Partnership Questions

At the time a new partner is admitted, revaluation of assets and liabilities is made for the:

$P$, $Q$ and $R$ are partners in a firm. If $S$ is admitted as a new partner then:

When realization expenses are paid by the firm on behalf of a partner, such expenses are debited to:

When a new partner is admitted, the increase in the value of the assets is debited to which account?

Murli, Naveen and Omprakash are partners sharing profits in the ratio of $\frac{3}{8}$, $\frac{1}{2}$ and $\frac{1}{8}$. Murli retires and surrenders $\frac{2}{3}\text{rd}$ of his share in favour of Naveen and the remaining share in favour of Omprakash. The gaining ratio of the remaining partners is:

In which of the following cases does the economic relationship between the partners come to an end?

In which of the following situations can the compulsory dissolution of a partnership firm take place?

Which of the following is not included in the Contents of the Partnership Deed?

A and B are partners sharing profits equally with capitals of $\text{Rs. }45,000$ each. They admit C as a new partner for a $\frac{1}{3}\text{rd}$ share in profits. C brings in $\text{Rs. }60,000$ as his capital. Find the value of the firm's total Goodwill based on this transaction.

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.

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

Under the fixed capital method of a partnership concern, which two accounts are maintained for each partner?

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

Torsha started a business with ₹ 2250 while Trisha invested ₹ 2880 after a few months. If the end-of-12-months (from Torsha's investment) profit is shared by Torsha and Trisha in the ratio 25: 24, for how many months did Trisha stay invested?

Sameer and Yasmin are partners with capitals of $\text{Rs. }15,00,000$ and $\text{Rs. }10,00,000$ respectively, sharing profits in the ratio of $3:2$. They admit Ravi on October 1, 2019. Ravi brings $\text{Rs. }12,00,000$ as capital, and Sameer introduces an additional capital of $\text{Rs. }3,00,000$ on that same date. Interest on partner's capital is provided @ $5\%$ p.a. The amount of interest on the capital of Sameer for the financial year 2019-20 is:

Naveen, Suresh and Tarun are partners sharing profits and losses in the ratio of $5:3:2$. Suresh retires from the firm and his share is acquired by Naveen and Tarun in the ratio $2:1$. Calculate the new profit sharing ratio between Naveen and Tarun.

A, B and C were partner's in a firm sharing profit and losses in the Ratio of $5:3:2$. They admitted D into partnership for $1/5$ 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. $50,000$. On the date of admission the Balance Sheet of A, B and C was as follows :Balance Sheet as on 31st March, 2021

Goodwill is to be valued at $3$ years purchase of average profit of last $4$ years which were Rs. $60,000$ (2017-18), Rs. $60,000$ (18-19), Rs. $30,000$ (19-20). On revaluation it was found that all debtors are good.What would be the new Profit Sharing Ratio :

On the dissolution of a firm, external creditors' accounts are transferred to:

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

Arrange the various accounting aspects involved on retirement or death of a partner in logical sequence:(A) Ascertainment of share of profit or loss up to the date of retirement/death(B) Ascertainment of new profit sharing ratio and gaining ratio(C) Distribution of accumulated profits and losses(D) Settlement of the amounts due to retired/deceased partnerChoose the correct answer from the options given below:

When the business of a partnership firm becomes illegal due to changes in regulations or laws, it leads to dissolution under which category?

Which of the following situations result in the reconstitution of a partnership firm?(A) Change in profit sharing ratio among partners.(B) Admission of a new partner.(C) Dissolution of a partnership firm.(D) Dissolution of a partnership.Choose the correct answer from the options given below:

Gaining share of Continuing Partner =

Match List-I with List-II:List-IList-II(A) Gaining Ratio(I) An advantage of good name, reputation and wide business connections.(B) New Profit Sharing Ratio(II) The ratio in which the continuing partners have acquired the share from the retiring/deceased partner.(C) Sacrificing Ratio(III) The ratio in which the remaining partners will share future profits after the retirement or death of any partner.(D) Goodwill(IV) The ratio in which the old partners agree to sacrifice their share of profit in favour of the incoming partner.Choose the correct answer from the options given below:

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:

Match List-I with List-II (under the Fixed Capital Method):List-IList-II(A) Bank (fresh capital introduced)(I) Debit side of Partner's Current Account(B) Interest on drawings(II) Debit side of Partner's Capital Account(C) Bank (permanent withdrawal of capital)(III) Credit side of Partner's Current Account(D) Commission(IV) Credit side of Partner's Capital AccountChoose the correct answer from the options given below:

Match List-I with List-II:List-IList-II(A) Admission of a partner(I) Executor Accounts(B) Retirement of a partner(II) Sacrificing Ratio(C) Death of a partner(III) Realisation Account(D) Dissolution of a firm(IV) Gaining RatioChoose the correct answer from the options given below:

R, S, and K are partners sharing profits in the ratio of $4:3:2$. R retires, and S and K decide to share future profits in the ratio of $5:3$. Calculate their gaining ratio.

