HomeTestsSearchRankProfile

Partnership Questions

Practice 823 Partnership questions with detailed answers and explanations. Free MCQs, PYQs, and mock test questions for NEET, JEE, GATE, SSC and more.

📚
823
Total Questions
🟢
351
Easy
🟡
454
Medium
🔴
18
Hard
Practice by Exam:Accountancy(630)CUET Accountancy(141)Quantitative Aptitude(46)Mathematics(4)Numerical Ability(1)Quantitative Aptitude@NUM: 69(1)

About Partnership — practice questions, PYQs & concepts

Partnership is a frequently-tested topic on Accountancy, CUET Accountancy, Quantitative Aptitude. ExamTest.live currently lists 823 Partnership questions spanning previous-year papers from 2026 to 2026, each with worked solutions and a step-by-step explanation. Use the filters on this page to focus on a specific exam, difficulty level or year — every answer key is free, no sign-up required.

Partnership weight in competitive exams

Across our Partnership question bank, the largest sources are Accountancy (630), CUET Accountancy (141), Quantitative Aptitude (46), Mathematics (4) and Numerical Ability (1). Click any exam chip above to drill down to that exam-specific question set.

How to use this page

  • Start easy: 351 easy Partnership questions are available — build fluency before moving up.
  • Target weak years: Use the year filter to focus on the most recent 2026 paper or older PYQs you have not attempted.
  • Time yourself: Every question shows the average solve time so you can benchmark your speed against other students.
  • Read every explanation: Even on questions you got right — the explanation often surfaces a faster approach you can reuse.

All Partnership Questions(1–100 of 823)

9 pages
Filter:
Q1mediummcqMathematicsMathematics Mock Test - 62026
11% accuracy
Joe and Jeff are partners in a business. Joe is an active partner and Jeff is a sleeping one. Joe invests \ 5000 \. Joe receives () of the profit for managing the business and the rest is divided in proportion to their investment. What does each get out of a profit of \ 880$?
Q2mediummcqAccountancyCUET Accountancy 2023 28 May Shift 12026
0% accuracy
Amrita and Kalyani are partners sharing profits in the ratio of . They decide to expand the business by admitting Suraj as a new partner for a share. Suraj's share of premium for goodwill is valued at , which he pays to compensate Amrita and Kalyani in an agreed ratio of .The firm's books provide the following information on that date:
image
The claim against the Workmen Compensation Fund is determined to be , and an existing goodwill balance appears in the books at .Calculate the respective shares of Amrita and Kalyani in the revaluation profit.
Q3easymcqAccountancyCUET Accountancy 2023 28 May Shift 12026
0% accuracy
According to Section 31 of the Indian Partnership Act, 1932, a new partner can be admitted into an existing partnership firm:
image
Q4mediummcqAccountancyCUET Accountancy 2023 28 May Shift 12026
0% accuracy
During the dissolution of a partnership firm, Rohit (a partner) paid the realization expenses of . Under their agreement, Rohit was to receive a fixed remuneration of for completing the dissolution process, and he was to bear all realization expenses. What net amount will be credited to Rohit's Capital Account for this transaction?
Q5mediummcqAccountancyCUET Accountancy 2023 28 May Shift 12026
0% accuracy
A, B, and C share profits and losses in the ratio of . They decide to share profits and losses equally in the future. On that date, a General Reserve of appears in their books, and Goodwill is valued at . If the partners prefer not to disturb the General Reserve figure in the books, what adjustment entry must be passed?
Q6mediummcqAccountancyCUET Accountancy 2023 28 May Shift 12026
0% accuracy
Pursuant to Section 48 of the Indian Partnership Act, 1932, when a firm undergoes dissolution, cash assets realized from the disposal of firm assets are applied sequentially in the following order:(A) Paying to each partner proportionately what is due to him/her on account of capital(B) In paying the secured debts of the firm to the third parties(C) In paying each partner proportionately what is due to him/her from the firm for advances as distinguished from capital(D) The residue, if any shall be divided among the partners in their profit sharing ratio(E) In paying unsecured debts of the firm to third parties Choose the correct answer from the options given below:
Q7easymcqAccountancyCUET Accountancy 2023 28 May Shift 12026
0% accuracy
Amrita and Kalyani are partners sharing profits in the ratio of . They decide to expand the business by admitting Suraj as a new partner for a share. Suraj's share of premium for goodwill is valued at , which he pays to compensate Amrita and Kalyani in an agreed ratio of .The firm's books provide the following information on that date:
image
The claim against the Workmen Compensation Fund is determined to be , and an existing goodwill balance appears in the books at .How will the premium for goodwill brought in by Suraj be distributed between Amrita and Kalyani?
Q8easymcqAccountancyCUET Accountancy 2023 28 May Shift 12026
0% accuracy
On the dissolution of a partnership firm, the total book value of debtors stood at . Out of these, became completely bad and unrecoverable, while the remaining balance realized . In this scenario, by what amount will the Bank Account be debited?
Q9mediummcqAccountancyCUET Accountancy 2023 28 May Shift 12026
0% accuracy
On the retirement or death of a partner, the remaining partners who gain due to the change in profit-sharing ratio must compensate:
Q10mediummcqAccountancyCUET Accountancy 2023 28 May Shift 12026
0% accuracy
Arrange the steps in the correct chronological sequence for calculating goodwill using the Super Profit Method:(A) Calculation of Super Profit(B) Calculation of Capital Employed(C) Calculation of Normal Profit(D) Calculation of Average Profit(E) Calculation of GoodwillChoose the correct answer from the options given below:
Q11mediummcqAccountancyCUET Accountancy 2023 28 May Shift 12026
0% accuracy
If the Average Capital Employed in a firm is , the Average Profit is , and the Normal Rate of Return is , calculate the value of goodwill using the Capitalisation of Super Profit Method.
Q12mediummcqAccountancyCUET Accountancy 2023 28 May Shift 12026
0% accuracy
Identify the correct sequence of steps to be followed when accounting for the retirement of a partner:(A) New Balance Sheet after Retirement(B) Transferring the balance to the Retiring Partner's Loan Account(C) Calculation of the Gaining/Sacrificing Ratio(D) Partners' Capital Account adjustments(E) Preparation of the Revaluation AccountChoose the correct answer from the options given below:
Q13mediummcqAccountancyCUET Accountancy 2023 28 May Shift 12026
0% accuracy
A Partnership Deed must be systematically structured, drafted, and prepared in absolute accordance with the legal provisions of:
Q14mediummcqAccountancyCUET Accountancy 2023 28 May Shift 12026
0% accuracy
Amrita and Kalyani are partners sharing profits in the ratio of . They decide to expand the business by admitting Suraj as a new partner for a share. Suraj's share of premium for goodwill is valued at , which he pays to compensate Amrita and Kalyani in an agreed ratio of .The firm's books provide the following information on that date:
image
The claim against the Workmen Compensation Fund is determined to be , and an existing goodwill balance appears in the books at .What is Amrita's share in the unallocated balance of the Workmen Compensation Fund?
Q15mediummcqAccountancyCUET Accountancy 2023 28 May Shift 12026
0% accuracy
Shweta, Shreya, and Shaniya were partners sharing profits in the ratio of . Shaniya retired from the firm. After making all necessary adjustments for accumulated reserves and revaluation gains, her capital balance amounted to . Shaniya took over of the firm's furniture and accepted a bill of exchange for . The remaining balance of was transferred to her loan account. Calculate the total value of the firm's furniture.
Q16easymcqAccountancyCUET Accountancy 2023 28 May Shift 12026
0% accuracy
Upon the retirement of an existing partner from a firm, the retiring partner's Capital Account will be credited with which of the following elements?(A) His/Her Capital Balance(B) His/Her share of premium for goodwill(C) Share of goodwill of remaining partners(D) His/Her share of accumulated reserves(E) His/Her drawingsChoose the correct answer from the options given below:
Q17easymcqAccountancyCUET Accountancy 2023 28 May Shift 12026
0% accuracy
Amrita and Kalyani are partners sharing profits in the ratio of . They decide to expand the business by admitting Suraj as a new partner for a share. Suraj's share of premium for goodwill is valued at , which he pays to compensate Amrita and Kalyani in an agreed ratio of .The firm's books provide the following information on that date:
image
The claim against the Workmen Compensation Fund is determined to be , and an existing goodwill balance appears in the books at .What journal entry must be passed to write off the existing goodwill appearing in the books?
