Accounting for Partnership Firms (CBSE Class-12 Accountancy): Questions 52 - 57 of 135

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Question number: 52

» Accounting for Partnership Firms » Reconstitution and Dissolution » Admission of a Partner

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Enumeration the matters that need adjustment at the time of admission of a new Partner.

Question number: 53

» Accounting for Partnership Firms » Partnership

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What is the minimum and maximum number of partners in all partnership.

Question number: 54

» Accounting for Partnership Firms » Partnership

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When does the Joint Life Policy become due?

Question number: 55

» Accounting for Partnership Firms » Partnership

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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 2006, the profits of the year prior to calculation of interest on capital but after charging B’s salary amounted to Rs. 12, 500. A provision of 5 % of the profits is to be made in respect of Manager’s commission.

Prepare an account showing the allocation of profits and partners’ capital accounts.

Question number: 56

» Accounting for Partnership Firms » Reconstitution and Dissolution » Change in the Profit Sharing Ratio

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Anand, Bhutan and Chadha sharing profits in ratio of 3: 2: 1. On 1st April 2007, they decided to share profits equal. Name the partners who is gaining on consequence of such change.

Question number: 57

» Accounting for Partnership Firms » Reconstitution and Dissolution » Retirement and Death of a Partner

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P, Q and R were partners in a firm sharing profits in 2: 2: 1 ratio. The firm closes its book on 31 March every year. P died three months after the last accounts were prepared. On that date the goodwill of the firm was valued at Rs. 90, 000. On the death of a partner his share of profit in the year of death was to be calculated on the basis of the average profits of the last four years.

profit of last four years

shows year ending profit of four years

Date and year

amount of profit

Year ended 31.3. 2007

2, 00, 000

Year ended 31.3. 2006

1, 80, 000

Year ended 31, 3.2005

2, 10, 000

Year ended 31.3. 2004

1, 70, 000 (Loss)

Pass necessary journal entries for the treatment of goodwill and P’s share of profit on his death.

Show clearly the calculation of P’s share of profit.

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