Partnership Questions

$A$, $B$, and $C$ are partners with an equal profit sharing ratio ($1:1:1$). Their fixed capitals are $\text{Rs. }30,000$, $\text{Rs. }25,000$ and $\text{Rs. }30,000$ respectively. $C$ decides to retire. $A$ and $B$ decide to continue the partnership firm and change their new profit sharing ratio into their respective Capital Ratio. What is the gaining ratio of $A$ and $B$?

In which of the following cases is the claim legally valid if the partnership agreement/deed is completely silent?

The capital accounts of partners will always show a ____ balance under fixed capital account method

Case study: A 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:

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 $10\%$ less than book value.B. All the debtors proved good except a person C who did not pay Rs. $10,000$.The accumulated profits and reserve are transferred to:

________ is the amount received as per the will of a deceased person.

A and B are two partners sharing profits in the ratio of $2:1$. C will bring in Rs. 1,00,000 as capital and Rs. 60,000 as his share of goodwill for $\frac{1}{4}$ 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:

From the following, identify the items which are payable to a retiring partner, if mentioned in the deed: A. Credit balance of his/her Capital/Current AccountB. Share of goodwillC. Goodwill of the firmD. Share in revaluation gain/lossE. Share in accumulated profits (Reserves) Choose the correct answer from the options given below:

Identify that account to which share of profit of a deceased partner is debited from the date of the last Balance Sheet to the date of his/her death (assuming no change in profit sharing ratio of remaining partners).

C brings in Rs. 60,000 as his share of goodwill for $\frac{1}{4}$ share in profit. A and B share profits in ratio $2:1$. A's share of goodwill brought in by C will be:

Read the following facts about admission of a partner.A. A new partner acquires his share from the old partners that reduces the old partners' share in profits.B. The partners' capital must be adjusted so as to be proportionate to their new profit sharing ratio.C. Assets and Liabilities may be revalued and reassessed on admission of a partner.D. Adjustment for Reserves and Accumulated profits/loss is done.E. Profit sharing ratio of existing partners may change on admission of a new partner. Choose the correct answer from the options given below:

Based on the passage given for Meena and Tina, answer the question:State the correct Journal entry when investments are taken over by partner Tina at their book value of $\text{Rs. }50,000$.

From the following information, calculate interest on Capital of C, a partner for the year ended 31st March, 2022.C's Capital on 31/3/2022: Rs. $12,00,000$ Profit credited to C for the year ended 31/3/2022: Rs. $3,00,000$ Drawings made during the year: Rs. $1,00,000$ Additional Capital introduced on 1/10/21: Rs. $5,00,000$ Rate of Interest = $12\%$ p.a.

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:

Match List I with List II regarding partnership parameters:List IA. Interest on capitalB. Gaining RatioC. Sacrificing ratioD. Revaluation of Assets and LiabilitiesList III. Admission of partnerII. Profit/Loss in the old profit sharing ratioIII. Continuing partnersIV. When partnership deed specifically provides for itChoose the correct answer from the options given below:

Mukund's Loan of Rs. $50,000$ to the firm, was settled at Rs. $55,000$ at the time of firm's dissolution, where Mukund was one of the partner. What entry will be passed?

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. $\text{Value of Goodwill}=\frac{\text{Super Profit}\times 100}{\text{Normal Rate of Return}}$ D. Calculate actual profits on capital employedChoose the correct answer from the given options:

Deepali, Nimisha and Sonam were partners in a firm sharing profits in the ratio of $5:3:2$. Nimisha retired and the new profit sharing ratio between Deepali and Sonam was $2:3$. On Nimisha's retirement, the goodwill of the firm was valued at Rs. $1,20,000$. Using the information given in above case study, Nimisha's sacrifice of goodwill will be:

Hidden Goodwill is:

A, B and C are partner's sharing profits and losses in the ratio of $\frac{3}{8}:\frac{1}{2}:\frac{1}{8}$.If A dies, then the new ratio of B and C will be :

If X's share of profit was to be calculated on the basis of Average Profit of the last three years, which were Rs. $1,36,000$ for 2018-19, Rs. $1,54,000$ for 2019-20 and Rs. $1,00,000$ 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 $4:5:1$ between X, Y and Z.His share of profit will be:

Revaluation Account is a/an:

Match List - I with List - II.
$$\begin{array}{ll}\text{List - I}& \text{List - II}\\ \text{(A) Profits of firm after admission of partner}& \text{(I) Sacrificing Ratio}\\ \text{(B) Goodwill brought in by new partner}& \text{(II) Old Ratio}\\ \text{(C) Profit on revaluation}& \text{(III) Gaining Ratio}\\ \text{(D) Retiring Partner’s Share of Goodwill}& \text{(IV) New Ratio}\end{array}$$
Choose the correct answer from the options given below:

Deepali, Nimisha and Sonam were partners in a firm sharing profits in the ratio of $5:3:2$. Nimisha retired and the new profit sharing ratio between Deepali and Sonam was $2:3$. On Nimisha's retirement, the goodwill of the firm was valued at Rs. $1,20,000$. From the information provided in the case study, calculate Sonam's sacrifice or gain:

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:

Deepali, Nimisha and Sonam were partners in a firm sharing profits in the ratio of $5:3:2$. Nimisha retired and the new profit sharing ratio between Deepali and Sonam was $2:3$. On Nimisha's retirement, the goodwill of the firm was valued at Rs. $1,20,000$. From the above information, calculate share of Deepali's sacrifice or gain:

Deepali, Nimisha and Sonam were partners in a firm sharing profits in the ratio of $5:3:2$. Nimisha retired and the new profit sharing ratio between Deepali and Sonam was $2:3$. On Nimisha's retirement, the goodwill of the firm was valued at Rs. $1,20,000$. If information provided in the case study is used, the sacrifice or gain of Sonam share of goodwill will be:

Raman and Naman were in partnership sharing profit and losses as $3:2$. Their partnership firm was dissolved on 31 March 2022. On the date of dissolution, Naman's loan was Rs. $20,000$. Naman agreed to take stock (already transferred to Realisation A/c) of Rs. $15,000$ at Rs. $18,000$ and balance in cash for the settlement of loan. Journal Entry for above transaction is:

Sunil and Ravi are partners in a firm sharing profits in the ratio of $3:1$. Amar is admitted for $\frac{1}{4}$ share. The sacrificing ratio of Sunil and Ravi is:

Which of the following will not be shown in Realisation Account?

At the time of admission, credit balance of Profit and Loss account appearing in books will be transferred to:

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:

Vikas and Rahul are partners sharing profits in the ratio of $2:3$. They admit Sunil as a partner for a $\frac{3}{7}\text{th}$ share in future profits. Sunil brings $\text{Rs. }37,500$ as his share of Goodwill, half of which is subsequently withdrawn by the sacrificing partners. Identify the correct journal entry to record the withdrawal of Goodwill by the partners.

Match List I with List II:\begin{tabular}{|l|l|}\hline\textbf{LIST I} & \textbf{LIST II} \ \hlineA. Only Capital A/c exists & I. Credited to partner's capital account \ \hlineB. Capital account balance remains unchanged & II. Debited to Partner's Capital Account \ \hlineC. Fresh/additional capital brought in by partner & III. Fixed Capital Account \ \hlineD. Permanent withdrawal of capital & IV. Fluctuating Capital Account \ \hline\end{tabular}Choose the correct answer from the options given below:

Journal entry to be passed for unrecorded assets for preparing Revaluation A/C at the time of Retirement of a partner will be ____

It is the amount-paid to the person who is not the regular employee of the institution.

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. $7,000$ Shyam Rs. $3,500$ Interest on capital :Ram Rs. $1,500$ Shyam Rs. $500$ Interest on Drawings :Ram Rs. $300$ Shyam Rs. $200$ Ram's salary Rs. $1,000$

Match List I with List II

Choose the correct answer from the options given below:

A firm which maintains fixed capital accounts had two partners, Vimla and Kamla, sharing profits in the ratio $1:1$. 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.

Identify the scenario from the options below that leads to the complete dissolution of a partnership firm, rather than just a reconstitution of the partnership.

According to Section 31 of the Indian Partnership Act, 1932, a new partner can be admitted into an existing partnership firm:

A, B and C were partners sharing profits and losses in the ratio of $3:2:1$. 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:

Amrita and Kalyani are partners sharing profits in the ratio of $3:2$. They decide to expand the business by admitting Suraj as a new partner for a $\frac{1}{4}\text{th}$ share. Suraj's share of premium for goodwill is valued at $\text{Rs. }90,000$, which he pays to compensate Amrita and Kalyani in an agreed ratio of $1:4$.The firm's books provide the following information on that date:
$$\begin{array}{lrr}\text{Particulars}& \text{Book Value (Rs.)}& \text{Revalued Figure (Rs.)}\\ \text{Machinery}& 25,00,000& 27,00,000\\ \text{Land}& 10,00,000& 50,00,000\\ \text{Computers}& 2,50,000& 50,000\\ \text{Workmen Compensation Fund}& 5,00,000& -\end{array}$$
The claim against the Workmen Compensation Fund is determined to be $\text{Rs. }2,00,000$, and an existing goodwill balance appears in the books at $\text{Rs. }60,000$.What is Amrita's share in the unallocated balance of the Workmen Compensation Fund?