Q18mediummcqAccountancyCUET Accountancy 2023 28 May Shift 12026
0% accuracy
Lisa, Monika and Nisha are partners in a firm sharing profits and losses in the ratio of . Their capital accounts stood at , and respectively. Monika died and the balance in the general reserve on that date was . If the goodwill of the firm is valued at and the profit on revaluation is , what amount will be transferred to Monika's Executors Account?
Q19mediummcqAccountancyCUET Accountancy 2023 28 May Shift 12026
0% accuracy
Arrange the steps for preparing a Profit and Loss Appropriation Account in the correct sequential order:(A) Transfer the net profit to the credit side of the P&L Appropriation A/c.(B) Divide the remaining divisible profit among partners in their Profit Sharing Ratio.(C) Ascertain the net profit after providing for all charges against profit.(D) Debit the P&L Appropriation A/c with all appropriations (e.g., partner's salary, interest on capital).(E) Credit the P&L Appropriation A/c with interest on drawings and any deficiency on account of a partner's guarantee of earnings to the firm.Choose the correct answer from the options given below:
Q20easymcqAccountancyCUET Accountancy 2023 28 May Shift 12026
0% accuracy
Upon the dissolution of a partnership firm, the existing Goodwill Account appearing in the ledger books is transferred directly to:
Q21easymcqAccountancyCUET Accountancy 2022 15 July Shift 22026
0% accuracy
A, B and C are partners sharing profits in the ratio of . If B retires, then the new profit sharing ratio between A and C will be:
Q22mediummcqAccountancyCUET Accountancy 2022 15 July Shift 22026
0% accuracy
Calculate the amount of subscription to be shown in the Income and Expenditure A/C for the year ending 31st March 2022:Subscription received during the year 2021-22: Outstanding subscription for the year 2020-21: Outstanding subscription for the year 2021-22: Subscription received in advance in 2020-21: Subscription received in advance in 2021-22:
Q23easymcqAccountancyCUET Accountancy 2022 15 July Shift 22026
0% accuracy
How will you show Bank overdraft while preparing the Income and Expenditure Account and Balance sheet of a club?
Q24mediummcqAccountancyCUET Accountancy 2022 15 July Shift 22026
0% accuracy
A, B and C are partners in a firm sharing profits in the ratio . B retires and on the day of his retirement Goodwill existed in the books at . B's Capital A/c will be debited by:
Q25mediummcqAccountancyCUET Accountancy 2022 15 July Shift 22026
0% accuracy
A Court may not order for the dissolution of a partnership firm out of which of the following grounds:
Q26easymcqAccountancyCUET Accountancy 2022 15 July Shift 22026
0% accuracy
Identify a characteristic not applicable in partnership:
Q27easymcqAccountancyCUET Accountancy 2022 15 July Shift 22026
0% accuracy
When a fixed amount is withdrawn at the end of each quarter, interest on drawings will be calculated for _______
Q28mediummcqQuantitative AptitudeSSC CGL2026
0% accuracy
Mohit and Anshu invested some money in a business in the ratio respectively. After months Mohit withdraws his capital. If they receive profits in the ratio , then for how many months did Anshu invest in the business?
Q29mediummcqQuantitative AptitudeStaff Selection Commission2026
0% accuracy
Three persons A, B and C start a business with a total amount of ₹2,60,000. The ratio of their investment in the total amount is 15:18:19, respectively. They earn a profit of 12% this year on the total investment. The profit is to be distributed in the same ratio of investment. How much profit will C earn?
Q30mediummcqQuantitative AptitudeCompetitive Exam2026
0% accuracy
A and B invested money in a business in the ratio of 2:3. If 10% of the total profit goes to charity and A's share in the profit is ₹4,500, then what is the total profit?
Q31mediummcqQuantitative AptitudeCompetitive Exam2026
0% accuracy
In a partnership business, A invests of the capital for of the total time, B invests of the capital for of the total time and C, the rest of the capital for the whole time. Find the share of B, out of a profit of Rs. 1940.
Q32mediummcqAccountancyCUET Accountancy 2022 15 July Shift 22026
0% accuracy
Identify the item credited to Realisation Account in the event of dissolution of a partnership firm.
