Partnership

Accounting

Easy

Sudhir and Vimal came into partnership with profit sharing ratio of 3 : 2. Due to paucity of time, Sudhir was unable to give time to business so Vimal acted as principle and took all financial and operational decisions.

Due to break down of Covid 19, business suffered a loss of 4,00,000. State the amount of loss to be borne by Sudhir.

Rs. 2,00,000

Rs. 2,40,000

None, as he was not working actively

Rs. 1,60,000

✅ Correct Option: 2

Losses are shared as per agreed profit-sharing ratio irrespective of whether a partner is active or sleeping.

Sudhir's share of loss = $\frac{3}{5} \times 4,00,000$ = Rs. 2,40,000.

2025: 14 May Shift 2

Match List-I with List-II

List-I	List-II
(A) Sacrificing ratio	(I) Dissolution of Partnership
(B) Gaining Ratio	(II) Admission of a New Partner
(C) Executors Account	(III) Retirement of a Partner
(D) Realisation Account	(IV) Death of a Partner

Choose the correct answer from the options given below:

2022: 23 Aug Shift 2

Match List - I with List - II.

List - I	List - II
(A) Interest on loan	(I) Current Account
(B) Fixed capital	(II) Charge Against Profit
(C) Fluctuating capital	(III) Capital Account
(D) Interest on capital	(IV) Appropriation of Profit

Choose the correct answer from the options given below :

2023: 20 June Shift 2

Salary of a partner is shown in

2025: 29 May Shift 2

The steps followed for calculating interest on drawing in the product method are.

(A) Calculate number of month for which interest is due on each drawing

(B) List down amount of drawing in decending order in a table..

(D) Calculate product for each drawing by multiplying amount and number of month.

Choose the correct answer from the options given below:

2026: 29 May Shift 1

Calculate the value of the goodwill of a firm based on 3 years' purchase of super profits, if the normal rate of return is 10%, average profits for the last five years were Rs. 60,000 and the capital of the firm is Rs. 5,00,000.

2025: 22 May Shift 2

In the case of fixed capital method, following two accounts are maintained.

Solution

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