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Which Accounting Standard (AS) defines an intangible asset, as an identifiable, non-monetary, without physical existence and held for use in the production or supply of goods or services for rental to others or for administrative purposes?

In case there is no partnership deed between the partners, then at what rate interest on capital will be provided?

Which of the following is not accounted for in the books and shown as an asset?

Radha and Rani are partners in a firm. Their capital accounts as on April 01, 2024 showed a balance of Rs. 2,00,000 and Rs. 3,00,000 respectively. On July 01, 2024, Radha introduced additional capital of Rs. 50,000. On October 01, Radha withdrew Rs. 30,000, from her capital. Interest is allowed @ 8% p.a. Calculate the interest payable to Radha on her capital during the financial year 2024–2025.

Match List-I with List-II

Choose the correct answer from the options given below:

If the capital of partners is fixed, then the salary provided to the partner is posted in which of the following account?

Which of the following statements are true ?

(A) Under fixed capital method, capital and current accounts are prepared.

(B) If a partner withdrew in the beginning of each month, average period is 6.5 months taken for interest calculation.

(C) No interest on capital is provided in the absence of partnership deed.

(D) In the absence of partnership deed, profits are distributed in the capital ratio.

Choose the correct answer from the options given below:

Which of the following is not a feature of partnership as per Partnership Act 1932 ?

ABC Ltd. has a partnership deed as per which interest on drawing is to be charged @ 9% p.a and the total interest on drawings of Aman (partner) is calculated to be Rs 1755. Find the monthly amount he withdrew, if drawings are done at the beginning of every month during the year.

Krishna, Sandeep and Karim are partners sharing profits in the ratio of 3:2:1. Their fixed capitals are: Krishna Rs. 1,20,000, Sandeep 90,000 and Karim 60,000. For the year 2024-25, interest was credited to them at @ 8% p.a. instead of 5% p.a. Find the amount transferred from Karim to Krishna's current account as an adjustment.

Dinesh, Ramesh and Suresh are partners in a firm sharing profits and losses in the ratio of 3:3:2. They decided to share the profits equally w.e.f. April 1, 2015.

Match List-I with List-II

Choose the correct answer from the options given below:

Average profits of a firm during the last few years are Rs. 2,50,000 and the normal rate of return in a similar business is 5%. If the goodwill of the firm is 5,00,000 at 5 years' purchases of super profit, find the amount of capital employed by the firm.

Arrange the following steps related to valuation of goodwill by Capitalisation of Average Profits method.

(A) Deducting net assets from the capitalised value of average profit.

(B) Ascertain the average profit based on the past few years' performance.

(C) Capitalize the average profit on the basis of the normal rate of return to ascertain the capitalised value of average profits.

(D) Ascertain the actual firm's capital (net assets) by deducting outside liabilities from the total assets (excluding goodwill and fictitious assets).

Choose the correct answer from the options given below:

The books of a business showed that the firm's capital employed is Rs. 2,50,000 and the profits for the last five years were: 2021–Rs. 20,000; 2022-Rs. 25,000; 2023-Rs. 27,500; 2024- Rs.35,000 and 2025-Rs. 42,500. What will be the value of Super Profit, when the goodwill valuation is done on the basis of 3 years' purchase of super profits of the business, given that the normal rate of return is 10%.

Select the correct statements from the following related to the partnership.

(A) Rent paid to a partner is always an appropriation of profit.

(B) Interest on Loan from Partner is always a charge against profit.

(C) Interest on Partner's Capital is an appropriation of profit.

(D) Interest on Loan to Partner is not a charge against profit.

