Partnership

Admission

Medium

Ram and Balram are partners in a firm sharing profit and losses in the ratio of 2:1.

An extract of Balance Sheet as of 31st March 2022

Liabilities Rs. Assets Rs.
Furniture 80,000

If the value of above furniture is overvalued by $33\frac{1}{3}\%$ , choose the value of furniture to be shown in the new Balance Sheet out of the following:

Liabilities	Rs.	Assets	Rs.
		Furniture	80,000

Rs. 1,06,667

Rs. 60,000

Rs. 1,00,00

Rs. 26,667

✅ Correct Option: 2

Let true value = x. Overvaluation of $33\frac{1}{3}\%$ means book value = $x + \frac{1}{3}x = \frac{4x}{3}$ .

So $\frac{4x}{3} = 80{,}000$ which gives $x = 80{,}000 \times \frac{3}{4} = 60{,}000$ .

The correct value to be shown in the new Balance Sheet is Rs. 60,000.

2026: 20 May Shift 1

According to the Partnership Act 1932, a new partner can be admitted into the firm only with the consent of .............., unless otherwise agreed upon.

2026: 11 May Shift 2

Match the LIST-I with LIST-II

LIST-I		LIST-II
A. Increase in the value of each asset will be shown	I.	it indicates net gain, which will be transferred to the capital accounts of the old partners in old ratio.
B. If the closing balance of revaluation account shows a credit balance then	II.	it indicates net loss which will be transferred to the capital accounts of the old partners in old ratio.
C. Decrease in the value of each asset will be shown	III.	on credit side of Revaluation account
D. If the closing balance of revaluation account shows a debit balance then	IV.	on debit side of Revaluation account

Choose the correct answer from the options given below:

2025: 14 May Shift 1

Which Factor does not Affect the Value of Goodwill:

2026: 23 May Shift 2

The profits for the past five years of a firm are as follows: 2021 - Rs. 4,50,000; 2022 - Rs. 3,20,000; 2023 - Rs. 3,50,000; 2024 - Rs. 4,30,000 and 2025 - Rs. 3,00,000. What will be the amount of goodwill of the firm on the basis of three years purchase of five years average profits?

2026: 20 May Shift 1

If nothing is specified as to how does the new partner acquire his share from the old partners; it may be assumed that he gets it from them:

2026: 13 May Shift 1

Identify the type of Goodwill that is to be recorded in accounts book according to Accounting Standard-26.

Solution

Related questions:

Keyboard Shortcuts

CUET Accountancy Past Year Questions (Topic-Wise)