# Accounting for Partnership Firms (CBSE (Central Board of Secondary Education- Board Exam) Class-12 Accountancy): Questions 27 - 34 of 135

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## Question number: 27

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

One Liner Question▾

### Write in Brief

Why is the General reserve distributed among the old Partners before a new Partner is admitted?

## Question number: 28

» Accounting for Partnership Firms » Partnership

One Liner Question▾

### Write in Brief

Why is it important to have a partnership deed in writing?

## Question number: 29

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

Short Answer Question▾

### Write in Short

Distinguish between Sacrificing Ratio and Gaining Ratio.

## Question number: 30

» Accounting for Partnership Firms » Past Adjustments

Short Answer Question▾

### Write in Short

A, B and C entered into partnership on 1st April, 2006 to share profits & losses in the ratio of 4: 3: 3. A, however, personally guaranteed that C’s share of profit after charging interest on Capital@5 % p. a. would not be less than Rs. 40,000 in any year. The Capital contributions were:

A, Rs. 3,00,000; B, Rs. 2,00,000 and C, Rs. 1,50,000.

The profit for the year ended on 31st March, ’2007 amounted to Rs. 1,60,000. show the Profit & Loss Appropriation Account.

## Question number: 31

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

One Liner Question▾

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What is meant by the sacrificing Ratio in case of admission of a Partner?

## Question number: 32

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

Short Answer Question▾

### Write in Short

How is amount payable to the representative of a deceased partner calculated?

## Question number: 33

» Accounting for Partnership Firms » Not-for-Profit Organizations

One Liner Question▾

### Write in Brief

Define the Not for profit organisation?

## Question number: 34

» Accounting for Partnership Firms » Goodwill

One Liner Question▾

### Write in Brief

State the amount of goodwill, if goodwill is to be valued on the basis of 2 years’ purchase of last year’s profit. Profit of the last year was Rs. 20,000.

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