Partnership Questions

Read the following case study carefully and answer the question:G, K, and B were partners running a partnership for the last 10 years, sharing profit and loss in the ratio of $5:3:2$. Post-Covid, their firm was affected badly and started incurring losses. On 31st March 2023, they all decided to dissolve the firm due to continuous losses. Their capital balances were $\text{₹ }4,00,000$, $\text{₹ }3,00,000$, and $\text{₹ }2,00,000$ respectively. The firm had liabilities of $\text{₹ }80,000$, Cash balance $\text{₹ }40,000$, other Sundry Assets $\text{₹ }8,50,000$, and P&L A/c constituted the rest. Assets were realised at $80\%$, and liabilities were paid in full. There was an unrecorded liability of $\text{₹ }50,000$, which was settled at $\text{₹ }40,000$. Realisation expenses amounted to $\text{₹ }30,000$, being paid by G on behalf of the firm. What is the mode of dissolution of the firm followed by G, K, and B?

When a firm is dissolved with the consent of all the partners, it is called:

Arrange the following steps in the correct logical sequence to calculate Goodwill using the Super Profits Method:(A) Calculate the normal profit on the firm's capital based on the normal rate of return.(B) Calculate the average historical maintainable profit.(C) Calculate the super profits by deducting normal profit from the average profit.(D) Calculate goodwill by multiplying the super profit by the specified number of years' purchase.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:

If there is no claim against Workmen Compensation Reserve, it is _______________ at the time of admission of a partner.Fill in the blank with the correct answer from the options given below.

At the time of admission of partner if goodwill exist in the books of account it will be written off among:

Comprehension:A partner withdrew money during the financial year ending March 31, 2020 from his capital account for personal use.The individual amounts withdrawn were:Rs. $12,000$ on June 01, 2019Rs. $8,000$ on August 31, 2019Rs. $3,000$ on September 30, 2019Rs. $7,000$ on November 30, 2019Rs. $6,000$ on January 31, 2020The rate of interest on drawings is $9\%$ per annum.Question: Calculate the interest on drawings specifically for the amount of Rs. $12,000$ drawn on June 01, 2019.

Partners' current accounts are transferred to respective Partners' ______ Accounts at the time of dissolution of a firm.

'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?

Match List-I with List-II and choose the correct answer from the options given below:List-I (Equal amount of drawings made)(A) At the end of each half year(B) At the beginning of each quarter(C) At the beginning of each month(D) At the end of each quarterList-II (Number of month for which interest calculated)(I) $4.5$ months(II) $6.5$ months(III) $7.5$ months(IV) $3$ months

Which of the following are the ways for the dissolution of a firm?(A) Dissolution by Notice(B) Dissolution by agreement(C) Dissolution by court(D) Dissolution by not terminating businessChoose the correct answer from the options given below:

The major difference between Retirement and Death of a partner is:

Read the following case study carefully and answer the question:G, K, and B were partners running a partnership for the last 10 years, sharing profit and loss in the ratio of $5:3:2$. Post-Covid, their firm was affected badly and started incurring losses. On 31st March 2023, they all decided to dissolve the firm due to continuous losses. Their capital balances were $\text{₹ }4,00,000$, $\text{₹ }3,00,000$, and $\text{₹ }2,00,000$ respectively. The firm had liabilities of $\text{₹ }80,000$, Cash balance $\text{₹ }40,000$, other Sundry Assets $\text{₹ }8,50,000$, and P&L A/c constituted the rest. Assets were realised at $80\%$, and liabilities were paid in full. There was an unrecorded liability of $\text{₹ }50,000$, which was settled at $\text{₹ }40,000$. Realisation expenses amounted to $\text{₹ }30,000$, being paid by G on behalf of the firm. The journal entry for realization expenses in the above case study will be:

Case StudyRead the following information to answer.Arun and Ram are partners in a restaurant business sharing profits and losses in capital ratio. Their fixed capital from the beginning of the firm was Rs. $2,00,000$ and Rs. $1,50,000$ respectively.The profit for the year ended 31 March 2022 before the appropriation of Salary and Interest on Capital was Rs. $2,20,000$. Ram is allowed a salary of Rs. $2,000$ per quarter and interest on capital @ $10\%$ p.a.Due to the further expansion of the business, they decided to enter Sanjeev as a new partner for $\frac{1}{5}$ share in profits. It was agreed that Sanjeev will bring Rs. $1,00,000$ as capital and Rs. $50,000$ as his share of Goodwill. It was decided that he will give Rs. $1,00,000$ as loan to the firm for 3 years.Interest on capital will be shown on the Dr. side of Profit and Loss Appropriation A/c and ________ side of Partner's ________ A/c.

