Partnership Accounts
| Description: Complete Study Material for Indian Contract Act-III, Essential Elements of a Valid Contract, Types of Contracts, Offer, Acceptance, Lawful Consideration, Competent To Contract, Free Consent, Revocation of Offer, Agency | |
| Number of Questions: 18 | |
| Created by: Prajapati Rathore | |
| Tags: Partnership Accounts Indian Contract Act-III Essential Elements of a Valid Contract Types of Contracts Offer Acceptance Lawful Consideration Competent To Contract Free Consent Revocation of Offer Agency |
In absence of partnership deed, the partners are entitled to_____% interest for the advances made by them to the firm.
If capital accounts are fixed, which of the following entries can be recorded in these accounts?
When drawings are made by a partner on the last day of every month, interest should be charged from him for ____ months.
A, B and C decide to change their profit sharing ratio from 5 : 3 : 2 to 2 : 3 : 5. Goodwill of the firm is valued at Rs. 30000. What will be the entry?
If the revaluation reveals the overvaluation of a liability existing in the books, the entry will be to
The debit balance of profit and loss account should be
Accumulated profits should be
A and B, who are carrying a business and sharing 3 : 2 ratio, decided to admit C as partner for 1/10th share. C brings Rs. 10,000 as his share of premium and the new ratio becomes 5 : 4 : 1. The entry for dividing premium will be to
X, Y and Z are partners sharing in the ratio 4 : 3 : 3. X retires and the new profit ratio is 3 : 7. Goodwill of the firm is valued at Rs. 20,000. What will be the journal entry?
A and B admitted C as a partner by giving him assurance for his profits not to be less than Rs. 1,00,000 in any year. The profit ratio was decided as 5 : 3 : 2. The profits for the year amounted to Rs. 4,00,000. What will be the share of B?
A and B are partners sharing in 3 : 2 having capital of Rs. 50,000 each. C is a new partner who is required to bring his share of capital of Rs. 1,00,000. If the capital of old partners is to be adjusted according to the contribution of C, what amount should be brought by A?
The net profits of a business are Rs. 1,50,000, Rs. 1,75,000 and Rs. 2,75,000 in the last 3 years. These include an investment income @ 20% p.a. of Rs. 20,000 every year, but exclude the annual insurance premium payable Rs. 10,000. Goodwill is to be valued at 1½ year purchase of average profits of 3 years. Calculate the value of goodwill.
The account which records the entries relating to partner's salary, commission etc. is
If the revaluation reveals the overvaluation of a liability existing in the books, the entry will be to
A and B, who are carrying a business and sharing 3 : 2 ratio, decided to admit C as partner for 1/10th share. C brings Rs. 10,000 as his share of premium and the new ratio becomes 5 : 4 : 1. The entry for dividing premium will be to
If the partnership deed is silent about particular point, provisions of the ___________ will apply.
If the profits are insufficient to pay interest on capital as per deed,
It is given that total assets including investment of Rs. 1,00,000 are Rs. 500000 and current liabilities are Rs. 100000. If 25% p.a. on net capital employed is considered as fair return, find goodwill by 2 years purchase of super profit method.