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Quizzes   ›   Business   ›   Partnership

Partnership Accounts
20 Questions | Total Attempts: 707

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 1. 
(i) Actual average profit Rs. 72,000 (ii)   Normal rate of return 10% (iii)  Assets Rs.
9,70,000 (iv)   Current Liabilities Rs. 4,00,000 Goodwill according to capitalization
method will be 

o A. 

Rs.1,50,000

o B. 

Rs.1,40,000

o C. 

Rs.1,60,000

o D. 

None'of the three

 

 2. 
 A & B are equal partners with capitals of the Rs. 10,000 and Rs.
8,000 respectively. They admit C as a partner with 1/4th share in the profits of the
firm. C brings Rs. 8,000 as his share of capital. Value of goodwill will be :  

o A. 

Rs.6000

o B. 

Rs.5000

o C. 

Rs.8000

o D. 

None of the above

 

 3. 
A & B are partners sharing profits and losses in the ratio 5:3. On admission, C
brings Rs. 70,000 cash and Rs. 48,000 against goodwill. New profit sharing ratio
between A, B and C are 7:5:4. The scarificing ratio among A:B will be  

o A. 

3:1

o B. 

4:7

o C. 

5:4.

o D. 

2:1.
 

 4. 
A and B are equal partners in a firm their capital shows credit balance of Rs.
18,000 and Rs.12,000 respectively. A new partner C is admitted with 1/5th share
 in profits. He brings Rs. 14,000 for his capital. Value of hidden goodwill at the time
of C's admission will be  

o A. 

Rs. 26000

o B. 

Rs. 25000

o C. 

Rs. 20000

o D. 

None of the three

 

 5. 
A and B are partneers in a firm sharing profits and losses in the ratio of 3:2 .A new
partner C is admitted A surrenders 1/5 th share of his profit in favour of C and B
surrenders 2/5 th share of his profit in favour of C.New profit sharing ratio will be 

o A. 

12:6:7

o B. 

12:5:6

o C. 

12:4:5

o D. 

None of the three

 

 6. 
A and B are partners in a firm sharing profits in the ratio of 3:2. They admit C as
the new partner for 1/6th share in the profits. The firm goodwill was valued at
Rs.1,50,000/-. For adjustment of goodwill, C's account will be debited by  
 o A. 

Rs.20,000

o B. 

Rs. 15.000

o C. 

Rs.25,000

o D. 

None of the three

 

 7. 
A and B are partners in a firm. During the year 2006, A Withdrew Rs.1,000 p.m.
and B withdraw Rs.500 p.m. on the first day of each month for personal use.
Interest on drawings is to be charged @ 10% p.a. The interest on drawings will be

o A. 

Rs.650

o B. 

Rs.975

o C. 

Rs.900

o D. 

Rs. 1,800
 

 8. 
A and B are partners sharing in the ratio of 3:2. C is admitted for 1/5th share and
brings Rs. 15,000 as capital and necessary amount for his share of goodwill. The
goodwill of the entire firm is valued Rs. at 60,000. Goodwill brought by C will be

o A. 

Rs.12,000
 o B. 

Rs.10,000

o C. 

Rs.15,000

o D. 

None of the three

 

 9. 
A and B are partners in a firm sharing profits and losses in the ratio of 3:2. They
have invested capitals of Rs.40,000 and Rs.25,000 respectively. As per the
partnership deed, they are entitled to interest on capital @ 5% p.a. before dividing
the profits. During the year, the firm earned a profit of Rs.3,900 before allowing
interest. The net profits will be apportioned as  

o A. 

Rs.260 to A and Rs.390 to B

o B. 

Rs.390 to A and Rs.260 to B

o C. 

Rs.2,340 to A and Rs.1,560 to B

o D. 

Rs.1,560 to A and Rs.2,340 to B

 

 10. 
A and B are partners sharing profits and losses in the ratio of 3:2 having the
capital of Rs. 80,000 and Rs. 50,000 respectively. They are entitled to 9% p.a.
interest on capital before distributing the profits. During the year firm earned Rs.
7,800 after allowing interest on capital. Profits apportioned among A and B is 

o A. 

4,680 and 3,120

 o B. 

4,800 and 3,000

o C. 

5,000 and 2,800

o D. 

None of the above

 

 11. 
A and B are partners sharing profits and losses in the ratio of 3:2 (A's Capital is
Rs. 30,000 and B's Capital is Rs. 15,000). They admitted C agreed to give 1/5th
share of profits to him. How much C should bring in towards his capital?  

o A. 

Rs.9,000

o B. 

Rs.12,000

o C. 

Rs.14,500

o D. 

Rs.11,250
 

 12. 
A and B are partners sharing profits in the ratio of 3:2 They admit C as a new
partner for 3/10th share, which he acquires 2/10 from A and 1/10 from B. The new
profit sharing ratio of A, B and C is  

o A. 

3:4:3

o B. 

4:3:3
 o C. 

3:3:4

o D. 

None of the three

 

 13. 
A and B are partners sharing profits in the ratio of 3:2 with capitals of Rs. 50,000
and Rs. 30,000 respectively. Interest on capital is agreed @ 6% p a. B is to be
allowed an annual salary of Rs. 2,500 during 2000, the profits of the year prior to
calculation of interest on capital but after charging B's salary amounted to Rs.
12,500. Manager is to be allowed a Commission of 5% of profits remaining after
deducting salary and interest on capital but before charging such Commission,
Profit transferred to partners Capital Accounts will be 

o A. 

A Rs. 4389 B Rs. 2926

o B. 

A Rs. 4000 B Rs. 3315

o C. 

A Rs. 3000 B Rs. 4315

o D. 

A Rs. 2500 B Rs. 4815

 

 14. 
A and B are partners sharing profits in the ratio of 3:2. C is admitted as a partner.
The new profit sharing ratio among A, B and C is 5:3:2. Sacrificing ratio will be

o A. 

1:1

o B. 

3:2
 o C. 

2:3

o D. 

None of the above

 

 15. 
A and B are partners with capitals of Rs. 10,000 and Rs. 20,000 respectively and
sharing profits equally. They admitted C as their third partner with one-fourth
profits of the firm on the payment of Rs. 12,000.  The amount of hidden goodwill is:

o A. 

6,000

o B. 

10,000

o C. 

8,000

o D. 

None of the above

 

 16. 
A and B are partners with the capital Rs. 50,000 and Rs. 40,000 respectively.
They share profits and losses equally. C is admitted on bringing Rs. 50,000 as
capital only and nothing was bought against goodwill.Goodwill in balance sheet of
Rs.20,000 is revalued as Rs.35,000.What will be value of goodwill in the books
after the admission of C ?

o A. 

Rs.55,000

o B. 

Rs.35,000

o C. 
 Rs.20,000

o D. 

Rs.15,000
 

 17. 
A and B are partners, sharing profits in the ratio 5:3. They admit C with 1/5 share
in profits, which he acquires equally from both i.e. 1/10 from A and 1/10 from B.
Now profit sharing ratio will be  

o A. 

21:11:8

o B. 

11:21:8

o C. 

8:11:21

o D. 

None of the three

 

 18. 
A and B are partners, sharing profits in the ratio of 5:3. They admit C with 1/5
share in profits, which he acquires equally from both 1/10 from A and 1/10 from B.
New profit sharing ratio will be  

o A. 

21:11:8

o B. 

20:10:4

o C. 

15:10:5

o D. 
 None of the three
 

 19. 
A and B are partners. A's capital is Rs. 10,000 and B's capital is Rs. 6,000 Interest
is payable @ 6% P.A. B is entitled to a salary of Rs.300 per month. Profit for the
current year before interest and salary to B is Rs. 8,000. Profit between A and B
will be divided

o A. 

A RS.1720,B RS.1720

o B. 

A RS.2000,B RS.1440

o C. 

A RS.1440,B RS.2000

o D. 

None of the above

 

 20. 
A and D are equal partners. They wanted to admit C as 1/6th partner who brought
Rs.60,000 as goodwill. The new profit sharing ratio is 3:2:1. Profit sacrificing ratio
will be:  

o A. 

0:1/6

o B. 

2:1

o C. 

3:1

o D. 

None of the above

Related Topics
  Business Management
 

 Process Management
 

 Entrepreneur
 

 Small Business
 

 Marketing
 

 Company

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