Partnership Quiz

Seema, Reema and Neetu were partners sharing profits and losses in the proportion of 1/8,1/16,10/32. Calculate the gaining ratio if Seema retires from the firm.

• 1:5

• 1:2

• 2:5

• 2:1:5

A and B are partners sharing profits in the ratio 3:1. C is admitted for the 1/8th share of profits. Find the new profit sharing ratio.

If some goodwill already exists in the books and the new partner brings in his share of goodwill in cash, how will you deal with the existing amount of goodwill? (Give the journal entry).

Mannan and Ramesh share profits and losses in the ratio of 3:1. The capital on 1st April 2023 was Rs.80,000 for Mannan and Rs.60,000 for Ramesh and their current accounts show a credit balance of Rs.10,000 and Rs.5,000 respectively. calculate total interest on capital at 5%p.a for the year ending 31st march 2024.

Velan is a partner who withdrew Rs.20,000 on 1st April 2018.Interest on drawings is charged at 10% p.a. Calculate interest on drawings on 31st December 2018.

On April, 1, 1988 Shyamlal purchased a plant on hire-purchase system. According to the terms of the agreement, Rs.80,000, was to be paid on the signing of the contract. The balance was to be paid in four annual installments of Rs.50,000 each plus interest. The cash price of the plant was Rs.2,80,000. Interest chargeable on outstanding balance was 20% per annum. You are required to calculate interest.

X and Y are sharing profits and losses in the ratio of 7:3. They admit Z for 3/7th share in the new firm in which he takes 2/7 from X and 1/7 from Y. The new ratio of X,Y and Z will be

• 7:3:3

• 4:2:3

• 14:6:15

• 29:11:30

The profit for the year before appropriation in a partnership firm was Rs. 50,000. Shagun, one of the partners, receives a salary of Rs. 4,000 and interest at 10 percent per annum on his capital of Rs. 1,00,000. Amir. the other partner receives interest on capital at the same rate as Shagun. Amir's capital was Rs. 89,000. They share profits and losses equally. What was the total share of profits credited to Amir‘s current account?

X and Y are partners, sharing profits and losses in the ratio of 4 ∶ 3. They admit Z into the partnership for 1/5th share. X and Y decide to share future profits in the ratio of 2 ∶ 1. What is the sacrificing ratio of X and Y?

• 4:17

• 8:13

• 4:3

• 13:8

X and Y are partners in a partnership firm without any agreement. X has withdrawn Rs. 55,000 out of his capital as drawings. What is the interest on drawings that may be charged from X by the firm?