Partnership Questions

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

Calculate interest on drawings if Ram withdrew $\text{Rs. }3,000$ per month at the beginning of each month for the whole year, and interest on drawings is charged @ $9\%$ per annum.

Neha contributed $\text{Rs. }30,000$ and Saloni $\text{Rs. }90,000$ as capital. What will be Saloni's share in profits if the partnership agreement is silent regarding the profit-sharing ratio?

Vijay and Manohar share profits and losses in the ratio of $2:1$. They admit Prakash as a partner with $\frac{1}{4}$ share in profits with a guarantee that his share of profit will be at least $\text{Rs. }50,000$. The net profit of the firm for the year ending March 31, 2015, was $\text{Rs. }1,60,000$. Calculate the amount of profit Vijay will get.

Das and Sinha are partners in a firm sharing profits in a $4:1$ ratio. They admitted Pal as a new partner for $\frac{1}{4}$ share in the profits, which he acquired wholly from Das. Determine the new profit sharing ratio among Das, Sinha, and Pal.

At the time of retirement of a partner, the difference between the Old Profit Sharing Ratio and the New Profit Sharing Ratio $(\text{Old Ratio}-\text{New Ratio})$ yields a negative outcome for a remaining partner. It indicates that the:

At the time of dissolution of a firm, the Bank Loan was $\text{Rs. }60,000$ which was paid by Bhuvan (a partner) along with one-year interest at $6\%$. Which journal entry will be passed in the books of the firm?

On retirement/death of a partner, the retiring/deceased partner's capital account will be credited with:

Which statement is NOT false (i.e., true), in respect of the dissolution of a partnership firm?

The dissolution of partnership may take place in any of the following ways EXCEPT:

Hem and Nem are partners in a firm sharing profits in the ratio of $3:2$. Their capitals were $\text{Rs. }80,000$ and $\text{Rs. }50,000$ respectively. They admitted Sam on Jan. 1, 2017 as a new partner for $\frac{1}{5}$ share in the future profits. Sam brought $\text{Rs. }60,000$ as his capital. Calculate the value of the goodwill of the firm:

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:

Which of the following is a key feature of the Fixed Capital Method in Partnership Accounts?

At the time of dissolution, if an asset is taken over by a partner, what journal entry will be recorded in the books of the firm?

Arrange the following in the correct chronological/legal order in which assets of the firm must be utilized during the settlement of accounts upon dissolution (Section 48 of Indian Partnership Act):(A) Residue shall be divided between the partners in their profit sharing ratio.(B) In paying the partners proportionately what is due to him/her on account of capital.(C) In paying the partners proportionately what is due to him/her from the firm for advances/loans.(D) In paying the debts of the firm to the third parties.Choose the correct answer from the options given below:

Rohan, Bharti and Leela are partners. On the retirement of Rohan, the goodwill already appears in the balance sheet at $\text{Rs. }24,000$. This existing goodwill will be written-off:

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

On the death of a partner, the deceased partner's capital account will NOT be credited with:

At the time of admission of a new partner, under the fixed capital method, if the sacrificing partners withdraw their amounts of goodwill (in full or in part), which of the following journal entries will be recorded?

At the time of admission of a new partner, in case there is no workmen's compensation claim, the total amount of workmen's compensation fund will be:

At the time of the Dissolution of a Partnership Firm, which statement is not false (i.e., true)?

Which of the following accounts/statements is prepared to distribute the profit or loss among partners?

Which statement among the following is NOT true about Goodwill?

Ranjan and Anjan were partners in a firm sharing profits and losses in $3:2$. They admitted Sanjan for $\frac{1}{4}$ share of profit on 1 Jan 2024. Goodwill of the firm will be valued at 3 years' purchase of the average profit of the last 4 years, which were:2024: $\text{Rs. }80,000$ 2023: $\text{Rs. }1,40,000$ 2022: $\text{Rs. }2,00,000$ 2021: $\text{Rs. }1,60,000$ The goodwill of the reconstituted firm will be:

Match List-I with List-II: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:

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

P, Q and R share profits equally. At the time of P's retirement, goodwill appears in the books at $\text{Rs. }3000$. P will be credited with what amount for his Goodwill share?

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

Which among the following is NOT true for the New Profit Sharing Ratio?

Which among the following is NOT true?

The following are the features of the Dissolution of Partnership:(A) Assets and liabilities are revalued, and a new balance sheet is drawn.(B) Economic relationships between partners continue, though in a changed form.(C) The business is not terminated.(D) The books of account are closed.Choose the correct answer from the options given below: