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CUET Accountancy 2022 PYQs16 July Shift 2. Free, no login required.

Partnership

past year questions, CUET Accountancy 2022 16 July Shift 2

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past year questions, Partnership, CUET Accountancy 2022 16 July Shift 2

Easy

Sunil and Ravi are partners in a firm sharing profits in the ratio of 3:1. Amar is admitted for 1/4 share. The Sacrificing ratio of Sunil and Ravi is

Solution

✅ Correct Option: 3

When the sacrificing ratio is not specified, the old partners are presumed to sacrifice in their old profit sharing ratio. Hence the sacrificing ratio of Sunil and Ravi = Old ratio = 3:1.

Related questions:

2022: 20 Aug Shift 2

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.

2025: 26 May Shift 2

Arrange the Following Steps to Calculate Goodwill under the Super Profits Method-

(A) Calculate the normal profit on the firm's capital on the basis of the normal rate of return

(B) Calculate the average profit

(C) Calculate the super profits by deducting normal profit from the average profits

(D) Calculate goodwill by multiplying the super profits by the given number of years' purchase

Choose the correct answer from the options given below:

2026: 12 May Shift 1

Hem and Nem are partners in a firm sharing profits in the ratio of 3:2. Their capitals were Rs. 80,000 and Rs. 50,000 respectively. They admitted Sam on Jan. 1, 2025 as a new partner for 1/5 share in the future profits. Sam brought Rs. 60,000 as his capital and does not bring his share of goodwill in cash. Choose the correct journal entry from the following:

DateParticularsL.F.Dr. AmountCr. Amount
Sam's Current A/c Dr.34,000
To Hem's Capital A/c20,400
To Nem's Capital A/c13,600
DateParticularsL.F.Dr. AmountCr. Amount
Sam's Current A/c Dr.22,000
To Hem's Capital A/c13,200
To Nem's Capital A/c8,800
DateParticularsL.F.Dr. AmountCr. Amount
Sam's Capital A/c Dr.22,000
To Hem's Capital A/c13,200
To Nem's Capital A/c8,800
DateParticularsL.F.Dr. AmountCr. Amount
Sam's Current A/c Dr.22,000
To Hem's Current A/c13,200
To Nem's Current A/c8,800

2022: 20 Aug Shift 2

The amount of salary to be shown in the Dr. side of P & L Appropriation A/C will be:

2026: 6 June Shift 1

Abhishek and Balkishan are partners sharing profits in the ratio of 2:1. Chandrika is admitted into the firm for 1/4 share of profits. Chandrika brings in Rs. 20,000 in respect of her capital. The capitals of the old partners Abhishek and Balkishan, after all adjustments relating to goodwill, revaluation of assets and liabilities, etc., are Rs.45,000 and Rs.15,000 respectively. Calculate the cash to be brought in or paid off by the old partners to adjust their capitals in new ratio.

2022: 20 July Shift 1

Plant and Machinery to be shown in Revaluation Account :

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