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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.

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351
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454
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18
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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.

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All Partnership Questions(1–100 of 823)

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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
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:
Q3mediummcqAccountancyCUET 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?
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?
Q5easymcqAccountancyCUET 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:
Q6mediummcqAccountancyCUET 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?
Q7mediummcqAccountancyCUET 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:
Q8mediummcqAccountancyCUET 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:
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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?
Q9easymcqAccountancyCUET 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:
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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?
Q10mediummcqAccountancyCUET 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:
Q11mediummcqAccountancyCUET 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:
Q12mediummcqAccountancyCUET 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:
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:
Q14easymcqAccountancyCUET 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:
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Q15mediummcqAccountancyCUET 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.
Q16easymcqAccountancyCUET 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?
Q17easymcqAccountancyCUET 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?
Q18mediummcqAccountancyCUET 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.
Q19easymcqAccountancyCUET 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:
Q20mediummcqAccountancyCUET 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.
Q21mediummcqCUET AccountancyCUET 2025 31 May Shift 12026
0% accuracy
Match List-I with List-II

Choose the correct answer from the options given below:
Q22easymcqCUET AccountancyCUET 2025 31 May Shift 12026
0% accuracy
Select the factors affecting the value of goodwill-(A) Nature of business.(B) Efficiency of management.(C) Location.(D) Prices.Choose the correct answer from the options given below:
Q23hardmcqCUET AccountancyCUET 2025 31 May Shift 12026
0% accuracy
Mohit, Neeraj and Sohan are partners in a firm sharing profits in the ratio of . Neeraj retires and Mohit and Sohan decided that the capital of the new firm will be fixed at and D is to bring in cash equivalent to of this amount as his capital. The capital accounts of Mohit and Sohan show a credit balance of and Rs. 41,000 respectively} after making all the adjustments. Calculate the actual cash to be paid off or to be brought in by the continuing partners in total-
Q24mediummcqQuantitative 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?
Q25mediummcqCUET AccountancyCUET 2025 31 May Shift 12026
0% accuracy
Anshu and Nitu are partners sharing profits in the ratio of . They admitted Jyoti as a new partner for share which she acquired from Anshu and from Nitu. The new profit sharing ratio of Anshu, Nitu and Jyoti.
Q26mediummcqCUET AccountancyCUET 2025 31 May Shift 12026
0% accuracy
Vijay and Sanjay are partners in a firm sharing profits and losses in the ratio of . They admitted Ajay into partnership with share in profits. Ajay brings in for capital and the requisite amount of premium in cash for goodwill. The goodwill of the firm is valued at . The new profit sharing ratio is . The sacrificing ratio of Vijay and Sanjay is:
Q27mediummcqCUET AccountancyCUET 2025 31 May Shift 12026
0% accuracy
Which combination of statements is true about partnership-(A) Valid partnership can be formulated even without a written agreement between the partners.(B) Methods of settlement of disputes among the partners can't be part of the partnership deed.(C) If the deed is silent, interest at the rate of p.a. would be charged on the drawings made by the partner.(D) Each partner carrying on the business is the principal as well as the agent for all the other partners.Choose the correct answer from the options given below:
Q28mediummcqCUET AccountancyCUET 2025 31 May Shift 12026
0% accuracy
A business has earned average profits of during the last few years and the normal rate of return in a similar business is . Ascertain the value of goodwill by capitalisation of average profits method, given that the value of net assets of the business is .
Q29mediummcqCUET AccountancyCUET 2025 31 May Shift 12026
0% accuracy
A and B are partners in a firm sharing profits in the ratio . C is admitted into the firm with share in profits and he brings as his capital. If the capitals of A and B are to be adjusted in their profit sharing ratio then the capital of A will be-
Q30mediummcqCUET AccountancyCUET 2025 31 May Shift 12026
0% accuracy
Rohit and Mohit are partners in a firm sharing profits in the ratio of . They admit Bijoy as a new partner for share in the profits. The new profit sharing ratio will be . The sacrificing ratio of Rohit and Mohit is-
Q31mediummcqCUET AccountancyCUET 2025 31 May Shift 12026
0% accuracy
The Court may order a partnership firm to be dissolved in which of the following case?
Q32mediummcqQuantitative 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?
Q33mediummcqCUET AccountancyCUET 2025 31 May Shift 12026
0% accuracy
Murli, Naveen and Omprakesh are partners sharing profits in the ratio of , and . Murli retires and surrenders of his share in favour of Naveen and the remaining share in favour of Omprakesh. The gaining ratio of the remaining partners is-
Q34mediummcqCUET AccountancyCUET 2025 31 May Shift 12026
0% accuracy
Match List-I with List-II

