Partnership PYQ — Page 6

Choose the correct statement if a partnership deed does not exist.

At the time of retirement of a partner, undistributed profits appearing in the balance sheet of the old firm is transferred to the capital account of:

One of the partner took-over furniture at the time of dissolution of the firm, which account will be debited:

A and B are partners sharing profits equally with capitals of Rs 45,000 each. They admitted C as a new partner for 1/3rd share in the profit. C bring Rs 60,000 as his capital. Find the goodwill of the firm.

All adjustments in respect of partner's salary, partner's commission, interest on capital, interest on drawings, etc. are made through:

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:

A and B share profits in the ratio of 3:2. C was admitted as a partner who gets 1/5 share. New profit sharing ratio, if C acquires 3/20 from A and 1/20 from B, would be:

When a firm is dissolved with the consent of all the partners, it is called:

Yadu, Madhu and Vidu are partners, sharing profit and losses in the ratio of 2:2:1. Their fixed capitals on April 01, 2018 were: Yadu Rs. 5,00,000, Madhu Rs. 4,00,000 and Vidu is 3,50,000. As per the partnership deed, partners are entitled to interest on capital @5% p.a. and Yadu has to be paid a salary of Rs. 2000 per month. The net loss of the firm as per profit and loss account for the year ending March 31, 2019, amounted to Rs. 75,000. On the basis of the profit and loss appropriation account, Partners' distribution of loss would be:

M and N are partners in a firm and agree that an interest @12% per annum should be charged on drawings. M draws Rs. 20,000 per month at the beginning of each month. The amount of interest to be charged from M is:

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

Which of the following are shown under capital account in case capital of partner's are fixed? (A) Fresh capital introduced (B) Permanent capital withdrawn (C) Interest on capital (D) Amount of capital brought down from the previous year Choose the correct answer from the options given below:

Kim and Sim are partners in a firm sharing profits in 4:3 ratio. They admitted Pim as a new partner for 1/4 share in the profits, which he acquired in the ratio of 3:2 from Kim and Sim. Determine the new profit sharing ratio of the partners.

The maximum limit for the number of partner is decided by.

Dissolution of a partnership firm may be ordered by the court on the following grounds: (A) when a partner becomes insane. (B) when a partner becomes permanently incapable of performing his duties as partner. (C) when a partner acts in good faith (D) when it is regarded just and equitable by the court. Choose the correct answer from the options given below:

When drawings are made at the beginning of every month for the full year, interest on drawings is calculated for

According to which section of the partnership Act 1932, the dissolution of a partnership between all the partners of a firm is called the dissolution of the firm?

Identify which statement is FALSE-

Stock at the time of dissolution was appearing in books at Rs 50,000. Half of the stock was sold at a discount of 20% and the remaining was taken over by one of the partners at a 10% discount. What amount was received in cash at the time of realization of stock.

When a partner retires in the middle of the year and his share of profit is calculated based on previous years' profit. Which of the following account is to be debited?

The goodwill based on capitalization of average profit method is valued at Rs 1,80,000. If Net Assets are Rs 8,20,000 then find the capitalized value of average profits.

Section 49, of the Indian Partnership Act 1932, deals with

The new partner acquired the rights on admission into the firm. He acquires : (A) Rights in past profits of firm before admission. (B) Right to share in the future profits of the firm. (C) Right to share assets of the firm. (D) The right to carry on competing business. Choose the correct answer from the options given below:

The steps followed for calculating interest on drawing in the product method are. (A) Calculate number of month for which interest is due on each drawing (B) List down amount of drawing in decending order in a table.. (C) find the total of product and apply the formula to calculate interest on drawing. (D) Calculate product for each drawing by multiplying amount and number of month. Choose the correct answer from the options given below: