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Partnership Questions

Practice 773 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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Practice by Exam:Accountancy(619)CUET Accountancy(141)Quantitative Aptitude(9)Mathematics(2)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 773 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 (619), CUET Accountancy (141), Quantitative Aptitude (9), Mathematics (2) 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 773)

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Q1mediummcqMathematicsMathematics Mock Test - 62026
9% 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$?
Q2easymcqAccountancyCUET 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:
Q3easymcqAccountancyCUET 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 .How will the premium for goodwill brought in by Suraj be distributed between Amrita and Kalyani?
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
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?
Q6mediummcqAccountancyCUET 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 .Calculate the respective shares of Amrita and Kalyani in the revaluation profit.
Q7easymcqAccountancyCUET 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:
Q8mediummcqAccountancyCUET 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?
Q9mediummcqAccountancyCUET 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:
Q10mediummcqAccountancyCUET 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:
Q11easymcqAccountancyCUET 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?
Q12mediummcqAccountancyCUET 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:
Q13easymcqAccountancyCUET 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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Q14mediummcqAccountancyCUET 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:
Q15mediummcqAccountancyCUET 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:
Q16mediummcqAccountancyCUET 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.
Q17mediummcqAccountancyCUET 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?
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.
Q19mediummcqAccountancyCUET 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:
Q20mediummcqAccountancyCUET 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?
Q21mediummcqAccountancyCUET 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:
Q22mediummcqAccountancyCUET Accountancy 2022 15 July Shift 22026
0% accuracy
Show the following information in financial statements of a Non-Profit Organisation:
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Q23mediummcqAccountancyCUET 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.
Q24mediummcqAccountancyCUET 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:
Q25easymcqAccountancyCUET 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?
Q26easymcqAccountancyCUET 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?
Q27easymcqAccountancyCUET Accountancy 2022 15 July Shift 22026
0% accuracy
Identify a characteristic not applicable in partnership:
Q28mediummcqQuantitative 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?
Q29mediummcqQuantitative 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.
Q30mediummcqAccountancyCUET Accountancy 2022 15 July Shift 22026
0% accuracy
A firm is dissolved at the time of:
Q31mediummcqAccountancyCUET 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 .
Q32easymcqAccountancyCUET Accountancy 2022 15 July Shift 22026
0% accuracy
All assets (except Cash/Bank and fictitious assets) are transferred to the _______ side of _______ account.
Q33mediummcqAccountancyCUET 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:
Q34mediummcqAccountancyCUET Accountancy 2022 15 July Shift 22026
0% accuracy
Identify the treatment of Government Grant received from the government from the following:
Q35easymcqAccountancyCUET 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:
Q36easymcqAccountancyCUET 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:
Q37mediummcqAccountancyCUET 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:
Q38mediummcqAccountancyCUET 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:
Q39easymcqAccountancyCUET 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 _______
Q40mediummcqAccountancyCUET Accountancy 2022 15 July Shift 22026
0% accuracy
Identify the item credited to Realisation Account in the event of dissolution of a partnership firm.
Q41mediummcqAccountancyCUET 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:
Q42mediummcqAccountancyCUET 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 .
Q43mediummcqAccountancyCUET 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:
Q44easymcqAccountancyCUET Accountancy 2022 20 July Shift 12026
A provision for doubtful debts is to be created at 5% of debtors. Debtors in the balance sheet are Rs. 60,000. Provision for Doubtful debts to be shown in Revaluation Account:
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Q45easymcqAccountancyCUET Accountancy 2022 23 Aug Shift 2 PYQs2026
The central government has prescribed the maximum number of partners in a firm to be _________ under Rule 10 of the companies (Miscellaneous) Rules, 2014.
Q46hardmcqAccountancyCUET 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.
Q47mediummcqAccountancyCUET 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:
Q48mediummcqAccountancyCUET Accountancy 2022 30 Aug Shift 22026
Aman and Mohan, partners of a firm decided to dissolve the business on 31-03-22. The firm decided to pay realisation expenses of Rs. on behalf of Mohan. Rs. will be debited to
Q49mediummcqMathematicsCompetitive 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:
Q50mediummcqAccountancyCUET 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.
Q51mediummcqAccountancyCUET 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:
Q52mediummcqAccountancyCUET Accountancy 2022 20 Aug Shift 22026
If X's share of profit was to be calculated on the basis of Average Profit of the last three years, which were Rs. for 2018-19, Rs. for 2019-20 and Rs. for 2020-21. X's share of profit for the period from April 01, 2020 to June 30, 2020 shall be calculated on the basis of Average Profit. The profit sharing ratio is between X, Y and Z.His share of profit will be:
Q53easymcqAccountancyCUET Accountancy 2022 20 July Shift 12026
Plant and Machinery in the balance sheet is Rs. 1,00,000. Plant is to be appreciated to Rs. 1,20,000. Amount to be shown in Revaluation Account:
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Q54mediummcqAccountancyCUET 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%?
Q55mediummcqAccountancyCUET Accountancy 2022 30 Aug Shift 22026
Rani, Sandhya and Kangana are partners sharing profits in the ratio of . Rani retires. Sandhya and Kangana decided to share profits in future in the ratio of . Gaining ratio of Sandhya and Kangana will be
Q56mediummcqAccountancyCUET Accountancy 2022 30 Aug Shift 22026
At the time of retirement of a Partner the remaining gaining partners should compensate the ______
Q57easymcqAccountancyCUET Accountancy 2022 20 Aug Shift 22026
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. and Rs. respectively.The profit for the year ended 31 March 2022 before the appropriation of Salary and Interest on Capital was Rs. . Ram is allowed a salary of Rs. per quarter and interest on capital @ p.a.Due to the further expansion of the business, they decided to enter Sanjeev as a new partner for share in profits. It was agreed that Sanjeev will bring Rs. as capital and Rs. as his share of Goodwill. It was decided that he will give Rs. as loan to the firm for 3 years.The amount of salary to be shown in the Dr. side of P & L Appropriation A/C will be:
Q58easymcqAccountancyCUET Accountancy 2022 20 July Shift 12026
A and B are two partners sharing profits in the ratio of . C will bring in Rs. 1,00,000 as capital and Rs. 60,000 as his share of goodwill for share in profit.Stock in the balance sheet is given as Rs. 40,000.Stock is found overvalued by Rs. 4,000.Value of stock to be shown in Balance sheet after admission will be:
Q59easymcqAccountancyCUET Accountancy 2022 20 July Shift 12026
Sundry Creditors in the balance sheet are Rs. 58,000. Creditors were unrecorded to the extent of Rs. 1,000. Creditors to be shown in Balance sheet after admission of partner will be:
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Q60hardmcqAccountancyCUET 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.From the above calculate amount of Goodwill :
Q61easymcqAccountancyCUET 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:
Q62easymcqAccountancyCUET 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:
Q63easymcqAccountancyCUET 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:
Q64mediummcqAccountancyCUET Accountancy 2022 23 Aug Shift 2 PYQs2026
Calculate net profit as per P & L A/c for the year ending 31 March, 2022 from the following information :share of profit transferred to Capital A/c's of partners :Ram Rs. Shyam Rs. Interest on capital :Ram Rs. Shyam Rs. Interest on Drawings :Ram Rs. Shyam Rs. Ram's salary Rs.
Q65easymcqAccountancyCUET Accountancy 2022 20 July Shift 12026
Match List - I with List - II.
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Choose the correct answer from the options given below:
Q66easymcqAccountancyCUET Accountancy 2022 30 Aug Shift 22026
The capital accounts of partners will always show a ____ balance under fixed capital account method
Q67mediummcqAccountancyCUET Accountancy 2022 20 July Shift 12026
C brings in Rs. 60,000 as his share of goodwill for share in profit. A and B share profits in ratio . A's share of goodwill brought in by C will be:
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Q68easymcqAccountancyCUET Accountancy 2022 20 Aug Shift 22026
________ is the amount received as per the will of a deceased person.
Q69easymcqAccountancyCUET Accountancy 2022 20 July Shift 12026
A firm may not be dissolved by court in the following condition:
Q70mediummcqAccountancyCUET 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. .Due to the ill health of B, they decided to dissolve the firm. It comes under ____ form of dissolution.