Q33mediummcqAccountancyCUET Accountancy 2022 15 July Shift 22026
0% accuracy
Identify the correct sequence or order of application of assets including any sum contributed by the partners, in case of dissolution of partnership firm to make up deficiencies of capital. A. In paying each partner proportionately what is due to him from the firm for advances distinguished from capitalB. In paying to each partner proportionately what is due to him on account of capitalC. In paying the debts of the firm to the third partiesD. The residue, if any, shall be divided among the partners in their profit sharing ratio Choose the correct answer from the options given below:
Q34mediummcqAccountancyCUET Accountancy 2022 15 July Shift 22026
0% accuracy
Show the following information in financial statements of a Non-Profit Organisation:
image
Q35easymcqAccountancyCUET Accountancy 2022 15 July Shift 22026
0% accuracy
All assets (except Cash/Bank and fictitious assets) are transferred to the _______ side of _______ account.
Q36mediummcqAccountancyCUET Accountancy 2022 15 July Shift 22026
0% accuracy
Locker Rent Received during the year by a club is . Locker rent outstanding for the previous year and outstanding for the current year.The amount to be shown in Income and Expenditure is:
Q37easymcqAccountancyCUET Accountancy 2022 15 July Shift 22026
0% accuracy
Outstanding Salaries for the current year is shown:A. In the Opening Balance Sheet, as an assetB. In the Closing Balance Sheet, as an assetC. In the Income and Expenditure A/c by adding to the expense 'salary'D. In the Closing Balance Sheet, as a liabilityChoose the correct answer from the options given below:
Q38mediummcqAccountancyCUET Accountancy 2022 15 July Shift 22026
0% accuracy
Ram, Mohan and Roy are partners in the ratio of . Ram retires, and Mohan and Roy decided to share profits in the ratio of . Calculate the gaining ratio.
Q39mediummcqAccountancyCUET Accountancy 2022 15 July Shift 22026
0% accuracy
Identify the treatment of Government Grant received from the government from the following:
Q40mediummcqAccountancyCUET Accountancy 2022 15 July Shift 22026
0% accuracy
P, Q and R are partners sharing profits in the ratio of . S is admitted into the firm for a share in the future. The sacrificing ratio would be:
Q41mediummcqAccountancyCUET Accountancy 2022 15 July Shift 22026
0% accuracy
Calculate manager's commission at on Net profit, if the Divisible profit of a firm is , salary to partners is and Interest on drawings is .
Q42mediummcqAccountancyCUET Accountancy 2022 15 July Shift 22026
0% accuracy
A firm is dissolved at the time of:
Q43easymcqAccountancyCUET Accountancy 2022 15 July Shift 22026
0% accuracy
X and Y are partners in a firm sharing profits in the ratio of . Z is admitted in the firm for share. On the admission of Z there was a balance of in general reserve. What would be the journal entry for distributing the reserve?
Q44mediummcqAccountancyCUET Accountancy 2022 15 July Shift 22026
0% accuracy
P, Q & R were partners sharing profit in the ratio . W was admitted to the partnership, bringing capital and as his share of Goodwill. Choose the correct entry for retaining of Goodwill brought in by W. W's share in profit was .
Q45mediummcqAccountancyCUET Accountancy 2022 15 July Shift 22026
0% accuracy
Ram and Balram are partners in a firm sharing profit and losses in the ratio of .An extract of Balance Sheet as of 31st March 2022:
image
If the value of the above furniture is overvalued by , choose the value of furniture to be shown in the new Balance Sheet out of the following:
Q46easymcqAccountancyCUET Accountancy 2022 20 July Shift 12026
Identify the right combination of type of Account in making Final Accounts of Partnership Firm.(a) Profit and Loss A/C(b) Profit and Loss Suspense A/C(c) Profit and Loss Appropriation A/C(d) Profit and Loss Adjustment A/C(e) Partners' Capital A/CsChoose the correct answer from the options given below:
Q47mediummcqAccountancyCUET Accountancy 2022 23 Aug Shift 2 PYQs2026
A, B and C were partner's in a firm sharing profit and losses in the Ratio of . They admitted D into partnership for share of profit which he takes equally from A and B. D brought sufficient amount of goodwill in cash. Capital brought in by is Rs. . On the date of admission the Balance Sheet of A, B and C was as follows :Balance Sheet as on 31st March, 2021
image
Goodwill is to be valued at years purchase of average profit of last years which were Rs. (2017-18), Rs. (18-19), Rs. (19-20). On revaluation it was found that all debtors are good.What would be the effect of the line "All Debtors are good".
Q48easymcqAccountancyCUET Accountancy 2022 20 July Shift 12026
Match List - I with List - II.
image
Choose the correct answer from the options given below:
Q49hardmcqAccountancyCUET Accountancy 2022 20 July Shift 12026
A and B are partners sharing profits in the ratio of . C is admitted as a partner and he acquires 25% of his share from A. B surrenders th from his share in favour of C. Calculate C's share in profit.
Q50mediummcqAccountancyCUET Accountancy 2022 30 Aug Shift 22026
Case studyA and B were partners in a partnership firm. Due to the ill health of B they decided to dissolve the firm. The position of Assets and Liabilities on the date of dissolution was:
image
It was agreed that following transactions will take place :A. A wanted to start the business in sole proprietorship So he took Building and Furniture at less than book value.B. All the debtors proved good except a person C who did not pay Rs. .Following items appear on the Debit side of Realisation A/C except :A. Transfer of AssetsB. Payment of liabilitiesC. ProvisionsD. Realisation expensesE. Asset taken over by partnerChoose the correct answer from the options given below:
Q51mediummcqMathematicsCompetitive Exam2026
started a business with a capital of . After months, joined the business with a capital of , and after another months, joined the business with a capital of . After months from the start of the business, withdraws and also withdraws . If received as his share in the profit at the end of a year, then the total profit was:
Q52easymcqAccountancyCUET Accountancy 2022 20 July Shift 12026
At the time of admission of a partner, if nothing is specified then new partner acquires his share from old partners.
Q53easymcqAccountancyCUET Accountancy 2022 20 July Shift 12026
At the time of retirement of a Partner if retiring Partner's whole amount is treated as loan, then the total amount is Debited in:
Q54easymcqAccountancyCUET Accountancy 2022 20 Aug Shift 22026
In the absence of any information regarding the acquisition of share in the profit of retiring/deceased partner by the remaining partners, it is assumed that they will acquire his/her share in the:
Q55mediummcqAccountancyCUET Accountancy 2022 20 July Shift 12026
On the death of a partner, his share in the loss of the firm till the date of his death is transferred to:
Q56easymcqAccountancyCUET Accountancy 2022 20 July Shift 12026
A firm may not be dissolved by court in the following condition:
Q57easymcqAccountancyCUET Accountancy 2022 30 Aug Shift 22026
The capital accounts of partners will always show a ____ balance under fixed capital account method
Q58easymcqAccountancyCUET Accountancy 2022 30 Aug Shift 22026
Case study: A and B were partners in a partnership firm. Due to the ill health of B they decided to dissolve the firm. The position of Assets and Liabilities on the date of dissolution was:
image
It was agreed that following transactions will take place :A. A wanted to start the business in sole proprietorship So he took Building and Furniture at less than book value.B. All the debtors proved good except a person C who did not pay Rs. .The accumulated profits and reserve are transferred to:
Q59easymcqAccountancyCUET Accountancy 2022 20 Aug Shift 22026
________ is the amount received as per the will of a deceased person.
Q60easymcqAccountancyCUET Accountancy 2022 20 July Shift 12026
A and B are two partners sharing profits in the ratio of . C will bring in Rs. 1,00,000 as capital and Rs. 60,000 as his share of goodwill for share in profit.Stock in the balance sheet is given as Rs. 40,000.Stock is found overvalued by Rs. 4,000.Value of stock to be shown in Balance sheet after admission will be:
Q61mediummcqAccountancyCUET Accountancy 2022 20 July Shift 12026
A firm earns a profit in last three years as follows:2020 - 21 Rs. 75,0002019 - 20 Rs. 1,20,0002018 - 19 Rs. 50,000Additional Information:Closing stock of 2020 - 21 was undervalued by Rs. 10,000.Calculate the Average Profit.
