Financial and Management Accounting-Partnership Accounts [NTA-NET (UGC-NET) Commerce (08)]: Questions 6 - 9 of 15

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Question 6

Appeared in Year: 2005

Question MCQ▾

X, Y and Z are three partners sharing profits and losses in the ratio . A was admitted for share. The new profit sharing ratio will be:

Choices

Choice (4)Response

a.

b.

c.

d.

Edit

Question 7

Appeared in Year: 2018

Question MCQ▾

Which of the following is not a method of preparation of cash budget? (December)

Choices

Choice (4)Response

a.

Proforma Balance Sheet method

b.

Adjusted Net Income method

c.

Receipts and Payments method

d.

Cash Cycle method

Edit

Question 8

Question MCQ▾

X and Y are partners in a firm sharing profits in the ratio of 2: 1. Z is admitted with a profit sharing. What will be the new profit sharing ratio of X, Y and Z?

Choices

Choice (4)Response

a.

4: 2: 1

b.

1: 3: 4

c.

4: 2: 3

d.

3: 2: 1

Edit

Question 9

Appeared in Year: 2020

Question True-False▾

Statements

  1. Partners are not bound to carry on the business of the firm to the greatest common advantage (17 October Evening Shift)

  2. Where a partner is entitled to interest on capital subscribed by him, such interest shall be payable whether or not there are profits

  3. An outgoing partner has a right to claim a share in the profits of the firm till his account is finally settled

  4. A partner may be expelled from the firm only with the consent of all other partners

Choices

Choice (4)Response

a.

Only statement Ⅲ is true.

b.

Only statement Ⅰ is true.

c.

Statement Ⅰ, Ⅲ & Ⅳ are all true.

d.

Statement Ⅰ, Ⅱ & Ⅲ are all true.

Edit