Which of the following events result in the reconstitution of a partnership firm?(A) Change in the profit-sharing ratio among existing partners.(B) Admission of a new partner.(C) Dissolution of a partnership firm.(D) Dissolution of a partnership due to death or retirement.Choose the correct answer from the options given below:

In the case of guarantee of profit, the sequence of steps to be followed are:(A) Divide the profit in the given ratio.(B) Prepare profit and loss appropriation account as usual.(C) Deduct the deficiency from the guaranteeing partner and add the same to guaranteed partner.(D) Find the deficiency.Choose the correct answer from the options given below:

Read the following case study carefully and answer the question:G, K, and B were partners running a partnership for the last 10 years, sharing profit and loss in the ratio of $5:3:2$. Post-Covid, their firm was affected badly and started incurring losses. On 31st March 2023, they all decided to dissolve the firm due to continuous losses. Their capital balances were $\text{₹ }4,00,000$, $\text{₹ }3,00,000$, and $\text{₹ }2,00,000$ respectively. The firm had liabilities of $\text{₹ }80,000$, Cash balance $\text{₹ }40,000$, other Sundry Assets $\text{₹ }8,50,000$, and P&L A/c constituted the rest. Assets were realised at $80\%$, and liabilities were paid in full. There was an unrecorded liability of $\text{₹ }50,000$, which was settled at $\text{₹ }40,000$. Realisation expenses amounted to $\text{₹ }30,000$, being paid by G on behalf of the firm. Determine the overall Gain/Loss on Realisation.

Match List-I with List-II:At the time of retirement, the following transactions took place. Choose the correct treatment.List-I (Particulars)List-II (Treatment)(A) Asset taken over by the partner(I) Debit side of Revaluation A/C(B) Increase in Assets(II) Written off amongst old partners in old ratio(C) Unrecorded Liability(III) Debit side of Partners Capital A/C(D) Goodwill Appearing in books(IV) Credit side of Revaluation A/CChoose the correct answer from the options given below:

Which of the following is NOT an essential feature of a partnership?

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

Sameer and Yasmin are partners with capitals of $\text{Rs }15,00,000$ and $\text{Rs }10,00,000$ respectively, sharing profits in the ratio of $3:2$. The financial year closes on March 31 every year. They admit Ravi on October 1, 2019. On that same date, Sameer introduces additional capital of $\text{Rs }3,00,000$. If interest on capital is provided at $@5\%\text{ p.a.}$, calculate the amount of interest on Sameer's capital for the financial year 2019–20.

The share of loss of a deceased partner, calculated on the basis of previous year's profit/loss, is:

Read the following case study carefully and answer the question:G, K, and B were partners running a partnership for the last 10 years, sharing profit and loss in the ratio of $5:3:2$. Post-Covid, their firm was affected badly and started incurring losses. On 31st March 2023, they all decided to dissolve the firm due to continuous losses. Their capital balances were $\text{₹ }4,00,000$, $\text{₹ }3,00,000$, and $\text{₹ }2,00,000$ respectively. The firm had liabilities of $\text{₹ }80,000$, Cash balance $\text{₹ }40,000$, other Sundry Assets $\text{₹ }8,50,000$, and P&L A/c constituted the rest. Assets were realised at $80\%$, and liabilities were paid in full. There was an unrecorded liability of $\text{₹ }50,000$, which was settled at $\text{₹ }40,000$. Realisation expenses amounted to $\text{₹ }30,000$, being paid by G on behalf of the firm. Determine the balancing amount of the Profit and Loss Account prior to dissolution.