Q62hardmcqAccountancyCUET Accountancy 2022 23 Aug Shift 2 PYQs2026
A, B and C were partner's in a firm sharing profit and losses in the Ratio of . They admitted D into partnership for share of profit which he takes equally from A and B. D brought sufficient amount of goodwill in cash. Capital brought in by is Rs. . On the date of admission the Balance Sheet of A, B and C was as follows :Balance Sheet as on 31st March, 2021
image
Goodwill is to be valued at years purchase of average profit of last years which were Rs. (2017-18), Rs. (18-19), Rs. (19-20). On revaluation it was found that all debtors are good.What would be the new Profit Sharing Ratio :
Q63mediummcqAccountancyCUET Accountancy 2022 20 July Shift 12026
Interest on drawings of a partner has been calculated Rs. 3,000 @ 8% p.a. who has drawn equal amount in each quarter; commencing from end of the first quarter throughout the year. The amount of drawing of partner per quarter would be:
Q64easymcqAccountancyCUET Accountancy 2022 30 Aug Shift 22026
Case studyA and B were partners in a partnership firm. Due to the ill health of B they decided to dissolve the firm. The position of Assets and Liabilities on the date of dissolution was:
image
It was agreed that following transactions will take place :A. A wanted to start the business in sole proprietorship So he took Building and Furniture at less than book value.B. All the debtors proved good except a person C who did not pay Rs. .The amount recovered from the debtors is:
Q65mediummcqAccountancyCUET Accountancy 2022 20 July Shift 12026
If average capital employed in a firm is Rs. 15,00,000 and fair rate of return in the same industry was 10% (Wait, source implies calculation gives specific normal profit, let's use 8%). Fair rate of return was 8%. Goodwill was valued at Rs. 90,000 on the basis of three times of super profit. The Average Profit of the firm is?
Q66mediummcqAccountancyCUET Accountancy 2022 23 Aug Shift 2 PYQs2026
A, B and C were partner's in a firm sharing profit and losses in the Ratio of . They admitted D into partnership for share of profit which he takes equally from A and B. D brought sufficient amount of goodwill in cash. Capital brought in by is Rs. . On the date of admission the Balance Sheet of A, B and C was as follows :
image
Goodwill is to be valued at years purchase of average profit of last years which were Rs. (2017-18), Rs. (18-19), Rs. (19-20). On revaluation it was found that all debtors are good.Goodwill brought in by new partners would be _________.
Q67easymcqAccountancyCUET Accountancy 2022 20 July Shift 12026
From the following information, identify when goodwill is required to be calculated.(a) Admission of a Partner(b) Amalgamation of partnership firms(c) Dissolution of partnership firm(d) Retirement and Death of any partner(e) Preparation of Balance sheetChoose the correct answer from the options given below:
Q68easymcqAccountancyCUET Accountancy 2022 30 Aug Shift 22026
Match List I with List II in context of not having partnership deed.LIST IA. Interest on loanB. Interest on drawingsC. SalaryD. Profit sharing ratioLIST III. EqualII. Will not be chargedIII. @ p.a.IV. Will not be allowed/providedChoose the correct answer from the options given below:
Q69easymcqAccountancyCUET Accountancy 2022 20 July Shift 12026
A, B and C were partners sharing profits and losses in the ratio of . C died on 1st August, 2022 and his share of profit from the beginning of the accounting year upto the date of death amounted to Rs. 70,000. C's share of profit will be debited to:
Q70mediummcqAccountancyCUET Accountancy 2022 20 Aug Shift 22026
Which among the following are the modes of dissolution?A. Dissolution by NatureB. Compulsory DissolutionC. Dissolution by AgreementD. Dissolution by NoticeChoose the correct answer from the options given below:
Q71mediummcqAccountancyCUET Accountancy 2022 20 July Shift 12026
Monu, Sonu and Golu are partners in a firm sharing profits in the ratio of . Golu died on 5th November 2021. Under the partnership deed, the executors of the deceased partner are entitled to his share of profit to the date of death, calculated on the basis of last year's profit. Profit for the year ended 31st March 2022 was Rs. 3,00,000. (Assuming this means profit for the previous year or estimated profit basis). Golu's share of profit will be:
Q72easymcqAccountancyCUET Accountancy 2022 30 Aug Shift 22026
Case studyA and B were partners in a partnership firm. Due to the ill health of B they decided to dissolve the firm. The position of Assets and Liabilities on the date of dissolution was:
image
It was agreed that following transactions will take place :A. A wanted to start the business in sole proprietorship So he took Building and Furniture at less than book value.B. All the debtors proved good except a person C who did not pay Rs. .The treatment of Goodwill appearing in the balance sheet will be:
Q73mediummcqAccountancyCUET Accountancy 2022 20 July Shift 12026
In the balance sheet Total Debtors appear at Rs. 1,50,000 and provision for doubtful debts appear at Rs. 1,500. How much amount will be realised from debtors, if bad debts amounted to Rs. 20,000 and remaining debtors realised at a discount of 15%?