Choose the correct statements from the given options below :-

Nimrat, Simrat and Harjeet are partners sharing profits and losses in the ratio of 5 : 3 : 2. The partnership deed provides for charging interest on drawings @ 10% p.a. The drawings of Nimrat, Simrat and Harjeet during the year ending March 31, 2025 amounted to Rs. 60,000, Rs. 45,000 and Rs. 30,000 respectively, which were made on 1st April, 2024. After the final accounts have been prepared, it was discovered that interest on drawings has not been taken into consideration. If the necessary adjustment is made for rectification of this error, then:

When Capital accounts of partners are maintained on the basis of fixed capital method, interest on drawings will be :-

Ritesh, Deven and Keshav are partners sharing profits in the ratio of 3:2:1. They decided to change their profit sharing ratio from 1st April 2026, to 5:3:2. On that date, they have Workmen Compensation Reserve ₹ 1,80,000 and General Reserve ₹ 1,35,000. They have decided not to distribute the General Reserve. Choose the correct statement from the following:

Out of the following statements, which are correct?

(A) In the absence of partnership deed, no partner is entitled to get salary or other remuneration.

(B) If a partner withdraws fixed amount at the end of each month for the whole year, then interest on drawings will be calculated for an average period of 5.5 months.

(C) If the partnership deed provides for interest on capital but the firm does not have sufficient profit, then the interest on capital will be paid to the extent of availble profit in the ratio of interest on capital.

(D) If a partner is admitted into a firm with a guarantee of certain profit, then the deficiency of profit (if any) shall be borne by the old partners in their capital ratio.

A, B and C are partners. They agreed to change their existing profit sharing ratio from 3:2:1 to 1:1:1. An unrecorded asset of Rs. 50,000 was identified. For this unrecorded asset:

As per _____________. Purchased goodwill may be accounted for in the books and shown as an asset but self-generated goodwill is not accounted for in the books.

John, Janardan and Javed are partners in a firm. Their existing profit sharing ratio is 5 : 3 : 2. From 1st April 2025, they decide to share the future profits in the ratio 3 : 2 : 1. Workmen compensation reserve is appearing in the balance sheet on this date, if no information is available for the same, then it will be :

Abhishek and Manan are partners in a firm. Abhishek withdrew regularly Rs. 8,000 every month for six months ending 31st March, 2026. If interest on drawings is charged @ 16% p.a. What amount will be charged as interest on drawings from Abhishek?

Aman, Billu and Sonu were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Sonu was guaranteed that her share of profit will not be less than Rs. 25,000. The firm's profit for the year ending on 31st March, 2025 was Rs. 1,00,000. The amount of deficiency to be borne by Aman was:

At the time of change in profit sharing ratio, what will be the impact of reduction in the value of investment by 20% assuming existing book value of investments in balance sheet as Rs. 2,40,000 and there is an investment fluctuation reserve existing in balance sheet at Rs. 30,000?

Arun and Barun are partners in firm. The net divisible profit as per Profit and Loss Appropriation A/c of the firm is Rs. 7,50,000. The total interest on partner's drawing is Rs. 12,000. Arun's salary is Rs. 12,000 per quarter and Barun's salary is Rs.1,20,000 per annum. The net profit/loss earned during this year was:

Marry and Kayli were two partners sharing profits and losses in the ratio 5 : 7. Kayli was in need of funds, so she took a loan of Rs. 4,00,000 from the firm at an agreed rate of interest being 8% p.a. If Interest is charged on loan from the partner, it will be:

Consider the below given statements related to the partnership and select the correct statements :-

(A) Partners may contribute capital in proportion to profit-sharing ratio.

(B) Partners must not get any interest on the loan provided by him to the firm in the absence of partnership deed.

(C) A partner cannot transfer his share without consent of other partners.

(D) Partners must contribute capital only in cash.

Choose the correct combination of statements from the options given below:

Which of the following is not a feature of a partnership firm?

Anuj and Alka are partners in a firm. Their capital accounts as on April 01, 2025 showed a balance of Rs. 4,00,000 and Rs. 6,00,000 respectively. On July 01, 2025, Anuj introduced additional capital of Rs. 50,000 and Alka, Rs. 60,000. On October 01, Anuj withdrew Rs. 30,000 and on January 01, 2026 Alka withdrew Rs. 15,000 from their capitals. Interest on capital is allowed @ 8% p.a. What will be the interest payable to Anuj during the financial year 2025–2026?