Q71easymcqAccountancyCUET 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:
Q72mediummcqAccountancyCUET Accountancy 2022 20 Aug Shift 22026
Raman and Naman were in partnership sharing profit and losses as . Their partnership firm was dissolved on 31 March 2022. On the date of dissolution, Naman's loan was Rs. . Naman agreed to take stock (already transferred to Realisation A/c) of Rs. at Rs. and balance in cash for the settlement of loan. Journal Entry for above transaction is:
Q73easymcqAccountancyCUET Accountancy 2022 20 July Shift 12026
On the dissolution of the partnership firm the amount realised from sale of assets shall be applied in following order:(a) Distributing the amount left among the partners in their profit sharing ratio(b) Paying amount due to partner on account of loan advanced by him(c) Paying amount due to the creditors(d) Paying partners' capital account balancesChoose the correct answer from the options given below:
Q74mediummcqAccountancyCUET Accountancy 2022 30 Aug Shift 22026
As per Receipts and Payments Account for the year ended on March 31, 2020, subscriptions received were Rs. , subscriptions outstanding on 1-04-2019 Rs. , Subscriptions received in advance as on 31-3-2020 are Rs. . Subscriptions for the year 2019-20 will be:
Q75mediummcqAccountancyCUET 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?
Q76mediummcqAccountancyCUET Accountancy 2022 20 Aug Shift 22026
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. and Rs. respectively.The profit for the year ended 31 March 2022 before the appropriation of Salary and Interest on Capital was Rs. . Ram is allowed a salary of Rs. per quarter and interest on capital @ p.a.Due to the further expansion of the business, they decided to enter Sanjeev as a new partner for share in profits. It was agreed that Sanjeev will bring Rs. as capital and Rs. as his share of Goodwill. It was decided that he will give Rs. as loan to the firm for 3 years.The amount of distributed profits of both the partner's will be:
Q77mediummcqAccountancyCUET 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:
Q78easymcqAccountancyCUET 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:
Q79mediummcqAccountancyCUET Accountancy 2022 23 Aug Shift 2 PYQs2026
On 1st April 2022, A, B and C decided to dissolve their firm. On the date of dissolution, Sundry debtors appeared in Balance Sheet at Rs. and Provision for doubtful debt at Rs. . Debtors to extent of Rs. were bad. In journal entry for realisation of debtors:
Q80mediummcqAccountancyCUET 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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Q81easymcqAccountancyCUET 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.
Q82mediummcqQuantitative AptitudeAdda2472026
, and enter into a partnership by investing their capitals in the ratio of . After months, increased his capital by , but decreased his capital by . What is the share of in the total profit of at the end of a year?
Q83hardmcqAccountancyCUET Accountancy 2022 20 Aug Shift 22026
Calculate the amount of adjusted profit for the year ended 31 March 2021 for the purpose of valuation of Goodwill from the following information:Profit for the year ended 31 March 2021: Rs. On 1 July, 2020, a major plant repair was undertaken for Rs. which was charged to Revenue. The said sum is to be capitalised for Goodwill valuation subject to adjustment of depreciation @ p.a. on reducing balance method.
Q84easymcqCUET AccountancyCUET Accountancy 16 July Shift 22026
In the absence of a Partnership deed, partners share profits and losses in:
Q85mediummcqCUET AccountancyCUET Accountancy 16 July Shift 22026
At the time of dissolution of their firm, Ahmed and Subhash, who are partners of that firm, agreed that Ahmed will pay realization expenses for a fixed remuneration of ₹12,000. The actual expenses were ₹16,000. The Journal entry to be passed is:
Q86mediummcqAccountancyCUET 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:
Q87mediummcqAccountancyCUET 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".
