CUET Accountancy: PartnershipAccounting. Free, no login required.

A partnership can have maximum 50 partners. This limit has been set by the:

A, B and C are partners sharing profits in the ratio of 3:3:4. They decide to share the future profits equally. The sacrifice or gain of partners are:

Salary of a partner is shown in

Select the conditions required for computing interest on drawings using average period method:

A. Equal amount of drawings

B. Fixed interval of drawings

C. Varying amounts of drawings

D. Different interval of drawings

E. Rate of Interest

Choose the correct answer from the options given below:

The content of Partnership deed includes:

A. Name and address of all partners

B. Method of settlement of disputes among partners

C. Deed once made cannot be altered

D. Rules regarding operation of Bank account

E. Verbal agreement between partners is considered as deed

Choose the correct answer from the options given below:

Match List I with List II

Choose the correct answer from the options given below:

Identify the way by which the clauses of partnership deed can be altered.

__________ is/are not true with regard to Limited liability partnership.

(A) Separate Legal entity

(B) Unlimited liability for one partner

(C) Indian Partnership Act, 1932 is applicable

(D) Perpetual Succession

(E) Unlimited liability of partners

Choose the correct answer from the options given below :

Which of the following facts are related to modes of reconstitution of a partnership firm.

(A) Admission of a new partner

(B) Dissolution of a partnership firm

(C) Death of a partner

(D) Change in the profit sharing ratio among the existing partners

(E) Retirement of a partner

Choose the correct answer from the options given below :

In the absence of a partnership deed which of the following are correct.

(A) Profit sharing ratio will be on the basis of capital contributed by the partners

(B) No interest on capital will be provided

(C) No interest on Drawing will be charged

(D) 6% p.a. interest on partner's loan will be provided

(E) Partner will get salary for extra time devoted for the firm

Choose the correct answer from the options given below :

Arrange the following in sequence of the final Accounts for a Partnership firm.

(A) Profit and Loss Account

(B) Partner's Capital Account

(C) Trading Account

(D) Balance Sheet

(E) Profit and Loss Appropriation Account

Choose the correct answer from the options given below :

Complete the sequence where interest on capital has to be provided as per partnership deed, but available profits are not sufficient to provide full amount of Interest on capital.

A. If it is appropriation, calculate interest on capital for all partners at given rate

B. Divide the available amount in the capital ratio among the partners

C. Calculate ratio between capital of partners

D. Consider the partnership deed and decide whether interest on capital is a charge or an appropriation

E. Consider the available profit

Choose the correct answer from the options given below:

In a partnership firm, partners share profit and loss in the ratio of 3:2. If the firm incurred a loss of Rs. 10,000 during the year then calculate the amount of loss to be shared by partners.

In which of the following case, claim is valid if the partnership agreement is silent?

Match List I with List II

Choose the correct answer from the options given below:

Partnership deed should be drafted and prepared as per :

A, B & C were sharing profits & losses in the ratio of 3 : 2 : 1. They decided to share profits & losses equally in future. General reserve was appearing in their books at Rs. 60,000. Goodwill was valued at Rs. 1,20,000. The partners do not want to disturb the general reserve. The adjusting entry will be :

The steps in the Process of Preparing Profit and Loss Appropriation account are :

(A) Transfer the net profit to the credit side of P & L Appropriation A/c

(B) Divide the Profit among partners in the Profit Sharing ratio

(C) Ascertain net profit after providing for all charges

(D) Debit the P & L Appropriation A/c with all appropriations like partners salary etc.

(E) Credit the P & L Appropriation A/c with interest on drawing and deficiency on account of partner's guarantee of earnings to the firm.

Choose the correct answer from the options given below :

Match List I with List II in context of not having partnership deed.

Choose the correct answer from the options given below:

The capital accounts of partners will always show a ____ balance under fixed capital account method

When the total amount withdrawn is given but the date of withdrawal is not given then interest on drawings is charged for a period of:

Calculate net profit as per P & L A/c for the year ending 31 March, 2022 from the following information :

share of profit transferred to Capital A/c's of partners :

Ram Rs. 7,000

Shyam Rs. 3,500

Interest on capital :

Ram Rs. 1,500

Shyam Rs. 500

Interest on Drawings :

Ram Rs. 300

Shyam Rs. 200

Ram's salary Rs. 1,000

M and R are partners sharing profits and losses in the ratio of 3 : 2. Their capital A/c's showed the balance of Rs. 4,00,000 and Rs. 3,00,000 respectively on 1 April, 2021. M introduced additional capital on 1 August, 2021. Interest on capital is allowed @ 6% p.a. Total interest on capital of both the partners is Rs. 50,000.

Calculate additional capital introduced by M on 1 August, 2021 and interest on capital earned on additional capital. Books are closed on 31 March.

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.

Gitansh withdrew Rs. 5000 pm at the end of every month for ten months. Interest on drawing is charged @ 10% p.a. Gitansh's interest on drawings is :

Match List - I with List - II.

Choose the correct answer from the options given below :

The central government has prescribed the maximum number of partners in a firm to be _________ under Rule 10 of the companies (Miscellaneous) Rules, 2014.