Partnership Questions

According to the Indian Partnership Act, 1932, and subject to a contract between the partners, a firm can be dissolved upon the occurrence of certain contingencies. These include:(A) If constituted for a fixed term, by the expiry of that term.(B) If constituted to carry out one or more ventures, by the completion thereof.(C) By the death of a partner.

Reconstitution of a partnership firm does not involve:

Arrange the steps for accounting for a guarantee of profit to a partner in the correct sequence:(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's share and add it to the guaranteed partner's share.(D) Find the deficiency.Choose the correct answer from the options given below:

Abhiram and Ragini are partners sharing profits in the ratio of $3:2$. They admit Arun as a new partner for a $\frac{1}{5}\text{th}$ share in the future profits of the firm. Arun acquires this share equally from Abhiram and Ragini. Calculate the new profit-sharing ratio of Abhiram, Ragini, and Arun.

At the time of a partner's admission, if the actual Workmen Compensation Claim exceeds the existing Workmen Compensation Reserve, the excess amount is transferred to the:

Upon the dissolution of a partnership firm, the amount of a loan taken from a partner by the firm is transferred directly to:

When capital accounts are maintained under the Fixed Capital method, additional capital introduced by a partner is recorded as a:

Naveen, Suresh, and Tarun are partners sharing profits and losses in the ratio of $5:3:2$. Tarun retires from the firm, and his share is taken over by Naveen and Suresh in the ratio of $2:1$. Calculate the new profit-sharing ratio.

Anubha looked after the dissolution work for a remuneration of $\text{Rs. }8,500$ and agreed to bear dissolution expenses up to $\text{Rs. }6,00,0$. Actual expenses paid by her were $\text{Rs. }7,600$. What is the correct journal entry to record the remuneration payable to Anubha?(A) Realisation A/c is debited by $8,500$ (B) Anubha's Capital A/c is credited by $8,500$ (C) Realisation A/c is debited by $13,600$ (D) Anubha's Capital is credited by $13,600$ Choose the correct answer from the options given below:

Match List-I with List-II:List-I (Events)List-II (Result)(A) Termination of business(I) Not Possible In Dissolution Of Partnership.(B) Continuation Of Business(II) Not possible in the dissolution of a firm.(C) Intervention of court(III) Dissolution of firm(D) Continuation of books of accounts(IV) Dissolution of partnership.Choose the correct answer from the options given below:

The liability of partners in a general partnership firm is:

When an unrecorded asset is taken over by a creditor in full settlement of their claim during dissolution, the transaction is:

Identify the correct statement regarding a Partner's Current Account:

Which of the following statements is true regarding a Revaluation Account?

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

The past average profits of a business work out to $\text{Rs. }20,000$ and it is expected that such profits are likely to continue for another three years. The value of goodwill based on the average profit method will be:

When the exact date of a partner's drawings is not specified in the records, interest on drawings is calculated for an average period of:

To secure the right to receive a share in the future profits of a partnership firm, a newly admitted partner must bring:

A and B are partners in a firm sharing profits in the ratio of $3:2$. They admit C as a partner for a $\frac{1}{3}$ share. The sacrificing ratio between A and B is:

When realization expenses are paid by a partner on behalf of the firm, which account will be credited?

In the absolute absence of a valid partnership deed, interest on drawings is charged at what rate?

Match List-I with List-II:List-I (Different accounts)List-II (Related transaction)(A) Profit and loss account(I) Dissolution of partnership.(B) Profit and loss appropriation account(II) Dissolution of firm.(C) Revaluation account(III) Interest on loan to partner.(D) Realization account(IV) Transfer to reserve.Choose the correct answer from the options given below:

When unrecorded debtors are realized at the time of dissolution of a partnership firm, they will be recorded on the:

Rent payable to a partner is a/an:

Arrange the sequence of steps to be followed in the preparation of a Realisation Account during the dissolution of a partnership firm:(A) Realisation of the assets.(B) Transfer assets and liabilities to realisation account.(C) Ascertainment of profit or loss on realisation.(D) Payment of liabilities.Choose the correct answer from the options given below:

In case of a Fixed Capital Account framework, Interest on Drawings is:

Match List-I with List-II:List-I (Types of goodwill)List-II (Treatment to be done)(A) Existing Goodwill(I) No entry passed.(B) Goodwill premium(II) Inferred from the capital arrangement.(C) Goodwill paid privately(III) Written off.(D) Hidden goodwill(IV) Credited to sacrificing partner.Choose the correct answer from the options given below:

Match List-I with List-II:List-I (Accounting standards / Section of Act)List-II (Issues)(A) AS-3(I) Settlement Of Accounts.(B) AS-26(II) Firm's debt and private debt(C) Section 48 of the Indian partnership Act(III) Cash flow statement.(D) Section 49 of the Indian partnership Act(IV) Treatment of goodwill.Choose the correct answer from the options given below: