Partnership PYQ — Page 9

Vijay and Sanjay are partners in a firm sharing profits and losses in the ratio of 3:2. They admitted Ajay into partnership with 1/4th share in profits. Ajay brings in Rs. 30,000 for capital and the requisite amount of premium in cash for goodwill. The goodwill of the firm is valued at Rs. 20,000. The new profit sharing ratio is 2:1:1. The sacrificing ratio of Vijay and Sanjay is:

On the death of an existing partner, in case the value of a Liability decreases then which account will be debited?

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

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-

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:

In case partner's capital is fixed, then where interest on drawings charged will be shown?

Dissolution of a firm cannot take place in which of the situation-

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:

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

Amitabh and Babul are partners sharing profits in the ratio of 3:2, with capitals of Rs. 50,000 and Rs. 30,000 respectively. Interest on capital is agreed @ 6% p.a. Babul is to be allowed an annual salary of Rs. 2,500. Manager is to be allowed commission @ 5,000. Amitabh has also given a Loan on April 01 , 2019 of Rs. 50,000 to the firm without any agreement. During the year 2019-20, the profits earned is Rs. 22,250. Profit and Loss Appropriation account shows balance of the Profit and Loss A/c (Net profit before Babul's salary) amounted to:

Match List-I with List-II | List-I | List-II | |---|---| | Interest on Drawings | Time (Month) | | (A) When the amount is withdrawn at the beginning of each month. | (I) 6 months | | (B) When the amount is withdrawn at the end of each month. | (II) 6.5 months. | | (C) When the amount is withdrawn at the middle of each month. | (III) 5.5 months. | | (D) When the amount is withdrawn at the end of each quarter. | (IV) 4.5 months. | Choose the correct answer from the options given below:

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:

In the case of dissolution of a partnership firm, the accumulated profits and reserves are transferred to :

Match List-I with List-II | List-I | List-II | |---|---| | (A) Gaining Ratio | (I) New Share - old Share. | | (B) Sacrificing Ratio | (II) Old Share - New Share. | | (C) Admission of Partner | (III) Partner may be paid amount more that what has actually due to him for hidden goodwill share. | | (D) Retirement of Partner | (IV) Partner may or may not bring his share of goodwill in cash. | Choose the correct answer from the options given below:

A business has earned average profits of Rs. 1,00,000 during the last few years and the normal rate of return in a similar business is 10%. Ascertain the value of goodwill by capitalisation of average profits method, given that the value of net assets of the business is Rs. 8,20,000.

Mohit, Neeraj and Sohan are partners in a firm sharing profits in the ratio of 2 : 1 : 1. Neeraj retires and Mohit and Sohan decided that the capital of the new firm will be fixed at Rs. 1,20,000 and D is to bring in cash equivalent to 1/4th of this amount as his capital. The capital accounts of Mohit and Sohan show a credit balance of Rs. 82,000 and Rs. 41,000 respectively after making all the adjustments. Calculate the actual cash to be paid off or to be brought in by the continuing partners in total-

Which combination of statements is true about partnership- (A) Valid partnership can be formulated even without a written agreement between the partners. (B) Methods of settlement of disputes among the partners can't be part of the partnership deed. (C) If the deed is silent, interest at the rate of 6% p.a. would be charged on the drawings made by the partner. (D) Each partner carrying on the business is the principal as well as the agent for all the other partners. Choose the correct answer from the options given below:

Match List-I with List-II | List-I | List-II | |---|---| | Method of Valuation of Goodwill | Formula | | (A) Average profit method | (I) Goodwill = Super profit × No. of years purchased | | (B) Super Profit Method | (II) Goodwill = capitalized value of average profit - actual firm's capital. | | (C) Capitalization of super profit method | (III) Goodwill = Average Profits × No. of years purchased | | (D) Capitalization of average profit method | (IV) Goodwill = (Super profit/ Normal Rate of Return) × 100 | Choose the correct answer from the options given below:

After transferring liabilities like creditors and bills payables in the Realisation Account, in the absence of any information regarding their payment, such liabilities are treated as:

A, B and C are partners in a firm sharing profits in the ratio of 3:2:1. D is admitted into the firm for 1/4th share in profits, which he gets 1/8th from B. The total capital of the firm is agreed upon as Rs. 1,20,000 and D is to bring in cash equivalent to 1/4th of this amount as his capital. The capitals of other partners are also to be adjusted in the ratio of their respective shares in profits. The capitals of A, B and C after all adjustments, are Rs. 40,000, Rs. 35,000 and Rs. 30,000 respectively. Calculate the new capital of A

Which combination of statements is true about dissolution- (A). Dissolution of a partnership is different from dissolution of a firm. (B). A partnership is dissolved when there is a death of a partner. (C). A firm is dissolved when all partners give consent to it. (D). A firm is compulsorily dissolved when a partner decides to retire. Choose the correct answer from the options given below:

A and B are partners in a firm sharing profits in the ratio 2:1. C is admitted into the firm with 1/4th share in profits and he brings Rs. 30,000 as his capital. If the capitals of A and B are to be adjusted in their profit sharing ratio then the capital of A will be-

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.

Contents of the Partnership Deed does not include