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Admission of a Partner Test - 11

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Admission of a Partner Test - 11
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Weekly Quiz Competition
  • Question 1
    1 / -0
    When Life Policies are taken severally for each partner, the amount received on death of a partner would be the firm's profit. It is also necessary to credit Partner's Capital account with _______ of the policy on the lives of the remaining partners.
    Solution

    Instead of taking a joint life policy, sometimes the firm may take individual life policies for each partner. On the death of any partner, of course, the insurers would pay the amount for which the deceased partner was insured which would be the firm’s profit. Also, it would be necessary to bring into account the surrender value of the policies on the lives of surviving partners.

  • Question 2
    1 / -0
    Towards goodwill a new partner at the time of admission contributes _________________.
  • Question 3
    1 / -0
    In the absences of an agreement, Interest on loan advanced by the partner to the firm is allowed at the rate of _____.
  • Question 4
    1 / -0
    P/L Appropriation Account is prepared _______________.
  • Question 5
    1 / -0
    The profits for 1998-99 are Rs.2,000; for 1999-2000 Rs.26,100 and for 2000-01 Rs.31,200. Closing stock for 1999-2000 and 2000-01 includes the defective items of Rs. 2,200 and Rs. 6,200 respectively which were considered as having market value NIL.Calculate the goodwill on two years' purchase of average profit.
  • Question 6
    1 / -0
    If vendors are issued fully paid shares of $$Rs. 80,000$$ in the consideration of net assets of $$Rs. 60,000$$, then the balance of $$Rs. 20,000$$ will be _____________________.
  • Question 7
    1 / -0
    Ram of Bombay sends out goods costing 80,000 to Mohan of Kanpur so as
    to show 20% profit on invoice value. 3/5th  of the goods received by consignee is sold at 5% above invoice price. The amount of sale value will be:
  • Question 8
    1 / -0
    The capital of A and B sharing profits and losses equally are Rs.90,000 and Rs.30,000 respectively.They value the goodwill of the firm at Rs.80,000, which was not recorded in the books.If goodwill is to be raised now, by what amount each partner's capital amount will be debited?
  • Question 9
    1 / -0
    Sales for the year ended amounted to Rs. 10,00,000. Sales included goods sold to Mr.A for Rs. 50,000 at a profit of 20% on cost.Such goods are still lying in the godown at the buyer's risk. Such goods should be treated as part of :
  • Question 10
    1 / -0
    A, B, C were partners sharing profits in the proportion of 1/2, 1/3 and 1/6 respectively. On 31st March 1997 their capital stood as follows:
        A Rs. 4,00,000, B Rs. 3,00,000, C Rs. 2,50,000.
    A sum of 1,20,000, also appeared as reserve fund in their balance sheet on this date. B retire on this date when the goodwill of firm was valued at Rs. 1,80,000.
    Profit and loss adjustment account prepared on that date without taking goodwill and reserve fund into consideration showed a net profit of Rs. 28,500.
    The net amount payable to B will be :
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