Match List - I with List - II.List - I ||| List - II(A) Interest on loan ||| (I) Current Account(B) Fixed capital ||| (II) Charge Against Profit(C) Fluctuating capital ||| (III) Capital Account(D) Interest on capital ||| (IV) Appropriation of ProfitChoose the correct answer from the options given below :

A and B are partners without any partnership deed. B has given a loan of $\text{Rs. }2,00,000$ to the firm on 1st July 2023. B claims interest on loan @ $10\%\text{ p.a.}$ How much interest on loan will be paid to B for the year ending on 31st March 2024?

Match List-I with List-II:List-I(A) Salary to partner(B) Interest on partner's loan(C) Interest on partner's drawings(D) Additional capital introducedList-II(I) Credit side of Partner's Capital Account(II) Debit side of Partner's Current Account(III) Debit side of Profit and Loss Account(IV) Credit side of Partner's Current AccountChoose the correct answer from the options given below:

According to Section __________ of the Indian Partnership Act 1932, the dissolution of partnership between all the partners of a firm is called the dissolution of the firm.

X and Y are partners sharing profits in the ratio $3:2$. Z is entered into the business for $\frac{1}{4}\text{th}$ share of profits, with the guarantee of minimum profits of ₹ 30,000. Profit earned by the business for the year ended March 31st, 2024 is ₹ 1,00,000. The amount of deficiency, if any, will be borne by:

Identify the correct sequence to be followed while preparing the final accounts of a partnership firm:(A) Profit and Loss Appropriation Account(B) Profit and Loss Account(C) Trading Account(D) Balance SheetChoose the correct answer from the options given below:

Case StudyRead the following information to answer.Arun and Ram are partners in a restaurant business sharing profits and losses in capital ratio. Their fixed capital from the beginning of the firm was Rs. $2,00,000$ and Rs. $1,50,000$ respectively.The profit for the year ended 31 March 2022 before the appropriation of Salary and Interest on Capital was Rs. $2,20,000$. Ram is allowed a salary of Rs. $2,000$ per quarter and interest on capital @ $10\%$ p.a.Due to the further expansion of the business, they decided to enter Sanjeev as a new partner for $\frac{1}{5}$ share in profits. It was agreed that Sanjeev will bring Rs. $1,00,000$ as capital and Rs. $50,000$ as his share of Goodwill. It was decided that he will give Rs. $1,00,000$ as loan to the firm for 3 years.The amount of distributed profits of both the partner's will be:

Das and Sinha are partners in a firm sharing profits in a $4:1$ ratio. They admit Pal as a new partner for a $\frac{1}{4}$ share in the profits, which he acquires entirely from Das. Calculate the new profit-sharing ratio of all three partners.

Arrange the steps in proper sequence to calculate Goodwill through the Super Profits Method.(A) Calculate the normal profit on the firm's capital on the basis of the normal rate of return.(B) Calculate the average profit.(C) Calculate the super profits by deducting normal profit from the average profits.(D) Multiply super profits by the given number of years purchased.Choose the correct answer from the options given below:

On dissolution of a firm, bank overdraft is transferred to:

Which of the following are charges against profits?(A) Rent paid to partners(B) Interest on loan, paid to partners(C) Interest on Capital(D) Manager's commissionChoose the correct answer from the options given below:

Comprehension:A partner withdrew money during the financial year ending March 31, 2020 from his capital account for personal use.The individual amounts withdrawn were:Rs. $12,000$ on June 01, 2019Rs. $8,000$ on August 31, 2019Rs. $3,000$ on September 30, 2019Rs. $7,000$ on November 30, 2019Rs. $6,000$ on January 31, 2020The rate of interest on drawings is $9\%$ per annum.Question: Calculate the interest on drawings specifically for the amount of Rs. $6,000$ drawn on January 31, 2020.

Which of the following is NOT a valid method for the valuation of goodwill?

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

Which of the following would affect the Revaluation Account at the time of admission of a partner?(A) Increase in assets(B) Drawings against capital(C) Recording of unrecorded assets(D) Decrease in liabilities Choose the correct answer from the options given below:

If a partner retires in the middle of the year his/her share of profit from the date of last balance sheet till the date of retirement will be transferred to : ____

By virtue of which section of the Indian Partnership Act 1932, partnership is defined as 'the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all'.

Which statements are true about partnership operations under Indian framework?(A) Each partner carrying on the business is the principal as well as the agent for all the other partners.(B) A valid partnership can be formulated even without a written agreement between the partners.(C) Interest on partner's loan is to be given @ 12% p.a., if the deed is silent about the rate.(D) The maximum number of partners can be 50 in a firm.Choose the correct answer from the options given below:

In case there is no information regarding the acquisition of a share in profit of the retiring/deceased partner by the remaining partners, the assumption is that they will acquire his/her share in the:

Which of the following accounts is NOT transferred to the Realisation Account at the time of dissolution of a firm?

Which of the following statements truly makes the distinction between Dissolution of Partnership and Dissolution of Firm:(A) In dissolution of partnership, business is not terminated, while in dissolution of firm business is terminated.(B) The Court intervenes in dissolution of Partnership because a partnership is not dissolved by mutual agreement. A firm can not be dissolved by court order.(C) Economic relationships between partners continue in a changed form in dissolution of partnership. Economic relationships between the partners come to an end at the dissolution of the Firm.(D) Dissolution of Partnership doesn't require permanent closure of books, while in Dissolution of firm books are closed.Choose the correct answer from the options given below:

$X$, $Y$ and $Z$ are partners in a firm. If $M$ is admitted as a new partner, what would be its primary legal implication?

Which from the following is not a feature of a partnership firm?

In case of retirement or death of a partner, all accumulated profit and losses are transferred in capital account of partners in the:

When a partnership firm is dissolved, any accumulated losses (such as a debit balance in the Profit and Loss Account) are transferred directly to the:

$L$ and $M$ are partners sharing profits in the ratio $3:2$. $N$ is admitted as a partner for $\frac{1}{5}\text{th}$ of the share which is acquired entirely from $L$. Goodwill of the firm is valued at Rs. $40,000$ on $N$ 's admission. $N$ will have to pay for Goodwill:

Which of the following statements are correct about a partnership?(A) Each partner carrying on the business is the principal as well as the agent for all the other partners.(B) If the deed is silent, interest at the rate of $6\%\text{ p.a.}$ would be charged on the drawings made by the partner.(C) If the partnership deed is silent about the profit sharing ratio, the profits and losses of the firm are to be shared equally by partners.(D) Interest on partner's loan is to be given @ $12\%\text{ p.a.}$, if the deed is silent about the rate.Choose the correct answer from the options given below:

Choose the correct statement in respect of the Fixed Capital Method for a Partnership Firm:

$A$ and $N$ are partners sharing profits in the ratio $2:1$. $A$ 's son $Ashu$ was admitted as a partner for $\frac{1}{4}\text{th}$ share, half of which was gifted by $A$ to her son. The remaining portion was contributed by $N$. The goodwill of the firm is valued at Rs. $40,000$. How much amount will be credited to the old partners' capital accounts respectively for goodwill?

In case of dissolution of partnership firm, any liability assumed/paid by a partner is shown on ________?

Which of the following is NOT a fundamental feature of a partnership?

$R$ and $S$ are partners in a firm sharing profits in the ratio of $5:3$. They admitted $B$ as a new partner for $\frac{1}{7}\text{th}$ share in the profit. The new profit sharing ratio among $R$, $S$, and $B$ becomes $4:2:1$. The sacrificing ratio of $R$ and $S$ is:

Which of the following statement is true ?

The Partnership Deed usually contains the following details:(A) Amount of capital to be contributed by each partner(B) The accounting period of the firm(C) Profit and loss sharing ratio(D) The rights, duties and liabilities of each partnerChoose the correct answer from the options given below:

Comprehension:A partner withdrew money during the financial year ending March 31, 2020 from his capital account for personal use.The individual amounts withdrawn were:Rs. $12,000$ on June 01, 2019Rs. $8,000$ on August 31, 2019Rs. $3,000$ on September 30, 2019Rs. $7,000$ on November 30, 2019Rs. $6,000$ on January 31, 2020The rate of interest on drawings is $9\%$ per annum.Question: Calculate the interest on drawings specifically for the amount of Rs. $3,000$ drawn on September 30, 2019.