Q74mediummcqAccountancyCUET Accountancy 2022 20 Aug Shift 22026
Extract of Receipt and Payment Account for the year ended on March 31, 2021 is given.Calculate the amount of Stationery to be shown in Income and Expenditure A/c.Payments for Stationery: Rs.
Additional Information:
image
Q75easymcqAccountancyCUET Accountancy 2022 20 July Shift 12026
On the dissolution of the partnership firm the amount realised from sale of assets shall be applied in following order:(a) Distributing the amount left among the partners in their profit sharing ratio(b) Paying amount due to partner on account of loan advanced by him(c) Paying amount due to the creditors(d) Paying partners' capital account balancesChoose the correct answer from the options given below:
Q76easymcqAccountancyCUET Accountancy 2022 30 Aug Shift 22026
On retirement of a partner, the retiring partner's capital account will be credited with _____
Q77easymcqAccountancyCUET Accountancy 2022 20 July Shift 12026
A provision for doubtful debts is to be created at 5% of debtors. Debtors in the balance sheet are Rs. 60,000. Provision for Doubtful debts to be shown in Revaluation Account:
image
Q78easymcqAccountancyCUET Accountancy 2022 20 Aug Shift 22026
On 1/4/22, X and Y decided to dissolve their firm. On that date of dissolution, Goodwill appeared at Rs. in the Balance Sheet. Goodwill will be:
Q79mediummcqAccountancyCUET Accountancy 2022 20 July Shift 12026
C brings in Rs. 60,000 as his share of goodwill for share in profit. A and B share profits in ratio . A's share of goodwill brought in by C will be:
image
Q80easymcqAccountancyCUET Accountancy 2022 20 July Shift 12026
Plant and Machinery in the balance sheet is Rs. 1,00,000. Plant is to be appreciated to Rs. 1,20,000. Amount to be shown in Revaluation Account:
image
Q81easymcqAccountancyCUET Accountancy 2022 23 Aug Shift 2 PYQs2026
On dissolution of a firm, bank overdraft is transferred to :
Q82hardmcqAccountancyCUET Accountancy 2022 20 Aug Shift 22026
From the following information, calculate interest on Capital of C, a partner for the year ended 31st March, 2022.C's Capital on 31/3/2022: Rs. Profit credited to C for the year ended 31/3/2022: Rs. Drawings made during the year: Rs. Additional Capital introduced on 1/10/21: Rs. Rate of Interest = p.a.
Q83easymcqAccountancyCUET Accountancy 2022 20 July Shift 12026
Sundry Creditors in the balance sheet are Rs. 58,000. Creditors were unrecorded to the extent of Rs. 1,000. Creditors to be shown in Balance sheet after admission of partner will be:
image
Q84mediummcqQuantitative AptitudeAdda2472026
, and enter into a partnership by investing their capitals in the ratio of . After months, increased his capital by , but decreased his capital by . What is the share of in the total profit of at the end of a year?
Q85easymcqAccountancyCUET Accountancy 2022 20 Aug Shift 22026
If the total income earned by Saket Club, a Not-for-Profit organisation is Rs. and surplus earned is Rs. , then total expenditure incurred will be:
Q86mediummcqCUET AccountancyCUET Accountancy 16 July Shift 22026
Arrange the following steps to calculate the value of Goodwill by the capitalization method of super profit in a proper sequence:A. Calculate normal profit on capital employedB. Actual Profits - Normal Profits = Super ProfitC. D. Calculate actual profits on capital employedChoose the correct answer from the given options:
Q87mediummcqCUET AccountancyCUET Accountancy 16 July Shift 22026
Amit, Dinesh, and Gagan are partners sharing profits in the ratio of . Dinesh retires. Amit and Gagan decide to share the profits of the new firm in the ratio of . The gaining ratio between Amit and Gagan will be:
Q88mediummcqAccountancyCUET Accountancy 2022 30 Aug Shift 22026
Aman and Mohan, partners of a firm decided to dissolve the business on 31-03-22. The firm decided to pay realisation expenses of Rs. on behalf of Mohan. Rs. will be debited to
Q89easymcqAccountancyCUET Accountancy 2022 23 Aug Shift 2 PYQs2026
A, B and C are partner's sharing profits and losses in the ratio of .If A dies, then the new ratio of B and C will be :
Q90mediummcqAccountancyCUET Accountancy 2022 20 Aug Shift 22026
If X's share of profit was to be calculated on the basis of Average Profit of the last three years, which were Rs. for 2018-19, Rs. for 2019-20 and Rs. for 2020-21. X's share of profit for the period from April 01, 2020 to June 30, 2020 shall be calculated on the basis of Average Profit. The profit sharing ratio is between X, Y and Z.His share of profit will be:
Q91easymcqCUET AccountancyCUET Accountancy 16 July Shift 22026
Revaluation Account is a/an:
Q92easymcqCUET AccountancyCUET Accountancy 16 July Shift 22026
In the absence of a Partnership deed, partners share profits and losses in:
Q93mediummcqAccountancyCUET Accountancy 2022 20 Aug Shift 22026
For computing Goodwill by capitalisation of Average Profit method, the following sequence would be followed:A. Capitalise the average profit on the basis of Normal Rate of ReturnB. Ascertain the firm's Capital - Total Assets - Outside LiabilitiesC. Ascertain the average profits based on past years' performanceD. Compute the volume of GoodwillChoose the correct answer from the options given below:
Q94mediummcqCUET AccountancyCUET Accountancy 16 July Shift 22026
At the time of dissolution of their firm, Ahmed and Subhash, who are partners of that firm, agreed that Ahmed will pay realization expenses for a fixed remuneration of ₹12,000. The actual expenses were ₹16,000. The Journal entry to be passed is:
Q95easymcqCUET AccountancyCUET Accountancy 16 July Shift 22026
A, B and C are partners with a profit-sharing ratio of respectively. C died on 1st October 2021. The journal entry to be passed to give C his share of profit immediately will be:
Q96mediummcqAccountancyCUET Accountancy 2022 23 Aug Shift 2 PYQs2026
On 1st April 2022, A, B and C decided to dissolve their firm. On the date of dissolution, Sundry debtors appeared in Balance Sheet at Rs. and Provision for doubtful debt at Rs. . Debtors to extent of Rs. were bad. In journal entry for realisation of debtors:
Q97mediummcqAccountancyCUET Accountancy 2022 20 Aug Shift 22026
Raman and Naman were in partnership sharing profit and losses as . Their partnership firm was dissolved on 31 March 2022. On the date of dissolution, Naman's loan was Rs. . Naman agreed to take stock (already transferred to Realisation A/c) of Rs. at Rs. and balance in cash for the settlement of loan. Journal Entry for above transaction is:
Q98easymcqCUET AccountancyCUET Accountancy 16 July Shift 22026
Sunil and Ravi are partners in a firm sharing profits in the ratio of . Amar is admitted for share. The sacrificing ratio of Sunil and Ravi is:
Q99easymcqCUET AccountancyCUET Accountancy 16 July Shift 22026
Match the concepts in List I with the events in List II:List IList IIA. When a new partner joins the partnershipI. Compulsory dissolutionB. When an existing partner leaves the partnershipII. Admission of a partnerC. When the business of a firm becomes illegalIII. Prepared in the case of death of a partnerD. Executor's AccountIV. Retirement of a PartnerChoose the correct answer from the options given below:
Q100hardmcqAccountancyCUET Accountancy 2022 20 Aug Shift 22026
Calculate the amount of adjusted profit for the year ended 31 March 2021 for the purpose of valuation of Goodwill from the following information:Profit for the year ended 31 March 2021: Rs. On 1 July, 2020, a major plant repair was undertaken for Rs. which was charged to Revenue. The said sum is to be capitalised for Goodwill valuation subject to adjustment of depreciation @ p.a. on reducing balance method.
123456789

Frequently Asked Questions

How many Partnership questions are on ExamTest.live?▼
We have 823 Partnership questions spread across 9 pages, covering easy, medium, and hard difficulty levels with detailed explanations.
Are Partnership MCQs free?▼
Yes. All Partnership questions, answers, and explanations on ExamTest.live are completely free. No account or subscription required.
Which exams include Partnership questions?▼
Partnership questions are commonly asked in Accountancy, CUET Accountancy, Quantitative Aptitude, Mathematics, Numerical Ability. You can filter by exam using the links above.
How do I practice Partnership questions effectively?▼
Start with easy questions to build confidence, then tackle medium and hard ones. Use the filter buttons to sort by difficulty. Reveal the answer only after attempting each question, and read the explanation thoroughly.