Partnership PYQ — Page 7

The steps involved in calculation of Goodwill under Super Profit method are: (A) Calculate the super profits by deducting normal profit from the average profits. (B) Calculate the normal profit on the firm's capital on the basis of the normal rate of return. (C) Calculate the average profit. (D) Calculate goodwill by multiplying the super profits by the given number of years' purchase. Choose the correct sequence of steps 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:

The reserve fund at the time of admission of a new partner is transferred to -

The ratio in which the old partners agree to give their share of profit in favor of the incoming partner is called:

The ratio in which the continuing partners have acquired the share from the retiring/deceased partner is called:

The profits of the firm for the five years are as follows: | Year | Profit (Rs.) | |---|---| | 2012-13 | 20,000 | | 2013-14 | 24,000 | | 2014-15 | 30,000 | | 2015-16 | 25,000 | | 2016-17 | 18,000 | Calculate the value of goodwill on the basis of three years' purchase of weighted average profits based on weights of the last five years as 1,2,3,4 and 5 respectively.

The profits of firm for the five years are as follows: | Year | Profit (Rs.) | |---|---| | 2012–13 | 20,000 | | 2013–14 | 24,000 | | 2014–15 | 20,000 | | 2015–16 | 20,000 | | 2016–17 | 16,000 | Calculate the value of goodwill on the basis of three years' purchase of average profits.

The profits for the five years of a firm are as follows – year 2013 Rs. 4,00,000;year 2014 Rs. 3,98,000; year 2015 Rs. 4,50,000; year 2016 Rs. 4,45,000 and year 2017 Rs. 5,00,000. Calculate the goodwill of the firm on the basis of a 4-year purchase of 5 years average profits:

The profit or loss on revaluation of assets and liabilities are distributed in

The profit for the five years of a firm are as follows: | Year | Profit (Rs.) | |---|---| | 2013 | 4,00,000 | | 2014 | 3,98,000 | | 2015 | 4,50,000 | | 2016 | 4,45,000 | | 2017 | 5,00,000 | Calculate goodwill of the firm on the basis of 4 years purchase of 5 years average profits.

The profit for the five years of a firm are as follows – year 2013 Rs. 4,00,000; year 2014 Rs. 3,98,000; year 2015 Rs. 4,50,000; year 2016 Rs. 4,45,000 and year 2017 Rs. 5,00,000. The goodwill of the firm on the basis of 4 years purchase of 5 years average profits is-

The Profit and Loss Appropriation Account is merely an extension of the Profit and Loss Account of the firm, which, among the following, is not shown in the Profit and Loss Appropriation Account?

The Profit and Loss Appropriation Account is merely an extension of the Profit and Loss Account of the firm, which, among the following, is not shown in the Profit and Loss Appropriation Account?

The Profit and Loss Appropriation Account is merely an extension of the Profit and Loss Account of the firm, Which, among the following, is not shown in the Profit and Loss Appropriation Account?

The past average profits of a business works out at Rs. 20,000 and it is expected that such profits are likely to continue for another three years, the value of goodwill based on average profit method will be....... .

The past average profits of a business works out at Rs. 20,000 and it is expected that such profits are likely to continue for another three years, the value of goodwill based on average profit method will be……. .

The Partnership Deed usually contains the following details: (A) Amount of capital to be contributed by each partner (B) The accounting period of the firm (C) Profit and loss sharing ratio (D) The rights, duties and liabilities of each partner Choose the correct answer from the options given below:

The Partnership agreement between Maneesh and Girish provides that: (A) Profits will be shared equally (B) Maneesh will be allowed a salary of Rs 400 pm (C) Girish who manages the sales department will be allowed a commission of 10% of the net profits after deducting Maneesh's salary (D) 7% p.a. interest will be allowed on Partner's fixed capital (E) 5% p.a. interest will be charged on partner's annual drawings (F) The fixed capitals of Maneesh and Girish are Rs 1,00,000 and Rs. 80,000 respectively. Their annual drawings were Rs. 16,000 and Rs 14,000 respectively. The net profit for the year ended March 31, 2018 amounted to Rs. 40,000 Calculate the profit allocated to each partner after all adjustments.

The order to be followed in preparation of realization account is. (A) Realization of the assets. (B) Transfer assets and liabilities to realization account. (C) Ascertainment of profit or loss on realization. (D) Payment of liabilities. Choose the correct answer from the options given below:

The order to be followed in preparation of realization account is. (A) Realization of the assets. (B) Transfer assets and liabilities to realization account. (C) Ascertainment of profit or loss on realization. (D) Payment of liabilities. Choose the correct answer from the options given below:

The old Profit Sharing ratio among M, N and P are 2:2:1. The New profit sharing ratio after N retirement is 3:2. The gaining ratio between M and P will be:

The New Profit Sharing Ratio in this case is:

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 minimum guaranteed amount shall be paid to the new partner when his share of profit as per the profit sharing ratio: