Partnership PYQ — Page 8

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

The major difference between Retirement and Death is

The liability of partners is

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:

The journal entries are as under Incoming partners' current A/c. Dr. To Sacrificing partners capital A/c. What statement among the following is TRUE for the above entry?

The important methods of valuation of goodwill are as follows: (A) Average Profits Method (B) Normal Profits Method (C) Super Profits Method (D) Capitalization Method Choose the correct answer from the options given below:

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.

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.

The following are the features of the fluctuating capital method by which the capital accounts of partners can be maintained. (A) Under the fluctuating capital method, only one account, i.e. capital account is maintained for each partner. (B) All the adjustments such as share of profit and loss, interest on capital, drawings, interest on drawings, etc. are recorded directly in the capital accounts of the partners. (C) the capital of the partners shall remain fixed unless additional capital is introduced or a part of the capital is withdrawn as per the agreement between the partners. (D) The capital account may sometimes show a debit balance. Choose the correct answer from the options given below:

The dues of Kabir is to be paid in 4 yearly installment.The amount of each installment will be

The dissolution of partnership may take place in any of the following ways except:

The Court may order a partnership firm to be dissolved in which of the following case?

The Court may order a partnership firm to be dissolved in which of the following case?

The clauses of a partnership deed can be altered with the consent of ______

The clauses of a partnership deed can be altered with the consent of ________.

The Central government has prescribed the maximum number of partners in a firm to be

The Central Government has prescribed the maximum number of partners in a firm to be .......

The capitals of other partners are also to be adjusted in the ratio of their respective shares in profits. A will bring in cash as capital after adjustment amount:

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.

'The business of a partnership concern may be carried on by all the partners or any of them acting for all.' Which feature of partnership is indicated by the above statement?

"The business of a partnership concern may be carried on by all the partners or any one of them acting for all", indicate which feature of the partnership?

The books of a business showed that the firm's capital employed on December 31, 2015, is Rs. 5,00,000 and the profits for the last five years were: 2011–Rs. 40,000; 2012-Rs. 50,000; 2013-Rs. 55,000; 2014- Rs.70,000 and 2015-Rs. 85,000. Find out the normal profits of the business, given that the normal rate of return is 10%.

The books of a business showed that the firm's capital employed on December 31, 2015, is Rs. 5,00,000 and the profits for the last five years were: 2011-Rs. 40,000; 2012-Rs. 50,000; 2013-Rs. 55,000; 2014- Rs.70,000 and 2015-Rs. 85,000. You are required to find out the normal profits of the business, given that the normal rate of return is 10%.

The assets of the firm, including any sum contributed by the partners to make deficiencies of capital, shall be applied first for paying ...........