Partnership

Accounting

Easy

common

Select the appropriate ratio for the following events. Match List-I with List-II

List-I (Events) List-II (Ratio)
(A) General Reserve (I) Gaining Ratio
(B) Retirement of a partner (II) Old Profit Sharing Ratio
(C) Admission of a partner (III) New Profit Sharing Ratio
(D) Adjustment of Capitals at the time of Admission (IV) Sacrificing Ratio

Choose the correct answer from the options given below:

List-I (Events)	List-II (Ratio)
(A) General Reserve	(I) Gaining Ratio
(B) Retirement of a partner	(II) Old Profit Sharing Ratio
(C) Admission of a partner	(III) New Profit Sharing Ratio
(D) Adjustment of Capitals at the time of Admission	(IV) Sacrificing Ratio

(A) - (III), (B) - (II), (C) - (IV), (D) - (I)

(A) - (I), (B) - (III), (C) - (II), (D) - (IV)

(A) - (II), (B) - (I), (C) - (IV), (D) - (III)

(A) - (IV), (B) - (I), (C) - (II), (D) - (III)

✅ Correct Option: 3

General Reserve is distributed in the old profit sharing ratio, so (A)-(II). At retirement, the outgoing partner's goodwill is compensated in the gaining ratio, so (B)-(I). At admission, premium for goodwill is shared in the sacrificing ratio, so (C)-(IV). Capitals at admission are adjusted according to the new profit sharing ratio, so (D)-(III).

2025: 26 May Shift 2

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

2025: 14 May Shift 2

Which statement is not true about Capital Accounts of Partner-

2026: 31 May Shift 1

If any partner has advanced loan to the firm for the purpose of business, he/she shall be entitled to get an interest on the loan amount at the rate of ............. % per annum.

2026: 20 May Shift 1

The capital of the firm of M and N is Rs. 1,00,000 and the market rate of interest is 15%. The annual salary to partners is Rs. 6,000 each. The profits for the last 3 years were Rs. 30,000 (for 2022); Rs. 36,000 (for 2023) and Rs. 42,000 (for 2024). Goodwill is to be valued at 2 years' purchase of the last 3 years' average super profits or 3 years' purchase of the last 2 years' average super profits, whichever is less. Calculate the goodwill of the firm.

2025: 26 May Shift 2

Neha contributed Rs. 30,000 and Saloni Rs. 90,000 as capital. What will be Saloni's share in profits if the partnership agreement is silent?

2022: 16 July Shift 2

Match the following with regard to partnership

List I	List II
A. When a new partner joins the partnership	I. Compulsory dissolution
B. When an existing partner leaves the partnership	II. Admission of a partner
C. When the business of firm becomes illegal	III. Prepared in the case of death of a partner
D. Executor's Account	IV. Retirement of a Partner

Choose the correct answer from the options given below:

Solution

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