit balance of Rs. 10,000 in the profit and loss account of the firm. Which among the following statements is correct for transferring profit and loss account?

Accounting treatment for a partnership firm is similar to that of a sole proprietorship business except the following aspects: (A) Distribution of Profit and Loss among the partners (B) Dissolution of Partnership Firm (C) Raising Capital through public offering (D) Adjustments for Wrong Appropriation of Profits in the Past Choose the correct answer from the options given below:

When a new partner brings his share of goodwill in cash, the amount is credited to-

Partner's current accounts are transferred to respective Partners' _____________________.

An unrecorded asset is taken over by a creditor in full settlement in such a case

Identify the correct sequence for finding out divisible Profit & Loss for a Partnership Firm manufacturing Steel pipes : (A) Transfer amount to general reserve, as per requirement. (B) Allow interest on capital and charge interest on drawing. (C) Transfer of the balance of profit and loss account to profit and loss appropriation A/c (D) Find out the balance amount to be distributed among partners. Choose the correct answer from the options given below:

Executor account is prepared on

Dissolution of a firm takes place on the happening of certain contingencies. Choose them from the following : (A) By the death of a partner (B) By the adjudication of a partner as an insolvent (C) When the business of the firm becomes illegal (D) If constituted for a fixed term, by the expiry of that term Choose the correct answer from the options given below:

Das and Sinha are partners in a firm sharing profits in 4:1 ratio. They admitted Pal as a new partner for 1/4th share in the profits, which he acquired wholly from Das. The new profit sharing ratio of the partners is-

At the time of admission of a new partner, in case there is no workmen's compensation claim, the total amount of workmen's compensation fund will be :-

In case of dissolution of a firm, the firm ceases to conduct business and has to settle its accounts. The assets of the firm, including any sum contributed by the partners to make up deficiencies of capital, shall be applied in the following manner and order: (A). In paying to each partner proportionately what is due to him on account of capital. (B). The residue, if any, shall be divided among the partners in their profit sharing ratio. (C). In paying the debts of the firm to third parties. (D). In paying each partner proportionately what is due to him/her from the firm for advances as distinguished from capital (i.e. partner loan). Choose the correct answer from the options given below:

Dissolution of a firm takes place on the happening of certain contingencies in the following cases: (A) By the death of a partner (B) By the adjudication of a partner as an insolvent (C) When the business of the firm becomes illegal (D) If constituted for a fixed term, by the expiry of that term Choose the correct answer from the options given below:

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:

The steps involved in the calculation of goodwill under the super profit method are: (A) Calculate goodwill by multiplying the super profit by number of years purchase. (B) Calculate normal profit. (C) Calculate Average Profit (D) Calculate super profit. Choose the correct answer from the options given below:

In case of Fixed Capital Method, at the time of dissolution of a firm, An un-recorded asset are taken over by a partner, which Journal Entry will be recorded in the books of the Partnership Firm :-

When the date of drawing is not specified, interest on drawings is calculated for

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

Choose the correct statement if a partnership deed is not present.

Valuation of goodwill is not done in which of the following case?

On the retirement of an existing partner, an increase in the value of a liability will be credited to :-

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

Match List-I with List-II | List–I (Events) | List–II (Result) | | ---------------------------------------- | ---------------------------- | | (A) Profit share | (I) Gaining ratio. | | (B) Admission of Partners | (II) Different concept | | (C) Retirement of a partner. | (III) Equally among partners | | (D) Dissolution of firm and partnership. | (IV) Sacrifice ratio. | Choose the correct answer from the options given below: