Partnership Quiz 2

   C was admitted in a firm with 1/4th share of the profits of the firm. C contributes

Rs.15,000 as his capital, A and B are other partners with the profit sharing ratio as 3:2. Find the required capital of A and B, if capital should be in profit sharing ratio taking C’s as base capital:

• Rs.27,000 and Rs.16,000 for A and B respectively.

• Rs.32,000 and Rs.21,000 for A and B respectively.

• Rs.27,000 and Rs.18,000 for A and B respectively.

• Rs.36,000 and Rs.24,000 for A and B respectively.

   A, B and C are partners sharing profits and losses in the ratio 6:3:3, they agreed to take D into partnership for 1/8th share of profits. Find the new profit sharing ratio.

• 1:2:3:4.

• 14:7:7:4

•    12:27:36:42.

• 6:3:3:1

X and Y are partners sharing profits in the ratio of 3: 1. They admit Z as a partner who pays Rs.4,000 as Goodwill the new profit sharing ratio being 2:1: 1 among X, Y and Z respectively. The amount of goodwill will be credited to:

• X and Y as Rs.3,000 and Rs.1,000 respectively

• X only

• Y only

A, B and C takes a Joint Life Policy, after five years B retires from the firm. Old profit sharing ratio is 2:2:1. After retirement, A and C decides to share profits equally. They had taken a Joint Life Policy of Rs.2,50,000 with the surrender value Rs.50,000. What will be the treatment in the partner’s capital account on receiving the JLP amount if joint life policy premium is fully charged to revenue as and when paid?

• 50,000 credited to all the partners in old ratio

• 2,50,000 credited to all the partners in old ratio.

• 2,00,000 credited to all the partners in old ratio

A, B and C takes a Joint Life Policy, after five years B retires from the firm. Old profit sharing ratio is 2:2:1. After retirement, A and C decides to share profits equally. They had taken a Joint Life Policy of Rs.2,50,000 with the surrender value Rs.50,000. What will be the treatment in the partner’s capital account on receiving the JLP amount if joint life policy premium is fully charged to revenue as and when paid?

• 50,000 credited to all the partners in old ratio

• 2,50,000 credited to all the partners in old ratio.

• 2,00,000 credited to all the partners in old ratio

  A, B and C take a Joint Life Policy, after five years, B retires from the firm. Old profit sharing ratio is 2:2:1. After retirement A and C decides to share profits equally. They had taken a Joint Life Policy of Rs.2,50,000 with the surrender value Rs.50,000. What will be the treatment in the partner’s capital account on receiving the JLP amount if joint life policy is maintained at the surrender value?

• 50,000 credited to all the partners in old ratio.

• 2,50,000 credited to all the partners in old ratio

• No treatment is required.

A, B and C are partners sharing profits in the ratio 2:2:1. On retirement of B, goodwill was valued as Rs.30,000. Find the contribution of A and C to compensate B.

• Rs. 20,000 and Rs.10,000

• Rs.8,000 and Rs.4,000

• They will not contribute anything

A, B and C were partners in a firm sharing profits and losses in the ratio of 2:2:1 respectively with the capital balance of Rs.50,000 for A and B, for C Rs.25,000. B declared to retire from the firm and balance in reserve on the date was Rs.15,000. If goodwill of the firm was valued as Rs. 30,000 and profit on revaluation was Rs.7,050 then what amount will be transferred to the loan account of B.

• Rs. 50,820

• Rs. 25,820

• Rs. 70,820

A, B and C are partners sharing profits and losses in the ratio of 3:2:1. C retires on a decided date and Goodwill of the firm is to be valued at Rs.60,000. Find the amount payable to retiring partner on account of goodwill.

• 30,000

• 20,000

• 10,000

A, B and C were partners sharing profits and losses in the ratio of 3:2:1. A retired and Goodwill of the firm is to be valued at Rs.24,000. What will be the treatment for goodwill?

• Only A’s capital account credited with Rs.12,000

• Credited to Revaluation Account at Rs.24,000

• Adjusted through partners’ capital accounts in gaining/sacrificing ratio