Gobind, Hari and Pratap are partners. On the retirement of Gobind, goodwill already appears in the Balance Sheet at $\text{Rs. }24,000$. This existing goodwill will be written-off by:

Which account is credited if the net assets taken over exceed the agreed purchase consideration at the time of purchasing a business?

Arrange the steps in the correct accounting sequence at the time of admission of a partner:(A) Adjustments of capital accounts.(B) Valuation of goodwill(C) Calculation of new profit sharing ratio and sacrificing ratio.Choose the correct answer from the options given below:

Which of the following statements relates to the Fixed Capital Method?(A) The capitals of the partners shall remain fixed unless additional capital is introduced or capital is withdrawn.(B) All items like share of profit or loss, interest on capital, drawings, interest on drawings, etc. are recorded in Partner's Current Account.(C) The partners' capital accounts will always show a debit balance.(D) The partners' current account may show a debit or a credit balance.Choose the correct answer from the options given below:

Based on Case Study 2, find the value of Normal Profit.

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 amount recovered from the debtors is:

Under which method is the goodwill valued at an agreed number of years' purchase of the average profits of the past few years?

Which section of the Indian Partnership Act, 1932 defines the term "Partnership"?

Anubha looked after the dissolution work for a remuneration of Rs. $8,500$ and agreed to bear dissolution expenses up to Rs. $6,000$. Actual expenses paid by her were Rs. $7,600$. In this case:(A) Realisation A/c is debited by Rs. $10,100$ (B) Anubha's Capital A/c is credited by Rs. $9,600$.(C) Realisation A/c is debited by Rs. $13,600$.(D) Anubha's Capital is credited by Rs. $10,100$.Choose the correct answer from the options given below:

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

Identify the steps involved in calculating goodwill under the capitalized value of average profits method:(A) Capitalize the average profits on the basis of the normal rate of return to ascertain the capitalized value of average profits(B) Ascertain the average profits based on the past few years' performance(C) Compute the value of goodwill by deducting net assets from the capitalized value of average profits(D) Ascertain the actual firm's capital (net assets) by deducting outside liabilities from the total assets (excluding goodwill and fictitious assets)Choose the correct answer from the options given below:

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

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?

On the Death of a Partner, which account is debited for his/her share of profit for the intervening period, i.e., the period from the date of the last balance sheet till the date of the partner's death:

John Ibrahim, a partner in Ancient Tours and Travels, withdrew money during the year ending March 31, 2020, from his capital account for personal use. He withdrew $\text{Rs. }3,000$ per month at the beginning of every month. Calculate the interest on drawings that should be charged from John Ibrahim if the rate of interest on drawings is $9\%$ per annum.

Identify the true statement in respect of the Fixed Capital Method for a Partnership Firm:

The value of goodwill calculated based on the capitalization of average profit method is $\text{Rs. }1,80,000$. If the Net Assets of the firm are valued at $\text{Rs. }8,20,000$, find the capitalized value of average profits.

K, N and P are partners sharing profits and losses in the ratio of $4:3:2$. N retires and the goodwill is valued at Rs. $72,000$. K and P decided to share future profits and losses in the ratio of $5:3$. Identify the correct journal entry in this scenario.

What are the main factors affecting the value of goodwill?(A) Nature of business(B) Location(C) Efficiency of management(D) Market situationChoose the correct answer from the options given below:

"The business of a partnership concern may be carried on by all the partners or any one of them acting for all." Which core feature of partnership does this statement indicate?

In partnership, a minor can be partner:

Which of the following is the correct journal entry to transfer a net profit (credit balance of the Profit and Loss Account) to the Profit and Loss Appropriation Account?