Choose the correct answer from the options given below:
Q35easymcqCUET AccountancyCUET 2025 31 May Shift 12026
0% accuracy
In the case of dissolution of a partnership firm, the accumulated profits and reserves are transferred to :
Q36easymcqCUET AccountancyCUET 2025 31 May Shift 12026
0% accuracy
Which statement is not true about Capital Accounts of Partner-
Q37easymcqCUET AccountancyCUET 2025 31 May Shift 12026
0% accuracy
Dissolution of a firm cannot take place in which of the situation-
Q38mediummcqCUET AccountancyCUET 2025 31 May Shift 12026
0% accuracy
Saloni and Srishti are partners in a firm. Their capital accounts as on April 01, 2019 showed a balance of and respectively. On July 01, 2019 Saloni introduced additional capital of and Srishti, . On October 01, 2019 Saloni withdrew , and on January 01, 2020 Srishti withdrew from their capitals. Interest is allowed @ p.a. Calculate interest payable on capital to Saloni during the financial year 2019–2020.
Q39mediummcqCUET AccountancyCUET 2025 31 May Shift 12026
0% accuracy
Which combination of statements is true about dissolution-(A). Dissolution of a partnership is different from dissolution of a firm.(B). A partnership is dissolved when there is a death of a partner.(C). A firm is dissolved when all partners give consent to it.(D). A firm is compulsorily dissolved when a partner decides to retire.Choose the correct answer from the options given below:
Q40easymcqCUET AccountancyCUET 2025 31 May Shift 12026
0% accuracy
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.
Q41easymcqAccountancyCUET 2025 31 May Shift 12026
0% accuracy
On dissolution of a firm, partner's loan account is transferred to:
Q42easymcqCUET AccountancyCUET 2025 31 May Shift 12026
0% accuracy
On the death of an existing partner, in case the value of a Liability decreases then which account will be debited?
Q43mediummcqCUET AccountancyCUET 2025 31 May Shift 12026
0% accuracy
Amitabh and Babul are partners sharing profits in the ratio of , with capitals of and respectively. Interest on capital is agreed @ p.a. Babul is to be allowed an annual salary of . Manager is to be allowed commission @ . Amitabh has also given a Loan on April 01 , 2019 of to the firm without any agreement. During the year 2019-20, the profits earned is . Profit and Loss Appropriation account shows balance of the Profit and Loss A/c (Net profit before Babul's salary) amounted to:
Q44mediummcqCUET AccountancyCUET 2025 31 May Shift 12026
0% accuracy
A, B and C are partners in a firm sharing profits in the ratio of . D is admitted into the firm for share in profits, which he gets from B. The total capital of the firm is agreed upon as and D is to bring in cash equivalent to of this amount as his capital. The capitals of other partners are also to be adjusted in the ratio of their respective shares in profits. The capitals of A, B and C after all adjustments, are , and respectively. Calculate the new capital of A
Q45mediummcqAccountancyCUET 2025 31 May Shift 12026
0% accuracy
Unrecorded liabilities when paid are shown in:
Q46easymcqAccountancyCUET 2025 31 May Shift 12026
0% accuracy
Contents of the Partnership Deed does not include
Q47easymcqAccountancyCUET 2025 31 May Shift 12026
0% accuracy
In case partner's capital is fixed, then where interest on drawings charged will be shown?
Q48mediummcqQuantitative 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.
Q49easymcqAccountancyCUET 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:
Q50mediummcqAccountancyCUET 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:
Q51mediummcqAccountancyCUET Accountancy 2022 15 July Shift 22026
0% accuracy
Show the following information in financial statements of a Non-Profit Organisation:
image
Q52easymcqAccountancyCUET 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?
Q53easymcqAccountancyCUET Accountancy 2022 15 July Shift 22026
0% accuracy
All assets (except Cash/Bank and fictitious assets) are transferred to the _______ side of _______ account.
Q54mediummcqAccountancyCUET 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:
Q55easymcqAccountancyCUET 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:
Q56mediummcqAccountancyCUET 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:
Q57mediummcqAccountancyCUET 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:
Q58mediummcqAccountancyCUET 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.
Q59easymcqCUET AccountancyCUET 2025 31 May Shift 12026
0% accuracy
If partnership deed is silent on the profit sharing ratio: interest @_____ per annum is allowed on loans advanced by partners-
Q60easymcqCUET AccountancyCUET 2025 31 May Shift 12026
0% accuracy
On dissolution of the firm, partner's capital accounts are closed through:
Q61easymcqCUET AccountancyCUET 2025 31 May Shift 12026
0% accuracy
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:
Q62easymcqCUET AccountancyCUET 2025 31 May Shift 12026
0% accuracy
After transferring liabilities like creditors and bills payables in the Realisation Account, in the absence of any information regarding their payment, such liabilities are treated as:
Q63mediummcqAccountancyCUET Accountancy 2022 15 July Shift 22026
0% accuracy
Identify the item credited to Realisation Account in the event of dissolution of a partnership firm.
Q64mediummcqAccountancyCUET 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:
Q65mediummcqAccountancyCUET Accountancy 2022 15 July Shift 22026
0% accuracy
Identify the treatment of Government Grant received from the government from the following:
Q66mediummcqAccountancyCUET 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:
Q67easymcqAccountancyCUET Accountancy 2022 15 July Shift 22026
0% accuracy
Identify a characteristic not applicable in partnership:
Q68mediummcqQuantitative 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?
Q69easymcqAccountancyCUET 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 _______
Q70mediummcqAccountancyCUET 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 .
Q71mediummcqCUET AccountancyCUET 2025 31 May Shift 12026
0% accuracy
Steps involved in various accounting aspects of retirement or death of a partner -(A) Settlement of the amounts due to retired/deceased partner(B) Ascertainment of new profit sharing ratio and gaining ratio(C) Adjustment of capital, if required(D) Revaluation of assets and liabilitiesChoose the correct answer from the options given below:
Q72mediummcqCUET AccountancyCUET 2025 31 May Shift 12026
0% accuracy
Match List-I with List-II

