CUET Accountancy - Partnership - Admission | Free Questions - Page 2

Q1:

2026: 29 May Shift 2

Partnership

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Admission

Medium

Common

Match the LIST-I with LIST-II

LIST-I		LIST-II
A.	Incoming partner brings his share of goodwill and is retained by the old partners in business	I.	No Entry
B.	Incoming partner does not bring his share of goodwill	II.	Premium for Goodwill A/c Dr., Incoming Partner's Current A/c Dr., To Sacrificing Partners' Capital A/c
C.	Incoming partner pays his share of goodwill privately	III.	Premium for Goodwill A/c Dr., To Sacrificing Partners' Capital A/c
D.	Incoming partner brings only a part of his share of goodwill	IV.	Incoming Partner's Current A/c Dr., To Sacrificing Partners' Capital A/c

Choose the correct answer from the options given below:

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

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

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

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

Correct Answer

Option 2

Correct Answer

Explanation

Q2:

2026: 29 May Shift 2

Partnership

>

Admission

Medium

Common

A business has earned average profits of Rs. 1,00,000 during the last few years and the normal rate of return in a similar business is 10%. Given that the value of net assets of the business is Rs. 8,20,000, the value of goodwill by capitalisation of super profits method will be:

Rs. 72,000

Rs. 82,000

Rs. 1,50,000

Rs. 1,80,000

Correct Answer

Option 4

Correct Answer

Explanation

Q3:

2026: 29 May Shift 2

Partnership

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Admission

Medium

Common

At the time of admission of new partner Vasu, old partners Paresh and Prabhat had debtors of Rs. 6,20,000 and a provision for doubtful debts of Rs. 20,000 in their books. As per terms of admission, provision for doubtful debts is to be maintained on Sundry Debtors at a provision of 5%. How it will be shown in the balance sheet?

Debtors and Provision for doubtful debts will remain unchanged

Debtors Rs. 6,20,000 and Provision for doubtful debts Rs 11,000

Debtors Rs. 6,20,000 and Provison for doubtful debts Rs 31,000

Debtors Rs. 6,20,000 and Provision for doubtful debts Rs 9,000

Correct Answer

Option 3

Correct Answer

Explanation

Q4:

2026: 29 May Shift 2

Partnership

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Admission

Easy

Common

The term Number of Years' Purchase means:

Number of years for which goodwill is purchased.

Number of years during which the purchaser of goodwill expects that the profit due to goodwill are likely to arise in future.

Number of years for which goodwill purchased will not help the firm in earning similar profits.

Number of years for which the company is running business.

Correct Answer

Option 2

Correct Answer

Explanation

Q5:

2026: 29 May Shift 2

Partnership

>

Admission

Easy

Common

Match the LIST-I with LIST-II

LIST-I		LIST-II
A.	General Reserve	I.	Old Share - New Share
B.	Sacrificing Ratio	II.	Credit to Revaluation A/c
C.	Increase in value of Asset	III.	Debit to Revaluation A/c
D.	Increase in value of Liability	IV.	Accumulated Profit

Choose the correct answer from the options given below:

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

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

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

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

Correct Answer

Option 2

Correct Answer

Explanation

Q6:

2026: 29 May Shift 2

Partnership

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Admission

Easy

Common

At the time of admission of a partner, undistributed profits appearing in the balance sheet of the old firm is transferred to the capital account of:

Old partners in new profit sharing ratio

Sacrificing partners in sacrificing ratio

All the partners in the new profit sharing ratio

Old partners in old profit sharing ratio

Correct Answer

Option 4

Correct Answer

Explanation

Q7:

2026: 29 May Shift 2

Partnership

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Admission

Easy

Common

A newly admitted partner has a right to:

Share the existing general reserve of the partnership firm

Share the future profits of the partnership firm

Share the present available capital reserves

Share the existing goodwill of the partnership firm

Correct Answer

Option 2

Correct Answer

Explanation

Q8:

2026: 29 May Shift 1

Partnership

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Admission

Medium

Common

X and Y are partners in a firm sharing profits in the ratio of 4:3. They admitted Z as a new partner. The profit sharing ratio of X, Y and Z will be 2:3:1. Calculate the gain or sacrifice of Y.

Sacrifice of 10/42 share in profit

Gain of 3/42 share in profit

Gain of 10/42 share in profit

Sacrifice of 3/42 share in profit

Correct Answer

Option 2

Correct Answer

Explanation

Q9:

2026: 29 May Shift 1

Partnership

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Admission

Medium

Common

Arun and Anuj are partners sharing profits in the ratio of 2:1. Varun was admitted for 1/4 share, half of which was given by Arun and the remaining was contributed by Anuj. Goodwill of the firm is valued at Rs. 40,000. How much of the goodwill will be credited to old partners' capital account?

Rs. 2,500 each

Rs. 5,000 each

Rs. 20,000 each

Rs. 10,000 each

Correct Answer

Option 2

Correct Answer

Explanation

Q10:

2026: 29 May Shift 1

Partnership

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Admission

Easy

Common

X and Y are partners in a firm sharing profit and loss in the ratio of 2:1. Z is admitted for 1/4 share in profits but could not bring any amount for goodwill. The account that will be debited for this entry will be:

Z's Capital Account

X's and Y's Capital Account

Bank Account

Z's Current Account

Correct Answer

Option 4

Correct Answer

Explanation

Q11:

2026: 29 May Shift 1

Partnership

>

Admission

Hard

Common

In a partnership firm, A, B and C are partners with a ratio of 3:2:1 having capitals of Rs. 40,000, Rs. 35,000 and Rs. 30,000 respectively. They admitted D into the firm for 1/4 share in profits, which she gets 1/8 from A and 1/8 from B. They agreed upon capital of the new firm to be Rs. 1,20,000 and D is to bring her share of capital in cash. The capital of other partners are to be adjusted in the ratio of their respective shares in profits. Arrange the following amount of new capital of partners, A, B, C and D respectively, in their correct sequence.

(A) Rs. 20,000

(B) Rs. 25,000

(C) Rs. 30,000

(D) Rs. 45,000

Choose the correct answer from the options given below:

(A), (B), (D), (C)

(B), (A), (D), (C)

(D), (A), (B), (C)

(D), (B), (A), (C)

Correct Answer

Option 4

Correct Answer

Explanation

Q12:

2026: 29 May Shift 1

Partnership

>

Admission

Easy

Common

At the time of admission, new partner brings his share of goodwill which is distributed among old partners. This treatment is conceptually used to:

Raise the total capital of the firm.

Ensure that gaining partner compensates the sacrificing partner(s).

Distribute the undistributed profits before admission among the old partners.

Ensure that a new partner gets the benefit at the time of admission.

Correct Answer

Option 2

Correct Answer

Explanation

Q13:

2026: 29 May Shift 1

Partnership

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Admission

Easy

Common

A and B are partners sharing profits in the ratio of 2:3. They admitted C as a new partner for 1/5 share in the future profits of the firm. Calculate the new profit share of A.

12/5

8/5

8/25

12/25

Correct Answer

Option 3

Correct Answer

Explanation

Q14:

2026: 24 May Shift 1

Partnership

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Admission

Easy

Common

Arrange the following steps involved under super profit method of calculating goodwill in a sequence:

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

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

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

(D) Calculate the average profit.

Choose the correct answer from the options given below:

(A), (B), (C), (D)

(A), (C), (B), (D)

(D), (A), (B), (C)

(C), (B), (D), (A)

Correct Answer

Option 3

Correct Answer

Explanation

Q15:

2026: 24 May Shift 1

Partnership

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Admission

Easy

Common

Match List-I with List-II

List-I	List-II
(A) Amalgamation of partnership firms	(I) Meaning of Goodwill
(B) Nature of Business	(II) Treatment of goodwill
(C) The present value of a firm's anticipated excess earnings	(III) Factor affecting goodwill
(D) When the new Partner brings goodwill in cash	(IV) Need for valuation of goodwill

Choose the correct answer from the options given below:

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

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

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

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

Correct Answer

Option 1

Correct Answer

Explanation

Q16:

2026: 24 May Shift 1

Partnership

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Admission

Easy

Common

Asif and Chinmay are partners in a firm sharing profits and losses in the ratio of 5:4. They decide to share future profits in the ratio of 2:3. At that time, the goodwill appearing in the books of the firm will be written-off in :

In old profit sharing ratio

In new profit sharing ratio

In gaining ratio

In equal ratio

Correct Answer

Option 1

Correct Answer

Explanation

Q17:

2026: 24 May Shift 1

Partnership

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Admission

Medium

Common

Ramesh and Lakshay are partners in a firm sharing profits in the ratio of 3:2. Their capitals were Rs. 90,000 and Rs. 70,000 respectively. They admitted Somesh on April. 1, 2025 as a new partner for 1/5 share in the future profits. Somesh brought Rs. 90,000 as his capital. Calculate the value of goodwill of the firm and Somesh's share of goodwill.

Rs. 40,000 and Rs. 8,000 respectively

Rs. 2,00,000; and Rs. 40,000 respectively

Rs. 4,50,000 and Rs. 90,000 respectively

Rs. 7,00,000 and Rs. 1,40,000 respectively

Correct Answer

Option 2

Correct Answer

Explanation

Q18:

2026: 24 May Shift 1

Partnership

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Admission

Easy

Common

For reduction in the value of an asset, correct journal entry will be:

Asset A/c Dr.

To Revaluation A/c

P&L Appropriation A/c Dr.

To Asset A/c

Partners' Capital A/c Dr.

To Asset A/c

Revaluation A/c Dr.

To Asset A/c

Correct Answer

Option 4

Correct Answer

Explanation

Q19:

2026: 24 May Shift 1

Partnership

>

Admission

Easy

Common

Sunila and Manisha are partners in a firm sharing profits and losses in the ratio of 5:3. Radhika is admitted in the firm for 1/5th share of profits. She brings in Rs. 40,000 as her share of goodwill. Give the necessary journal entries, when partners decided to retain goodwill in the business.

Date Particulars L.F. Dr. Amount Cr. Amount

(i) Cash A/c Dr. 40,000

To Radhika's Capital A/c 40,000

(ii) Premium for Goodwill A/c Dr. 40,000

To Sunila's Capital A/c 25,000

To Manisha's Capital A/c 15,000

Date Particulars L.F. Dr. Amount Cr. Amount

(i) Cash A/c Dr. 40,000

To Premium for Goodwill A/c 40,000

(ii) Radhika's Capital A/c Dr. 40,000

To Sunila's Capital A/c 25,000

To Manisha's Capital A/c 15,000

Date Particulars L.F. Dr. Amount Cr. Amount

(i) Cash A/c Dr. 40,000

To Premium for Goodwill A/c 40,000

(ii) Premium for Goodwill A/c Dr. 40,000

To Sunila's Capital A/c 25,000

To Manisha's Capital A/c 15,000

Date Particulars L.F. Dr. Amount Cr. Amount

(i) Cash A/c Dr. 40,000

To Premium for Goodwill A/c 40,000

(ii) Sunila's Capital A/c Dr. 25,000

Manisha's Capital A/c Dr. 15,000

To Cash A/c 40,000

Correct Answer

Option 3

Correct Answer

Explanation

Q20:

2026: 24 May Shift 1

Partnership

>

Admission

Easy

Common

Match List-I with List-II

List-I	List-II
(A) Average Profits × 100/Normal Rate of Return	(I) Normal Profit
(B) Firm's Capital × Normal Rate of Return/100	(II) Goodwill
(C) Total Profit /No.of years	(III) Capitalised value of average profits
(D) Super Profits × 100 /Normal Rate of Return	(IV) Average Profit

Choose the correct answer from the options given below:

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

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

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

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

Correct Answer

Option 3

Correct Answer

Explanation

Q21:

2026: 24 May Shift 1

Partnership

>

Admission

Medium

Common

A, B and C are partners in a firm sharing profits in the ratio of 3:2:1. D is admitted into the firm for 1/4 share in profits. The total capital of the firm is agreed upon as Rs. 2,40,000 and D is to bring in cash equivalent to 1/4 of this amount as his capital. The capitals of other partners are also to be adjusted in the ratio of their respective shares in profits.The capitals of A, B and C after all adjustments are Rs. 80,000, Rs. 70,000 and Rs. 60,000 respectively. Calculate the new capitals of A, B and C.

A ₹90,000 ; B ₹60,000; C ₹50,000 ; D ₹40,000

A ₹90,000 ; B ₹60,000; C ₹30,000 ; D ₹60,000

A ₹60,000 ; B ₹90,000; C ₹30,000 ; D ₹60,000

A ₹90,000 ; B ₹60,000; C ₹60,000 ; D ₹30,000

Correct Answer

Option 2

Correct Answer

Explanation

Q22:

2026: 24 May Shift 1

Partnership

>

Admission

Medium

Common

Vandana and Megha are partners sharing profits in the ratio of 4:3. They admit Gurisha as a new partner for 1/10th share in the future profits of the firm which she gets equally from Vandana and Megha. Calculate new profit sharing ratio of Vandana, Megha and Gurisha.

Vandana : Megha : Gurisha 53 : 73 : 14

Vandana : Megha : Gurisha 4 : 3 : 3

Vandana : Megha : Gurisha 73 : 53 : 14

Vandana : Megha : Gurisha 14 : 53 : 73

Correct Answer

Option 3

Correct Answer

Explanation

Q23:

2026: 24 May Shift 1

Partnership

>

Admission

Easy

Common

The partners of a firm decide to change their existing profit sharing ratio. This results in a:

Gain of additional share in future profits of the firm for all the partners.

Loss for all the partners.

Gain of additional share in future profits of the firm for some partners while a loss of a part thereof for other partners.

Neither gain nor loss to any partner.

Correct Answer

Option 3

Correct Answer

Explanation

Q24:

2026: 24 May Shift 1

Partnership

>

Admission

Medium

Common

Sometimes, at the time of admission, the partners agree that their capitals should also be adjusted so as to be proportionate to their profit sharing ratio (if the capital of the new partner is not given). Arrange the following steps in a correct sequence.

(A) Ascertain combined capital of old partners after all adjustments like interest on capital, salary etc.

(B) Ascertain new capital of all partners

(C) Ascertain necessary amount to cover the shortage and withdraw the excess amount of capital of partners

(D) Ascertain total capital of the firm on the basis of combined capital of old partners

Choose the correct answer from the options given below:

(A), (B), (C), (D)

(A), (C), (B), (D)

(B), (A), (D), (C)

(A), (D), (B), (C)

Correct Answer

Option 4

Correct Answer

Explanation

Q25:

2026: 24 May Shift 1

Partnership

>

Admission

Easy

Common

Any change in the profit sharing ratio among existing partners may not involve adjustments in respect of:

Revaluation of assets and liabilities

Transfer of accumulated profit and losses to partners' capital accounts in the old profit sharing ratio

Realisation of assets and discharge of liabilities

Adjustment of partners' capitals, if specified, so as to make them proportionate to the new profit sharing ratio

Correct Answer

Option 3

Correct Answer

Explanation

Q26:

2026: 23 May Shift 2

Partnership

>

Admission

Easy

Common

The amount of premium for goodwill brought in by the new partner is shared by the existing partners in their:

Profit sharing ratio

Capital ratio

Sacrificing ratio

Gaining ratio

Correct Answer

Option 3

Correct Answer

Explanation

Q27:

2026: 23 May Shift 2

Partnership

>

Admission

Easy

Common

The profits for the past five years of a firm are as follows: 2021 - Rs. 4,50,000; 2022 - Rs. 3,20,000; 2023 - Rs. 3,50,000; 2024 - Rs. 4,30,000 and 2025 - Rs. 3,00,000. What will be the amount of goodwill of the firm on the basis of three years purchase of five years average profits?

Rs. 3,70,000

Rs. 11,00,000

Rs. 11,10,000

Rs. 18,50,000

Correct Answer

Option 3

Correct Answer

Explanation

Q28:

2026: 23 May Shift 2

Partnership

>

Admission

Easy

Common

What will be the value of goodwill by Capitalisation of Average Profit Method?

Average profit: Rs. 2,00,000

Normal rate of return: 10%

Value of net assets of business: Rs.12,00,000

Rs. 10,00,000

Rs. 1,20,000

Rs. 12,00,000

Rs. 8,00,000

Correct Answer

Option 4

Correct Answer

Explanation

Q29:

2026: 23 May Shift 2

Partnership

>

Admission

Easy

Common

Arrange the following steps in sequence for calculation of goodwill using Super Profit Method.

A. Calculate the average profit.

B. Calculate the normal profit on the firm's capital on the basis of the normal rate of return.

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:

A, B, C, D

B, C, A, D

C, A, B, D

C, B, A, D

Correct Answer

Option 1

Correct Answer

Explanation

Q30:

2026: 23 May Shift 2

Partnership

>

Admission

Easy

Common

The excess of actual profit over the normal profit is called as

Average Profit

Capital Profit

Super Profit

Reserve Profit

Correct Answer

Option 3

Correct Answer

Explanation

CUET Accountancy: PartnershipAdmission. Free, no login required.

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