List of top Accountancy Questions on Partnership asked in Bihar Board XII

What is partnership firm? State its main characteristics.

Write the formula of calculating gaining ratio.

What is partnership deed?

State the items which are debited to deceased partner’s Capital Account.

Write any two points of difference between sacrificing ratio and gaining ratio.

Why are assets and liabilities revalued on the death of a partner?

Under what circumstances is a partnership firm compulsorily dissolved?

The accumulated profits are transferred to:

Reconstitution of partnership is:

In which ratio, the cash brought in for goodwill by the new partner is shared by the existing partners?

Hari, Roy and Prasad are partners and their profit sharing ratio is 3 : 5 : 1. Roy retires and his share is taken by Prasad. The new ratio of Hari and Prasad will be:

X, Y and Z are partners in the ratio 3 : 4 : 3. Y retires and X and Z decide to share equally. What is the new ratio of X and Z?

When a new partner does not bring his share of goodwill in cash, then the amount is debited to:

The Partner’s Capital Account is credited with:

In partnership, preparation of partnership agreement is:

To become a partner it is essential to be:

In the absence of partnership deed, partner:

In which year did the Partnership Act come into force?