Choose the correct answer from the options given below:
Q73mediummcqAccountancyCUET Accountancy 2022 15 July Shift 22026
0% accuracy
A firm is dissolved at the time of:
Q74easymcqAccountancyCUET 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?
Q75mediummcqAccountancyCUET 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 .
Q76mediummcqAccountancyCUET 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:
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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:
Q77mediummcqAccountancyCUET 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.
Q78hardmcqAccountancyCUET 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
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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 :
Q79easymcqAccountancyCUET 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:
Q80mediummcqAccountancyCUET 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:
Q81easymcqAccountancyCUET 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:
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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:
Q82mediummcqAccountancyCUET 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
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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".
Q83easymcqAccountancyCUET Accountancy 2022 20 July Shift 12026
Match List - I with List - II.
image
Choose the correct answer from the options given below:
Q84mediummcqAccountancyCUET 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?
Q85mediummcqAccountancyCUET 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 :
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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 _________.
Q86hardmcqAccountancyCUET 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.
Q87easymcqAccountancyCUET 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:
Q88easymcqAccountancyCUET 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:
Q89mediummcqAccountancyCUET 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:
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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:
Q90mediummcqMathematicsCompetitive 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:
Q91easymcqAccountancyCUET 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.
Q92easymcqAccountancyCUET 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:
Q93mediummcqAccountancyCUET 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:
Q94easymcqAccountancyCUET 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:
Q95mediummcqAccountancyCUET 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:
Q96easymcqAccountancyCUET 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:
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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:
Q97easymcqAccountancyCUET 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:
Q98mediummcqAccountancyCUET 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:
Q99mediummcqAccountancyCUET 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%?
Q100mediummcqAccountancyCUET 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:
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