Ram, Karan and Shyam are partners. On retirement of Ram, the goodwill already appears in the Balance Sheet at $\text{Rs. }32,000$. This existing goodwill will be written-off:

Arjun and Vaibhav are partners sharing profits in the ratio of $3:2$. They admitted Rahul as a new partner for $\frac{1}{5}$ share in the future profits of the firm. The new partner acquired his share from the old partners in the old ratio. Calculate the new profit sharing ratio of Arjun, Vaibhav and Rahul.

When realization expenses are paid by the firm on behalf of a partner, such expenses are debited to:

In partnership, a minor can be partner:

Rohan, Bharti, and Leela are partners. Upon Rohan's retirement, it is noted that goodwill already appears in the balance sheet valued at $\text{Rs. }24,000$. This existing goodwill must be written off by:

Match List-I with List-II (under the Fixed Capital Method):List-IList-II(A) Bank (fresh capital introduced)(I) Debit side of Partner's Current Account(B) Interest on drawings(II) Debit side of Partner's Capital Account(C) Bank (permanent withdrawal of capital)(III) Credit side of Partner's Current Account(D) Commission(IV) Credit side of Partner's Capital AccountChoose the correct answer from the options given below:

Match List-I with List-II:List-IList-II(A) Admission of a partner(I) Executor Accounts(B) Retirement of a partner(II) Sacrificing Ratio(C) Death of a partner(III) Realisation Account(D) Dissolution of a firm(IV) Gaining RatioChoose the correct answer from the options given below:

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

For distributing profits made during a financial year among partners, which account is debited?

The Profit and Loss Appropriation Account is an extension of the Profit and Loss Account of the firm. Which of the following items is NOT shown in the Profit and Loss Appropriation Account?

Which of the following is the correct journal entry to transfer a net profit (credit balance of the Profit and Loss Account) to the Profit and Loss Appropriation Account?

Arrange the sequential accounting processing steps required at the time of the death of a partner in the correct logical order:(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 the deceased partner's executorChoose the correct answer from the options given below:

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:

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 $10\%$ less than book value.B. All the debtors proved good except a person C who did not pay Rs. $10,000$.Due to the ill health of B, they decided to dissolve the firm. It comes under ____ form of dissolution.

Which of the following statements are TRUE?(A) Dissolution of a partnership is completely different from the dissolution of a firm.(B) A partnership is broken up/dissolved when a partner passes away.(C) A firm can be dissolved if all partners give their consent to it.(D) A firm is compulsorily dissolved whenever any single partner decides to retire.Choose the correct answer from the options given below:

Which of the following indicates a situation of compulsory dissolution of a partnership firm?

Match List-I with List-II regarding the modes of dissolution of a partnership firm:List-IList-II(A) Dissolution of firm by agreement(I) When a partner becomes insane(B) Compulsory dissolution of firm(II) With the consent of all partners(C) Dissolution of firm by notice(III) When business of a firm becomes illegal(D) Dissolution of firm by Court(IV) At the request of any one partnerChoose the correct answer from the options given below:

Based on Case Study 2, what is the value of the Average Profit?

Sindhu, Neha, and Priya are partners sharing profits in the ratio of $5:3:2$. If Neha retires from the firm, calculate the new profit-sharing ratio and the gaining ratio between Sindhu and Priya, assuming no other modifications are specified.

In which of the following cases does the economic relationship between the partners come to an end?

Arrange the following steps in the correct sequence for the application of assets during the settlement of accounts upon the dissolution of a partnership firm (as per Section 48 of the Indian Partnership Act, 1932):(A) The balance should be applied to repay loans made by partners to the firm.(B) The assets of the firm should be used in paying the debts of the firm to third parties.(C) The balance assets may be used for paying partners proportionately on account of capital.(D) The asset residue, if any, shall be divided among the partners in their profit-sharing ratio.Choose the correct answer from the options given below:

Comprehension:A partner withdrew money during the financial year ending March 31, 2020 from his capital account for personal use.The individual amounts withdrawn were:Rs. $12,000$ on June 01, 2019Rs. $8,000$ on August 31, 2019Rs. $3,000$ on September 30, 2019Rs. $7,000$ on November 30, 2019Rs. $6,000$ on January 31, 2020The rate of interest on drawings is $9\%$ per annum.Question: Calculate interest on drawings specifically for the amount of Rs. $7,000$ withdrawn on November 30, 2019.