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:

Amrita and Kalyani are partners sharing profits in the ratio of $3:2$. They decide to expand the business by admitting Suraj as a new partner for a $\frac{1}{4}\text{th}$ share. Suraj's share of premium for goodwill is valued at $\text{Rs. }90,000$, which he pays to compensate Amrita and Kalyani in an agreed ratio of $1:4$.The firm's books provide the following information on that date:
$$\begin{array}{lrr}\text{Particulars}& \text{Book Value (Rs.)}& \text{Revalued Figure (Rs.)}\\ \text{Machinery}& 25,00,000& 27,00,000\\ \text{Land}& 10,00,000& 50,00,000\\ \text{Computers}& 2,50,000& 50,000\\ \text{Workmen Compensation Fund}& 5,00,000& -\end{array}$$
The claim against the Workmen Compensation Fund is determined to be $\text{Rs. }2,00,000$, and an existing goodwill balance appears in the books at $\text{Rs. }60,000$.Calculate the respective shares of Amrita and Kalyani in the revaluation profit.

Monu, Sonu and Golu are partners in a firm sharing profits in the ratio of $2:2:1$. 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:

Out of the following, when will the need for valuation of goodwill does not arise?

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:

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 $10\%$ less than book value.B. All the debtors proved good except a person C who did not pay Rs. $10,000$.The treatment of Goodwill appearing in the balance sheet will be:

Arrange following in a sequence in which amount realised from Assets will be utilised to pay as per Section 48 of the Indian Partnership Act, 1932.A. Partner's LoanB. Partner's CapitalC. Secured debts of the firmD. Unsecured debts of the firmE. Residue to partnersChoose the correct answer from the options given below:

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%?

Match List I with List II regarding accounting adjustments during reconstitution/death:List IA. Loss on RevaluationB. Profit on RevaluationC. Premium brought by new partnerD. On the death of a partner, profit till the date of death is $\text{Rs. }2,000$ List III. Credited to old partners in old ratioII. Debited to profit and loss suspense A/CIII. Credited to old partners in sacrificing ratioIV. Debited to old partners in the old ratioChoose the correct answer from the options given below:

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. $23,000$
Additional Information:

Based on the passage given for Meena and Tina, answer the question:State the correct Journal entry for the payment of realization expenses of $\text{Rs. }2,000$.

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:

Match List I with List II regarding accounting treatments:List IA. Transfer of accumulated profitsB. Unrecorded asset sold on dissolution of firmC. Manager's commissionD. Partner's commissionList III. Realisation AccountII. Profit and Loss AccountIII. Profit and Loss Appropriation AccountIV. Partner's Capital AccountChoose the correct answer from the options given below:

On retirement of a partner, the retiring partner's capital account will be credited with _____

On $R$ 's retirement, the amount payable to him after all adjustments works out to be $\text{Rs. }60,000$ but the remaining partners $P$ and $Q$ agreed to pay him $\text{Rs. }75,000$ in full settlement of his claim. Identify the term which represents the $\text{Rs. }15,000$ extra that is paid to $R$.

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:

Complete the sequence where interest on capital has to be provided as per partnership deed, but available profits are not sufficient to provide full amount of Interest on capital.A. If it is appropriation, calculate interest on capital for all partners at given rateB. Divide the available amount in the capital ratio among the partnersC. Calculate ratio between capital of partnersD. Consider the partnership deed and decide whether interest on capital is a charge or an appropriationE. Consider the available profit Choose the correct answer from the options given below:

On 1/4/22, X and Y decided to dissolve their firm. On that date of dissolution, Goodwill appeared at Rs. $5,00,000$ in the Balance Sheet. Goodwill will be:

Based on the following passage, answer questions from 46 to 50:Meena and Tina are partners in a firm sharing profits in the ratio $3:2$. They decided to dissolve their firm on March 31, 2017 when their Balance Sheet was as follows:Balance Sheet of Meena and Tina as on March 31, 2017LiabilitiesAmount (Rs.)AssetsAmount (Rs.)Capital Accounts:Machinery$70,000$ Meena: $90,000$ Investments$50,000$ Tina: $80,000$$1,70,000$ Stock$22,000$ Sundry Creditors$60,000$ Sundry Debtors$1,03,000$ Bills Payable$20,000$ Cash at bank$5,000$ Total$2,50,000$ Total$2,50,000$ The assets and liabilities were disposed of as follows:a. Machinery was given to creditors in full settlement of their account and stock was given to bills payable in full settlement.b. Investments were taken over by Tina at book value. Sundry debtors of book value $\text{Rs. }50,000$ were taken over by Meena at $10\%$ less and remaining debtors realized $\text{Rs. }51,000$.c. Realisation expenses amounted to $\text{Rs. }2,000$.Question: When a creditor accepts an asset whose value is more than the amount due to him in full settlement, he will _______ the excess amount which will be credited to _______ Account.

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:

In a partnership firm, partners share profit and loss in the ratio of $3:2$. If the firm incurred a loss of $\text{Rs. }10,000$ during the year, then calculate the amount of loss to be shared by partners.

On dissolution of a firm, bank overdraft is transferred to :

Based on the passage given for Meena and Tina, answer the question:Identify the exact final total amount realized in cash from Sundry Debtors.

$\text{P}$, $\text{Q}$ and $\text{R}$ enter into a partnership by investing their capitals in the ratio of $\frac{2}{5}:\frac{3}{4}:\frac{5}{8}$. After $4$ months, $\text{P}$ increased his capital by $50\%$, but $\text{Q}$ decreased his capital by $20\%$. What is the share of $\text{Q}$ in the total profit of $\text{₹}28,210$ at the end of a year?

Deepali, Nimisha and Sonam were partners in a firm sharing profits in the ratio of $5:3:2$. Nimisha retired and the new profit sharing ratio between Deepali and Sonam was $2:3$. On Nimisha's retirement, the goodwill of the firm was valued at Rs. $1,20,000$. Using the information given in the case study, calculate Deepali's amount of sacrifice or gain in Goodwill.

If the total income earned by Saket Club, a Not-for-Profit organisation is Rs. $2,60,000$ and surplus earned is Rs. $85,000$, then total expenditure incurred will be:

Realisation A/c is debited with __________ on the dissolution of firm.

Amit, Dinesh, and Gagan are partners sharing profits in the ratio of $5:3:2$. Dinesh retires. Amit and Gagan decide to share the profits of the new firm in the ratio of $3:2$. The gaining ratio between Amit and Gagan will be:

Select the entry that is to be made when a creditor accepts an asset in full and final settlement of his account.

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. $1,000$ on behalf of Mohan. Rs. $1,000$ will be debited to

Arrange the following in sequence of the final Accounts for a Partnership firm.(A) Profit and Loss Account(B) Partner's Capital Account(C) Trading Account(D) Balance Sheet(E) Profit and Loss Appropriation AccountChoose the correct answer from the options given below:

In the absence of a Partnership deed, partners share profits and losses in:

In the absence of a partnership deed which of the following are correct.(A) Profit sharing ratio will be on the basis of capital contributed by the partners(B) No interest on capital will be provided(C) No interest on Drawing will be charged(D) $6\%$ p.a. interest on partner's loan will be provided(E) Partner will get salary for extra time devoted for the firmChoose the correct answer from the options given below:

For computing Goodwill by capitalisation of Average Profit method, the following sequence would be followed:A. Capitalise the average profit on the basis of Normal Rate of ReturnB. Ascertain the firm's Capital - Total Assets - Outside LiabilitiesC. Ascertain the average profits based on past years' performanceD. Compute the volume of GoodwillChoose the correct answer from the options given below:

Which of the following facts are related to modes of reconstitution of a partnership firm.(A) Admission of a new partner(B) Dissolution of a partnership firm(C) Death of a partner(D) Change in the profit sharing ratio among the existing partners(E) Retirement of a partnerChoose the correct answer from the options given below:

A, B and C are partners with a profit-sharing ratio of $2:1:1$ respectively. C died on 1st October 2021. The journal entry to be passed to give C his share of profit immediately will be:

Select the way by which provisions appearing in the Balance Sheet of a partnership firm are closed at the time of firm's dissolution.

