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Accounting for Partnership: Basic Concepts Test 2

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Accounting for Partnership: Basic Concepts Test 2
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Weekly Quiz Competition
  • Question 1
    1 / -0
    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 10% p.a interest on capital before distributing the profits.During the year firm earned Rs.17,800 before allowing any interest on capital.Profits appointed among them excluding interest will be ____________________.
  • Question 2
    1 / -0
    A and B are partners with the capital of Rs.20,000 and Rs.10,000 respectively. Interest payable of capital out of profit is 10% p.a. Find the interest on capital for both the partners when the profits earned by the firm is Rs.2,400.
  • Question 3
    1 / -0
    Rent paid on 1 October, 2004, for the year to 30 September, 2005, was Rs.2,400, rent paid on 1 October, 2005 for the year to 30 September, 2006, was Rs.3,200. Rent payable, as shown in the profit and loss account for the year ended 31 December 2005, would be : 
  • Question 4
    1 / -0
    X and Y agree to form a partnership. X contributes 50,000 in assets and devotes one-half time to partnership while Y contributes 20,000 in cash and devotes full time to the firm. How will the partners share the profit?
  • Question 5
    1 / -0
    C, D and E are partners sharing profits and losses in the proportion of 3 :2 :1. D retired and the new profit sharing ratio between C and E is 3 :2 and the Reserve of Rs. 24,000 will be divided among the partners.
  • Question 6
    1 / -0
    A, B and C were partners in a firm sharing profits and losses in the ratio of 2 :2 :1 respectively with the capital balance of Rs. 50,000 for A, Rs. 70,000 for B,for C Rs. 35,000. B declared to retire from the firm and balance in reserve on the date was Rs. 25,000. If goodwill of the firm was valued as Rs. 30,000 and profit on revaluation was Rs. 7,500, then what amount will be payable to B?
  • Question 7
    1 / -0
    A and B are partners sharing profits and losses in the ratio 4 : 1. C was manager who received the salary of Rs.2,000 p.m. in addition to a commission of 5% on net profits after charging such commission.Profit for the year is Rs.3,39,000 before charging salary. Find the total remuneration of C.
  • Question 8
    1 / -0
    A, B and C are the partners sharing profits and losses in the ratio 2 :1 :1. Firm has a joint life policy of Rs.1,40,000 and in the balance sheet it is appearing at the surrender value i. e.Rs. 40,000 On the death of A, how this JLP will be shared among the partners?
  • Question 9
    1 / -0
    A, B and C are partners sharing profit in the ratio 7 :5 :4. C died on 30th June 2006. It was decided to value the goodwill on the basis of three years' purchase of last five years' average profits. If the profits are Rs. 30,000; Rs. 28,300; Rs. 29,000, Rs. 24,000 and Rs. 26,700, what will be C's share of goodwill?  
  • Question 10
    1 / -0
    The profits of last five years are Ra.75,000, Rs.90,000; Rs.80,000; Rs.1,00,000 and Rs.80,000.Find the value of goodwill, if it is calculated on average profits of last five years on the basis of 3 years of purchase.
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