X, Y and Z are partners in the ratio of $\frac{1}{2}:\frac{2}{5}:\frac{1}{10}$. What will be the new ratio of the remaining partner if X retires?

Which of the following statements regarding partnership rules is NOT true?

On the retirement or death of a partner, the remaining partners who have gained due to the change in profit-sharing ratio should compensate:

A and B are partners in a firm sharing profits in the ratio of $3:2$. They admit M as a new partner for a $\frac{1}{4}$ share. The new profit-sharing ratio between A and B is set to be $2:1$. Calculate their sacrificing ratio.

When a partnership firm undergoes dissolution, the Balance of the Investment Account and the Balance of the Investment Fluctuation Fund Account shown in the Firm's Balance Sheet are transferred respectively into:

In the absence of any structural information regarding how the remaining partners acquire the share of a retiring or deceased partner, it is assumed that they will acquire it in their:

A, B and C were partner's in a firm sharing profit and losses in the Ratio of $5:3:2$. They admitted D into partnership for $1/5$ 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. $50,000$. On the date of admission the Balance Sheet of A, B and C was as follows :Balance Sheet as on 31st March, 2021

Goodwill is to be valued at $3$ years purchase of average profit of last $4$ years which were Rs. $60,000$ (2017-18), Rs. $60,000$ (18-19), Rs. $30,000$ (19-20). On revaluation it was found that all debtors are good.Calculate the total amount brought in by new partner D including Goodwill share :

When unrecorded liabilities are settled and paid at the time of dissolution of a partnership firm, they are recorded on the:

A and B are partners sharing profits equally with capitals of $\text{Rs. }45,000$ each. They admit C as a new partner for a $\frac{1}{3}\text{rd}$ share in profits. C brings in $\text{Rs. }60,000$ as his capital. Find the value of the firm's total Goodwill based on this transaction.

The profits of a partnership firm over five years are recorded as follows:YearProfit (Rs.)2012–1320,0002013–1424,0002014–1520,0002015–1620,0002016–1716,000Calculate the value of goodwill on the basis of three years' purchase of average profits.

The total sum due to a retiring partner or to the legal executors (in case of death) includes which of the following, along with their capital account balance, share of goodwill, and revaluation profit?

Under the fixed capital method, 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. Which among the following is NOT a feature of the fixed capital method?

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.

As per Receipts and Payments Account for the year ended on March 31, 2020, subscriptions received were Rs. $2,50,000$, subscriptions outstanding on 1-04-2019 Rs. $50,000$, Subscriptions received in advance as on 31-3-2020 are Rs. $30,000$. Subscriptions for the year 2019-20 will be:

On retirement of a partner, the retiring partner's capital account will be credited with _____

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. @ $6\%$ p.a.IV. Will not be allowed/providedChoose the correct answer from the options given below:

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:

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 $10\%$ less than book value.B. All the debtors proved good except a person C who did not pay Rs. $10,000$.The amount recovered from the debtors is:

A, B and C were partner's in a firm sharing profit and losses in the Ratio of $5:3:2$. They admitted D into partnership for $1/5$ 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. $50,000$. On the date of admission the Balance Sheet of A, B and C was as follows :Balance Sheet as on 31st March, 2021

Goodwill is to be valued at $3$ years purchase of average profit of last $4$ years which were Rs. $60,000$ (2017-18), Rs. $60,000$ (18-19), Rs. $30,000$ (19-20). On revaluation it was found that all debtors are good.What would be the new Profit Sharing Ratio :

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:

Based on Case Study 2, what is the specific value of the Super Profit?

Under the fixed capital method of a partnership concern, which two accounts are maintained for each partner?