CUET Accountancy Mock Test Unit III Reconstitution of Partnership Set B

1. find the goodwill of firm using capitalisation method, the total capital employed in the firm 80000 Rs., reasonable rate of return 15%, Profit for the year 120000 Rs.

2. The balance of revaluation A/c is transferred to old partners capital account in their

3. A B and C are partners sharing profits equally. A drew regularly ₹ 4,000 at the beginning of every month for six months ended 30th September 2020. Calculate interest of A’s draw-ing @ 5% p.a.

4. X & Y are partners sharing profits and losses in the ratio of 2:1 with capitals ₹.1,00,000 and ₹.80,000 respectively. The interest on capital has been provided to them @8% instead of 10%. In the rectifying entry

5. Bobby and Sanjay were partners sharing profits & losses in the ratio of 5:3. On 1st April 2020, their capital accounts showed balances of ₹.3, 00,000 and ₹.2, 00,000 respectively. The Partnership Deed provided for interest on capital @10% p.a and the firm earned a profit of Rs.45, 000 for the year ended 31st March 2021. The interest on partners’ capitals to Bobby & Sanjay will be:

6. For transfer of Profit from Profit and Loss Appropriation account to Reserve account, which account to be credited

7. In the general form of partnership, liabilities of partners are

8. When good will is brought in cash by new partner, method is known as

9. Every partner has a right to be consulted in all matters affecting the business of

10. If a partner takes over an asset of the firm, his capital account

11. X, Y and Z are partners in a firm sharing profits and losses in the ratio of 6:4:1.X guaranteed a profit of ₹15,000 to Z. The net profit for the year ending 31 March, 2020 was `99,000. X’s share in the profit of the firm will be:

12. X and Y are equal partners. They had advanced a loan of ₹40,000, contributed equally to the firm on 1st August, 2019. The partnership deed is silent regarding the payment of interest on loan. What amount of interest on loan is payable to X, if the firm closes its books of account on 31st March every year?

13. Abha and Bharat were partners. They shared profits and losses equally. On April 1st, 2019 their capital accounts showed balances of ₹3,00,000 and ₹2,00,000 respectively. Calculate the share of divisible profit of the partners if the partnership deed provided for interest on capital @10% p.a. and the firm earned a profit of ₹50,000 for the year ended 31st March, 2020.

14. Under which of the following situation interest on partners’ capitals shall not be provided?

15. Ram and Shyam are partners sharing profits/losses equally. Ram withdrew ₹1,000 p.m. regularly on the first day of every month during the year 2019-20 for personal expenses. If interest on drawings is charged @ 5% p.a. What will be the interest on the drawings of Ram?

16. If all the partners, but one, are solvent it is

17. Amount due to out going partner is shown in the balance sheet as his

18. In case of retirement of a partner full good will is credited to the accounts of

19. At the time of a new partner Good will

20. Value of good will agreed upon Rs. 30000 on C,S admission and allowing him share of total profit Good will is brought in cash, the amount of good-will be as