CUET Accountancy 2023 20 June Shift 2 PYQs - Free Mock Test (No Login)

Arrange the following items in the correct order of presentation within the Statement of Profit and Loss.A. Other incomeB. ExpensesC. Total RevenueD. Revenue from operationsE. Profit before tax and extraordinary itemsChoose the correct answer from the options given below:

The dissolution of a Partnership may take place due to:A. Retirement of a PartnerB. Death of a PartnerC. Insolvency of a PartnerD. Admission of a New PartnerE. Completion of the Venture, if the partnership was formed for that specific purposeChoose the correct answer from the options given below:

$A$, $B$, and $C$ were partners in a firm with a profit-sharing ratio of $5:3:2$. $B$ retires and the new profit-sharing ratio between $A$ and $C$ is settled at $3:2$. Calculate the gaining ratio of the remaining partners.

Vikas and Rahul are partners sharing profits in the ratio of $2:3$. They admit Sunil as a partner for a $\frac{3}{7}\text{th}$ share in future profits. Sunil brings $\text{Rs. }37,500$ as his share of Goodwill, half of which is subsequently withdrawn by the sacrificing partners. Identify the correct journal entry to record the withdrawal of Goodwill by the partners.

$A$ and $B$ are partners sharing profits in the ratio of $2:1$. $C$ is admitted for a $\frac{1}{4}\text{th}$ share of profits, bringing $\text{Rs. }20,000$ as capital. After all adjustments related to goodwill, revaluation of assets, and reassessment of liabilities, the adjusted capitals of $A$ and $B$ are $\text{Rs. }45,000$ and $\text{Rs. }15,000$ respectively. It is agreed that the partners' capitals should be arranged in proportion to the new profit-sharing ratio. Determine the required new capital of partner $B$.