subject

Partnership Accounts

Commerce ⇒ Accountancy

Partnership Accounts starts at 12 and continues till grade 12. QuestionsToday has an evolving set of questions to continuously challenge students so that their knowledge grows in Partnership Accounts. How you perform is determined by your score and the time you take. When you play a quiz, your answers are evaluated in concept instead of actual words and definitions used.
See sample questions for grade 12
A and B are partners sharing profits in the ratio 3:2. They admit C for 1/4th share, which he acquires equally from A and B. Calculate the new profit sharing ratio.
A and B are partners sharing profits in the ratio 3:2. They admit C for 1/5th share. Calculate the new profit sharing ratio.
A, B, and C are partners sharing profits in the ratio 2:2:1. D is admitted for 1/6th share. Calculate the new profit sharing ratio.
A, B, and C are partners sharing profits in the ratio 5:3:2. B retires. Calculate the new ratio between A and C.
A, B, and C are partners. C dies and his share of profit till the date of death is to be calculated. The firm’s profit for the last year was Rs. 1,20,000. C’s share is 1/4. He died 3 months after the last balance sheet date. Calculate C’s share of profit.
A, B, and C are partners. Their capitals are Rs. 1,00,000, Rs. 80,000, and Rs. 60,000 respectively. Profits are to be shared in the ratio of capitals. Calculate the profit-sharing ratio.
Explain the difference between dissolution of partnership and dissolution of partnership firm.
Explain the difference between sacrificing ratio and gaining ratio.
Explain the term 'Fixed Capital Method' in partnership accounts.
Explain the term 'Fluctuating Capital Method' in partnership accounts.
Explain the term 'Hidden Goodwill' in partnership accounts.
Explain the term 'Joint Life Policy' in the context of partnership accounts.
Goodwill is to be valued at 2 years’ purchase of average profits of the last 3 years. The profits were Rs. 40,000, Rs. 50,000, and Rs. 60,000. Calculate the value of goodwill.
If a partner is guaranteed a minimum profit, and the actual share is less than the guaranteed amount, who bears the deficiency?
If a partner withdraws Rs. 12,000 evenly in the middle of every month during the year, calculate the interest on drawings at 10% p.a.
State any two rights of a partner in a partnership firm.
What is a partnership as per the Indian Partnership Act, 1932?
What is the accounting treatment for premium brought in by a new partner for goodwill, if it is withdrawn by old partners?
What is the accounting treatment of unrecorded assets discovered at the time of reconstitution of a partnership?
What is the formula for calculating super profit in the valuation of goodwill?