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. $6,00,000$ and Provision for doubtful debt at Rs. $30,000$. Debtors to extent of Rs. $60,000$ were bad. In journal entry for realisation of debtors:

__________ is/are not true with regard to Limited liability partnership.(A) Separate Legal entity(B) Unlimited liability for one partner(C) Indian Partnership Act, 1932 is applicable(D) Perpetual Succession(E) Unlimited liability of partnersChoose the correct answer from the options given below:

Match the concepts in List I with the events in List II:List IList IIA. When a new partner joins the partnershipI. Compulsory dissolutionB. When an existing partner leaves the partnershipII. Admission of a partnerC. When the business of a firm becomes illegalIII. Prepared in the case of death of a partnerD. Executor's AccountIV. Retirement of a PartnerChoose the correct answer from the options given below:

Match List - I with List - II.
$$\begin{array}{ll}\text{List - I}& \text{List - II}\\ \text{(A) Increase in Furniture Value}& \text{(I) Credit side of Partner’s Capital A/c}\\ \text{(B) Depreciation on Machinery}& \text{(II) Debit side of Partner’s Capital A/c}\\ \text{(C) General Reserve}& \text{(III) Credit side of Revaluation A/c}\\ \text{(D) Goodwill appearing in Books}& \text{(IV) Debit side of Revaluation A/c}\end{array}$$
Choose the correct answer from the options given below:

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. $80,000$ On 1 July, 2020, a major plant repair was undertaken for Rs. $10,000$ which was charged to Revenue. The said sum is to be capitalised for Goodwill valuation subject to adjustment of depreciation @ $10\%$ p.a. on reducing balance method.

Profits made on the Revaluation of Assets and Reassessment of Liabilities are distributed among whom?

Sometimes the value of Goodwill is not given directly at the time of admission/retirement of a partner. In such a situation, it has to be inferred from the total capital structure and profit-sharing ratio. Such Goodwill is called:

Select the category of partner(s) who will compensate the deceased partner for their share of goodwill at the time of death.

As per Receipts and Payments Account for the year ended on March 31, 2020, subscriptions received were Rs. $2,50,000$, subscriptions outstanding on 1-04-2019 Rs. $50,000$, Subscriptions received in advance as on 31-3-2020 are Rs. $30,000$. Subscriptions for the year 2019-20 will be:

When an unrecorded asset is taken over by a partner during the dissolution of a firm, it is recorded on which side of which account?

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:

The dissolution of a Partnership may take place due to:A. Retirement of a PartnerB. Death of a PartnerC. Insolvency of a PartnerD. Admission of a New PartnerE. Completion of the Venture, if the partnership was formed for that specific purposeChoose the correct answer from the options given below:

Arrange the following financial steps in the correct chronological sequence when winding up and dissolving a partnership firm.A. Payment of loans advanced by PartnersB. Settlement of secured outsider liabilitiesC. Realization of assets into cashD. Final settlement of partner capital accountsE. Payment of unsecured outsider liabilitiesChoose the correct answer from the options given below:

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. $12,25,000$, Expenditure incurred Rs. $10,80,000$, Total estimate Rs. $25,00,000$.

Which amongst the following is not a ground for dissolution of a partnership firm on the happening of certain contingencies?

Salary payable to a partner is presented in which of the following accounts?

Identify the required condition under which the clauses of a partnership deed can be modified or altered.

Soni, Moni, and Toni are partners sharing profits in the ratio of $5:3:2$. If Moni's share of profit at the end of the year amounted to ₹1,50,000, what will be Soni's share of profits?

A newly admitted partner acquires an immediate statutory right to:

Arrange the following actions in the correct chronological sequence in the context of the admission of a new partner.A. Finalizing terms for admission of a new partnerB. Calculation of sacrificing/gaining ratioC. Finalizing balance in partner's capital A/cD. Calculation of new profit-sharing ratioE. Valuation and adjustment of goodwillChoose the correct answer from the options given below:

M and R are partners sharing profits and losses in the ratio of $3:2$. Their capital A/c's showed the balance of Rs. $4,00,000$ and Rs. $3,00,000$ respectively on 1 April, 2021. M introduced additional capital on 1 August, 2021. Interest on capital is allowed @ $6\%$ p.a. Total interest on capital of both the partners is Rs. $50,000$.Calculate additional capital introduced by M on 1 August, 2021 and interest on capital earned on additional capital. Books are closed on 31 March.

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: