Partnership Questions

Stock at the time of dissolution was appearing in books at Rs 50,000. Half of the stock was sold at a discount of 20% and the remaining was taken over by one of the partners at a 10% discount. What amount was received in cash at the time of realization of stock.

Which is not usually included / mentioned in the contents of the Partnership Deed :-

Match List-I with List-IIList-IList-II(A) Payment of loans due to partners(iv) Partner's Loan A/c Dr. To Bank A/c(B) For settlement of partners' accounts, in case their capital account shows a debit balance(iii) Bank A/c Dr. To Partner's Capital A/c(C) For settlement of loan by a firm to a partner(ii) Bank A/c Dr. To loan to partners A/c(D) For settlement of any unrecorded liability(i) Realisation A/c Dr To Bank A/cChoose the correct answer from the options given below:

In case of dissolution of a partnership firm, losses, including deficiencies of capital, shall be paid first out of ...............

At the time of death of a partner, undistributed Losses appearing in the balance sheet of the old firm is transferred to the capital account of:

At the time of dissolution, a firm transferred Rs.100,000 Assets to the realization account and 50% of the assets were taken over by Kiran at 20% discount. How much net assets were taken over by Kiran?

Match List-I with List-IIList-IList-II(A) Compulsory Dissolution(III) Business becomes illegal(B) Dissolution by notice(IV) Partnership at will(C) Dissolution by Court(I) Partner becomes insane(D) Dissolution on certain contingencies(II) Death of a partnerChoose the correct answer from the options given below:

A, B, and C were in partnership, sharing profits in the ratio of $3:2:1$ respectively. B retires and the new profit sharing ratio between A and C is $3:2$. The gaining ratio is:

The steps followed for calculating interest on drawing in the product method are:(A) Calculate number of month for which interest is due on each drawing(B) List down amount of drawing in decending order in a table..(C) find the total of product and apply the formula to calculate interest on drawing.(D) Calculate product for each drawing by multiplying amount and number of month.Choose the correct answer from the options given below:

The new partner acquired the rights on admission into the firm. He acquires :(A) Rights in past profits of firm before admission.(B) Right to share in the future profits of the firm.(C) Right to share assets of the firm.(D) The right to carry on competing business.Choose the correct answer from the options given below:

When goodwill has to be inferred from the arrangement of capital and profit sharing ratio, it is called:

Match List-I with List-IIList-I (Items to be adjusted on admission)List-II (side of account)(A) Existing goodwill(i) Debit of capital account(B) Increase in value of assets(iii) Credit of revaluation account(C) Decrease in value of assets(ii) Debit of revaluation account(D) New partner capital(iv) Credit of capital accountChoose the correct answer from the options given below:

The steps involved in the calculation of goodwill under the super profit method are:(A) Calculate goodwill by multiplying the super profit by number of years purchase.(B) Calculate normal profit.(C) Calculate Average Profit(D) Calculate super profit.Choose the correct answer from the options given below:

A and B are partners, sharing profits equally. Their fixed capitals were Rs 2,00,000 and Rs 3,00,000 respectively. Interest on capital as provided under partnership deed @10% p.a was omitted. Select the correct option from the following:

The goodwill based on capitalization of average profit method is valued at Rs 1,80,000. If Net Assets are Rs 8,20,000 then find the capitalized value of average profits.

When a partner retires in the middle of the year and his share of profit is calculated based on previous years' profit, which of the following account is to be debited?

According to which section of the partnership Act 1932, the dissolution of a partnership between all the partners of a firm is called the dissolution of the firm?

Identify which statement is FALSE-

When drawings are made at the beginning of every month for the full year, interest on drawings is calculated for:

Himanshu withdrew Rs. 2,500 at the end of each month. The partnership deed provides for charging of interest on drawings @ 12% p.a. Calculate interest on Himanshu's drawings for the year ended March 31, 2017.

Dissolution of a partnership firm may be ordered by the court on the following grounds:(A) when a partner becomes insane.(B) when a partner becomes permanently incapable of performing his duties as partner.(C) when a partner acts in good faith(D) when it is regarded just and equitable by the court.Choose the correct answer from the options given below:

The maximum limit for the number of partner is decided by:

Kim and Sim are partners in a firm sharing profits in $4:3$ ratio. They admitted Pim as a new partner for $\frac{1}{4}$ share in the profits, which he acquired in the ratio of $3:2$ from Kim and Sim. Determine the new profit sharing ratio of the partners.

Various accounting aspects involved on retirement or death of a partner are as follows(A) Adjustment in respect of unrecorded assets and liabilities(B) Treatment of goodwill(C) Preparation of Realization A/c(D) Preparation of Executor's A/cChoose the correct answer from the options given below:

Which of the following are shown under capital account in case capital of partner's are fixed?(A) Fresh capital introduced(B) Permanent capital withdrawn(C) Interest on capital(D) Amount of capital brought down from the previous yearChoose the correct answer from the options given below:

Executor account is prepared on

In which of the following case court can order dissolution of a partnership firm.

In the case of retirement of a partner, the item to be deducted from partner's capital account is:

Match List-I with List-IIList-I (Name of ratios)List-II (used for)(A) old ratio(I) distribution of premium for goodwill(B) new ratio(II) for adjustment of goodwill in death of partner(C) sacrificing ratio(III) sharing revaluation profits(D) gaining ratio(IV) sharing future profitsChoose the correct answer from the options given below:

On the retirement of an existing partner, an increase in the value of a liability will be credited to :-

Which of the following will lead to dissolution of partnership firm by agreement?