Partnership PYQ — Page 9

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:

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

The amount of interest payable at the end of fourth year will be

The accumulated profits and reserves are transferred to:

Super profit is -

Sumit, a partner in Tours and Travels withdrew money during the year ending March 31, 2020 from his capital account, for his personal use. Calculate interest on drawings at simple rate of interest of 10 percent per annum and if an amount of Rs. 4,000 per month was withdrawn by sumit at the end of each month.

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.

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.

Steps involved in various accounting aspects of retirement or death of a partner - (A) Settlement of the amounts due to retired/deceased partner (B) Ascertainment of new profit sharing ratio and gaining ratio (C) Adjustment of capital, if required (D) Revaluation of assets and liabilities Choose the correct answer from the options given below:

Steps involved in accounting treatment at the time of death/retirement of a partner - (A) Adjustment of capital, if required (B) Preparation of revaluation account, if required (C) Ascertainment of new profit sharing ratio and gaining ratio (D) Settlement of the amounts due to retired / deceased partner Choose the correct answer from the options given below:

Steps involved in accounting treatment at the time of death of a partner - (A) Preparation of deceased partner's capital account (B) Ascertainment of new profit sharing ratio and gaining ratio (C) Preparation of revaluation account, if required (D) Settlement by making payment to deceased partner's executor. Choose the correct answer from the options given below:

Sindhu, Neha and Priya are partners, sharing profits in the ratio of 5:3:2. Calculate the new profit sharing ratio and gaining ratio if Neha retires:

Share of loss of deceased partner, calculated on the basis of previous years profit is

Select the factors affecting the value of goodwill- (A) Nature of business. (B) Efficiency of management. (C) Location. (D) Prices. Choose the correct answer from the options given below:

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

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

Sameer and Yasmin are partners with capitals of Rs 15,00,000 and Rs 10,00,000 respectively. They agreed to share profits in the ratio of 3:2. The books are closed on March 31, every year. They admit Ravi on October 1, 2019 in the partnership, who bring Rs 12,00,000 as capital and Sameer also introduced additional capital Rs 3,00,000 on that date. Interest on partner's capital is provided @5% p.a. The amount of interest on the capital of Sameer for the year 2019-20 is-

Sameer and Yasmin are partners with capitals of Rs 15,00,000 and Rs 10,00,000 respectively. They agreed to share profits in the ratio of 3:2. The books are closed on March 31, every year. They admit Ravi on October 1, 2019 in the partnership, who bring Rs 12,00,000 as capital and Sameer also introduced additional capital Rs 3,00,000 on that date. Interest on partner's capital is provided @5% p.a. The amount of interest on the capital of Sameer for the year 2019-20 is-

Sameer and Yasmin are partners with capitals of Rs 15,00,000 and Rs 10,00,000 respectively. They agreed to share profits in the ratio of 3:2. The books are closed on March 31, every year. They admit Ravi on October 1, 2019 in the partnership, who bring Rs 12,00,000 as capital and Sameer also introduced additional capital Rs 3,00,000 on that date. Interest on partner's capital is provided @5% p.a. The amount of interest on the capital of Sameer for the year 2019-20 is-

Saloni and Srishti are partners in a firm. Their capital accounts as on April 01, 2019 showed a balance of Rs. 2,00,000 and Rs. 3,00,000 respectively. On July 01, 2019 Saloni introduced additional capital of Rs. 50,000 and Srishti, Rs. 60,000. On October 01, 2019 Saloni withdrew Rs. 30,000 and on January 01, 2020 Srishti withdrew Rs. 15,000 from their respective capitals. Interest is allowed @ 8% p.a. Calculate interest payable on capital to Saloni during the financial year 2019–2020.

Saloni and Srishti are partners in a firm. Their capital accounts as on April 01, 2019 showed a balance of Rs. 2,00,000 and Rs. 3,00,000 respectively. On July 01, 2019 Saloni introduced additional capital of Rs. 50,000 and Srishti, Rs. 60,000. On October 01, 2019 Saloni withdrew Rs. 30,000, and on January 01, 2020 Srishti withdrew Rs. 15,000 from their capitals. Interest is allowed @ 8% p.a. Calculate interest payable on capital to Saloni during the financial year 2019–2020.

Romesh took over stock at Rs.8,100, which is 10% less then its book value. The book value of the stock was .........

Romesh took over Investments at Rs.8,100 which is 10% less then its book value. The book value of the investment was ____

Rohit and Mohit are partners in a firm sharing profits in the ratio of 5:3. They admit Bijoy as a new partner for 1/7th share in the profits. The new profit sharing ratio will be 4:2:1. The sacrificing ratio of Rohit and Mohit is-