Partnership and Financial Concepts Quiz

The 'share of premium for goodwill' brought in by the new partner is divided in which ratio?

• In old ratio

• In sacrificing ratio

• In new ratio

• None of these

Interest on capital will be paid to the partner only out of______if provided for in the partnership deed.

• accumulated profits

• profits

• goodwill

• reserves

Ravi, Dhoni and Tony are partners sharing profits in the ratio of 3 : 3 : 2. As per the partnership agreement, Tony is to get a minimum amount of ` 8,000 as his share of profits every year and any deficiency on this account is to be personally borne by Ravi. The net profit for the year ended 31st March, 2021 amounted to ` 31,200. Calculate the amount of deficiency to be borne by Ravi.

• ` 800

• ` 200

• ` 100

• ` 400

Which of the following is/are method(s) of valuation of goodwill? (i) Average profit method (ii) Super profit method (iii) Capitalisation method

• (ii) and (iii)

• (i), (ii) and (iii)

• Only (i)

• (i) and (ii)

Calculate the interest for the year 2021, when 6% debentures are issued for ` 20,00,000 of ` 100 each.

• ` 12,000

• ` 12,00,000

• ` 1,60,000

• ` 1,20,000

A shareholder to whom 9,000 shares of ` 10 per share allotted, failed to pay first and final call of ` 2 per share. How will it be recorded in the books of company?

• ` 18,000 will be credited to Calls-in-arrear A/c

• ` 18,000 will be credited to Share Forfeiture A/c

• ` 18,000 will be debited to Calls-in-arrear A/c

• ` 18,000 will be debited to Share Forfeiture A/c

If vendors are issued fully paid shares of ` 1,00,000 in consideration of net assets of ` 1,20,000 the balance of ` 20,000 will be_______

• credited to Vendor's Account

• credited to Goodwill Account

• credited to Profit and Loss Account

• credited to Capital Reserve Account

Jhunjhun, a partner paid loan of the firm of ` 1,00,000 at the time of dissolution. Pass the journal entry for this transaction.

• Realisation A/c Dr 1,00,000 To Jhunjhun's Capital A/c 1,00,000

• Jhunjhun's Capital A/c Dr 1,00,000 To Realisation A/c 1,00,000

• Realisation A/c Dr 1,00,000 To Loan A/c 1,00,000

• None of the above

If equal amount is withdrawn by a partner at the end of each month during a period of 6 months, interest on the total amount will be charged for______months.

• 3.5

• 6

• 2.5

• 3

A partner withdraws ` 1,600 each on 1st April and 1st October. Interest on his drawings @ 6% p.a. on 31st March will be

• ` 48

• ` 192

• ` 96

• ` 144