Q88mediummcqAccountancyCUET Accountancy 2022 20 Aug Shift 22026
Match List I with List II
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Choose the correct answer from the options given below:
Q89easymcqCUET AccountancyCUET Accountancy 16 July Shift 22026
Anand, Bahadur, and Chander are partners sharing profits equally ( each). On Chander's retirement, his entire share is acquired by Anand alone. The gaining percentage of Anand will be:
Q90mediummcqCUET AccountancyCUET Accountancy 16 July Shift 22026
A firm which maintains fixed capital accounts had two partners, Vimla and Kamla, sharing profits in the ratio . The firm credited the partners with profit without allowing interest on Capital, which is allowed in the deed. Choose the correct option to pass a journal entry for the past adjustment if the Interest on capital is ₹2,000 for Vimla and ₹3,000 for Kamla.
Q91hardmcqAccountancyCUET Accountancy 2022 20 Aug Shift 22026
How will you deal with the following items while preparing for the Bombay Women Cricket Club, its Income and Expenditure Account for the year ending 31st March 2021, and its Balance Sheet, on the same date : Donation for the Pavilion construction Rs. , Expenditure incurred Rs. , Total estimate Rs. .
Q92easymcqCUET AccountancyCUET Accountancy 16 July Shift 22026
Match List I with List II:List IList IIA. Mutual AgencyI. It can be oral or writtenB. AgreementII. Written agreementC. Liability of partnersIII. Partnership concern carried by all or any of them acting for all.D. Partnership deedIV. Joint and unlimitedChoose the correct answer from the options given below:
Q93mediummcqCUET AccountancyCUET Accountancy 16 July Shift 22026
Arrange the following steps to calculate the value of Goodwill by the capitalization method of super profit in a proper sequence:A. Calculate normal profit on capital employedB. Actual Profits - Normal Profits = Super ProfitC. D. Calculate actual profits on capital employedChoose the correct answer from the given options:
Q94mediummcqAccountancyCUET Accountancy 2022 23 Aug Shift 2 PYQs2026
Which of the following statement is true ?
Q95mediummcqAccountancyCUET Accountancy 2022 20 Aug Shift 22026
Valuation of Goodwill takes place on which of the following occasions:A. Incorporation of a new businessB. Change in profit sharing ratioC. Amalgamation of partnership firmD. Admission of a partnerE. Dissolution of firm or closure of businessChoose the correct answer from the options given below:
Q96mediummcqCUET AccountancyCUET Accountancy 16 July Shift 22026
Find the right chronological sequence of the appropriation of profits in a partnership firm:A. Profits transferred to P and L appropriation A/c.B. Interest on capitalC. Profits distributed to partners after appropriationD. Interest on partner's loan A/cChoose the correct answer from the options given below:
Q97easymcqCUET AccountancyCUET Accountancy 16 July Shift 22026
A, B and C are partners with a profit-sharing ratio of respectively. C died on 1st October 2021. The journal entry to be passed to give C his share of profit immediately will be:
Q98mediummcqAccountancyCUET Accountancy 2022 20 Aug Shift 22026
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. and Rs. respectively.The profit for the year ended 31 March 2022 before the appropriation of Salary and Interest on Capital was Rs. . Ram is allowed a salary of Rs. per quarter and interest on capital @ p.a.Due to the further expansion of the business, they decided to enter Sanjeev as a new partner for share in profits. It was agreed that Sanjeev will bring Rs. as capital and Rs. as his share of Goodwill. It was decided that he will give Rs. as loan to the firm for 3 years.The new profit sharing ratio of Arun, Ram and Sanjeev will be:
Q99mediummcqCUET AccountancyCUET Accountancy 16 July Shift 22026
Choose the correct sequence of financial statements prepared for a partnership firm at the end of a financial year:A. Capital AccountsB. Profit and Loss A/cC. Profit and Loss Appropriation A/c (Adjustment A/c)D. Balance SheetChoose the correct answer from the options given below:
Q100hardmcqCUET AccountancyCUET Accountancy 16 July Shift 22026
Vivek, Virat, and Vineet were partners in a firm. Their capital accounts as on April 1, 2019, showed balances of ₹4,00,000, ₹6,00,000, and ₹8,00,000 respectively. On 1st July 2019, Virat introduced additional capital of ₹1,00,000, while Vineet withdrew ₹50,000 from his capital on 31st October 2019. Interest on capital is allowed @ 8% p.a. Calculate the interest on capital to be given to each partner at the end of the financial year (31st March 2020).
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