Arrange the sequential accounting processing steps required at the time of the death of a partner in the correct logical order:(A) Preparation of deceased partner's capital account(B) Ascertainment of new profit sharing ratio and gaining ratio(C) Preparation of revaluation account, if required(D) Settlement by making payment to the deceased partner's executorChoose the correct answer from the options given below:

Upon the admission of a new partner, any upward revaluation adjustment (increase in the value of assets) is directly debited to:

________ is the value of the reputation of a firm in respect of the profits expected in future over and above the normal profits.

Which combination of statements are correct about Death of a partner-(A) Ascertainment of new profit sharing ratio and gaining ratio(B) Preparation of Realization Account(C) Revaluation of assets and liabilities(D) Adjustment of capital, if requiredChoose the correct answer from the options given below:

At the time of dissolution of a firm, the Loan from a Partner Account should be:

In case a deceased partner's share of profit is calculated during the intervening period, the following Journal Entry will be passed:

A, B and C are partners in a firm sharing profits in the ratio of $3:2:1$. D is admitted into the firm for $1/4$ th share in profits, which he gets as $1/8$ th from A and $1/8$ th from B. The total capital of the firm is agreed upon as $\text{Rs. }1,20,000$ and D is to bring in cash equivalent to $1/4$ th 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 $\text{Rs. }40,000$, $\text{Rs. }35,000$ and $\text{Rs. } 30,000 respectively.Required capitals of all partners is:

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:

Which of the following statements are correct in respect of goodwill?(A) The present value of a firm's anticipated excess earnings.(B) The capitalised value attached to the differential profit capacity of a business.(C) Goodwill exists only when the firm earns super profits.(D) Any firm that earns normal profits or is incurring losses also has goodwill.Choose the correct answer from the options given below:

Which Factor does not Affect the Value of Goodwill:

As per Section 48 of the Indian Partnership Act, 1932, which of the following sources will be systematically utilized, and in what sequence, to pay off firm losses, including capital deficiencies?(A) Out of accumulated Profits(B) Out of the Capital of Partners(C) By partners individually in their profit-sharing ratio(D) Out of Creditors' Personal AssetsChoose the correct answer from the options given below:

Which statements are true about the dissolution of a partnership-(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 compulsorily dissolved when a partner decides to retire.(D) Dissolution of partnership cannot take place without intervention of the court.Choose the correct answer from the options given below:

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

In which of the following ways does the dissolution of a firm take place?(A) Dissolution by agreement(B) Compulsory dissolution(C) On the happening of certain contingencies(D) Dissolution by noticeChoose the correct answer from the options given below:

Which of the following is the feature of fluctuating capital:

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. @ $6\%$ p.a.IV. Will not be allowed/providedChoose the correct answer from the options given below:

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

A, B and C are partners in a firm sharing profits in the ratio of $3:2:1$. D is admitted into the firm for $1/4$ th share in profits, which he gets as $1/8$ th from A and $1/8$ th from B. The total capital of the firm is agreed upon as $\text{Rs. }1,20,000$ and D is to bring in cash equivalent to $1/4$ th 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 $\text{Rs. }40,000$, $\text{Rs. }35,000$ and $\text{Rs. }30,000$ respectively.The capitals of other partners are also to be adjusted in the ratio of their respective shares in profits. A will bring in cash as capital after adjustment amount:

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

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

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

A, B and C are partners in a firm sharing profits in the ratio of $3:2:1$. D is admitted into the firm for $1/4$ th share in profits, which he gets as $1/8$ th from A and $1/8$ th from B. The total capital of the firm is agreed upon as $\text{Rs. }1,20,000$ and D is to bring in cash equivalent to $1/4$ th 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 $\text{Rs. }40,000$, $\text{Rs. }35,000$ and $\text{Rs. }30,000$ respectively.C will withdraw the capital amount after capital are adjusted in the ratio of their respective shares in profits. The amount is:

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

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:

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

Which of the following combination of statements are true about dissolution-(A) A firm is compulsorily dissolved when a partner decide to retire.(B) Dissolution of a partnership is different from dissolution of a firm.(C) A partnership is dissolved when there is a death of a partner.(D) Dissolution of a firm necessarily involves dissolution of partnership.Choose the correct answer from the options given below:

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

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?

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

A, B and C are partners in a firm sharing profits in the ratio of $3:2:1$. D is admitted into the firm for $1/4$ th share in profits, which he gets as $1/8$ th from A and $1/8$ th from B. The total capital of the firm is agreed upon as $\text{Rs. }1,20,000$ and D is to bring in cash equivalent to $1/4$ th 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 $\text{Rs. }40,000$, $\text{Rs. }35,000$ and $\text{Rs. }30,000$ respectively.The New Profit Sharing Ratio in this case is:

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:

Which of the following statements are TRUE?(A) Dissolution of a partnership is completely different from the dissolution of a firm.(B) A partnership is broken up/dissolved when a partner passes away.(C) A firm can be dissolved if all partners give their consent to it.(D) A firm is compulsorily dissolved whenever any single partner decides to retire.Choose the correct answer from the options given below:

Which of the following indicates a situation of compulsory dissolution of a partnership firm?

Arrange the following steps in the correct logical sequence to calculate Goodwill using the Super Profits Method:(A) Calculate the normal profit on the firm's capital based on the normal rate of return.(B) Calculate the average historical maintainable profit.(C) Calculate the super profits by deducting normal profit from the average profit.(D) Calculate goodwill by multiplying the super profit by the specified number of years' purchase.Choose the correct answer from the options given below:

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

Arrange the following steps for calculating Goodwill under Capitalisation of Average Profits Method in correct sequence-(A) Ascertain the actual firm's capital (net assets) by deducting outside liabilities from the total assets.(B) Compute the value of goodwill by deducting net assets from the capitalised value of average profits.(C) Ascertain the average profits based on the past few years' performance.(D) Capitalize the average profits on the basis of the normal rate of return to ascertain the capitalised value of average profits.Choose the correct answer from the options given below:

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

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.

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

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

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

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:

Match List-I with List-II regarding the modes of dissolution of a partnership firm:List-IList-II(A) Dissolution of firm by agreement(I) When a partner becomes insane(B) Compulsory dissolution of firm(II) With the consent of all partners(C) Dissolution of firm by notice(III) When business of a firm becomes illegal(D) Dissolution of firm by Court(IV) At the request of any one partnerChoose the correct answer from the options given below:

Comprehension:A partner withdrew money during the financial year ending March 31, 2020 from his capital account for personal use.The individual amounts withdrawn were:Rs. $12,000$ on June 01, 2019Rs. $8,000$ on August 31, 2019Rs. $3,000$ on September 30, 2019Rs. $7,000$ on November 30, 2019Rs. $6,000$ on January 31, 2020The rate of interest on drawings is $9\%$ per annum.Question: Calculate the interest on drawings specifically for the amount of Rs. $12,000$ drawn on June 01, 2019.

Partners' current accounts are transferred to respective Partners' ______ Accounts at the time of dissolution of a firm.

A, B and C were partner's in a firm sharing profit and losses in the Ratio of $5:3:2$. They admitted D into partnership for $1/5$ 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. $50,000$. On the date of admission the Balance Sheet of A, B and C was as follows :Balance Sheet as on 31st March, 2021

Goodwill is to be valued at $3$ years purchase of average profit of last $4$ years which were Rs. $60,000$ (2017-18), Rs. $60,000$ (18-19), Rs. $30,000$ (19-20). On revaluation it was found that all debtors are good.From the above calculate amount of Goodwill :

The goodwill brought in by the new partner is distributed by old partner their:

Arrange the following steps in the correct sequence for the application of assets during the settlement of accounts upon the dissolution of a partnership firm (as per Section 48 of the Indian Partnership Act, 1932):(A) The balance should be applied to repay loans made by partners to the firm.(B) The assets of the firm should be used in paying the debts of the firm to third parties.(C) The balance assets may be used for paying partners proportionately on account of capital.(D) The asset residue, if any, shall be divided among the partners in their profit-sharing ratio.Choose the correct answer from the options given below:

Comprehension:A partner withdrew money during the financial year ending March 31, 2020 from his capital account for personal use.The individual amounts withdrawn were:Rs. $12,000$ on June 01, 2019Rs. $8,000$ on August 31, 2019Rs. $3,000$ on September 30, 2019Rs. $7,000$ on November 30, 2019Rs. $6,000$ on January 31, 2020The rate of interest on drawings is $9\%$ per annum.Question: Calculate interest on drawings specifically for the amount of Rs. $7,000$ withdrawn on November 30, 2019.

Which of the following events result in the reconstitution of a partnership firm?(A) Change in the profit-sharing ratio among existing partners.(B) Admission of a new partner.(C) Dissolution of a partnership firm.(D) Dissolution of a partnership due to death or retirement.Choose the correct answer from the options given below: