List of top Accountancy Questions on Partnership Accounts asked in CBSE CLASS XII

Bittu and Chintu were partners in a firm sharing profits and losses in the ratio of 4 : 3. Their Balance Sheet as at 31st March, 2024 was as follows:

Balance Sheet of Bittu and Chintu as at 31st March, 2024

LiabilitiesAmount (₹)AssetsAmount (₹)
Capitals: Fixed Assets15,40,000
  Bittu8,00,000Stock3,50,000
  Chintu6,00,000Debtors1,40,000
General Reserve2,10,000Bank70,000
Creditors4,90,000  
Total21,00,000Total21,00,000

On 1st April, 2024, Diya was admitted in the firm for 1⁄7 share in the profits on the following terms:

  1. New profit sharing ratio between Bittu, Chintu, and Diya will be 3 : 3 : 1.
  2. Fixed Assets were found to be overvalued by ₹ 1,40,000.
  3. Creditors were paid ₹ 4,20,000 in full settlement.
  4. Diya brought proportionate capital and ₹ 5,60,000 as her share of goodwill premium by cheque.

Prepare Revaluation Account and Partners’ Capital Accounts.

Isha and Manish were partners in a firm sharing profits and losses in the ratio of 3:2. With effect from 1st April, 2023, they agreed to share profits equally. On this date, the goodwill of the firm was valued at Rs. 3,00,000. The necessary journal entry for the treatment of goodwill without opening Goodwill Account will be: \[ \begin{array}{|c|l|c|c|} \hline \textbf{Date 2023} & \textbf{Particulars} & \textbf{Dr. Amount (Rs.)} & \textbf{Cr. Amount (Rs.)} \\ \hline \text{(A) April, 1} & \text{Manish’s Capital A/c Dr.} & 30,000 & \text{To Isha’s Capital A/c} 30,000 \\ \text{(B) April, 1} & \text{Isha’s Capital A/c Dr.} & 30,000 & \text{To Manish’s Capital A/c} 30,000 \\ \text{(C) April, 1} & \text{Manish’s Capital A/c Dr.} & 3,000 & \text{To Isha’s Capital A/c} 3,000 \\ \text{(D) April, 1} & \text{Isha’s Capital A/c Dr.} & 3,000 & \text{To Manish’s Capital A/c} 3,000 \\ \hline \end{array} \]
Opening capital of Keshav was:
Rohit, Udit and Mohit were partners in a firm sharing profits in the ratio of 3 : 2 : 1. Mohit retired. The balance in his capital account after making the necessary adjustments on account of reserves and revaluation of assets and liabilities was Rs.1,80,000. Rohit and Udit agreed to pay him Rs.2,00,000 in full settlement of his claim. Mohit’s share of goodwill in the firm was:

Assertion (A): Securities Premium cannot be utilized for writing off loss on sale of a fixed asset. 
Reason (R): Securities Premium can be applied only for the purposes mentioned in the Companies Act, 2013. 
Choose the correct option from the following:

Reeha, Meenu, and Sara were partners in a partnership firm sharing profits and losses in the ratio of 2:2:1. With effect from 1\textsuperscript{st April, 2023, they agreed to share profits and losses equally. On that date, there was a General Reserve of \rupee50,000 in the books of the firm. It was agreed that:} Goodwill of the firm be valued at \rupee3,00,000. Profit on revaluation of assets and re-assessment of liabilities amounted to \rupee30,000. Pass necessary journal entries for the above transactions in the books of the firm.
Kanha, Resham, and Nisha were partners in a firm. Nisha had given a loan of \rupee 1,00,000 to the firm @ 10\% p.a. The accountant of the firm is emphasizing that interest on loan will be paid @ 6\% p.a. At what rate the interest on loan will be paid to Nisha?
Anikesh and Bhavesh are partners in a firm sharing profits in the ratio of 7:3. Their Balance Sheet as on 31\textsuperscript{st March, 2023, was as follows:} \begin{center} Balance Sheet of Anikesh and Bhavesh as on 31\textsuperscript{st March, 2023} \end{center} \begin{center} \begin{tabular}{|p{8cm}|p{6cm}|} Liabilities & Amount (\rupee)
Creditors & 60,000
Outstanding Wages & 9,000
General Reserve & 15,000
Capitals: &
{0.5cm} Anikesh & 1,20,000
{0.5cm} Bhavesh & 1,80,000
Total Liabilities & 3,84,000
Assets &
Cash & 36,000
Debtors & 54,000
Less: Provision for doubtful debts & (6,000)
Stock & 48,000
Furniture & 1,20,000
Machinery & 1,20,000
Total Assets & 3,84,000
\end{tabular} \end{center} On 1\textsuperscript{st April, 2023, Chahat was admitted for 1/4\textsuperscript{th} share in the profits on the following terms:} Chahat will bring \rupee90,000 as her capital and \rupee30,000 as her share of Goodwill premium. Outstanding wages will be paid. Stock will be reduced by 10\%. A creditor of \rupee6,300, not recorded in the books, was to be taken into account. Pass necessary Journal Entries for the above transactions in the books of the firm.
Aayush and Krish are partners sharing profits and losses equally. They decided to admit Vansh for an equal share in the profits. For this purpose, the goodwill of the firm was to be valued at four years' purchase of super profits. The balance sheet of the firm on 31.3.2023 before the admission of Vansh was as follows: \begin{center} \begin{tabular}{|l|r|l|r|} Liabilities & Amount (\rupee) & Assets & Amount (\rupee)
Capitals: & & Machinery & 75,000
Aayush & 90,000 & Furniture & 15,000
Krish & 50,000 & Stock & 30,000
\cline{1-2} General Reserve & 20,000 & Debtors & 20,000
Loan & 25,000 & Cash & 50,000
Creditors & 5,000 & &
Total & 1,90,000 & Total & 1,90,000
\end{tabular} \end{center} The normal rate of return is \(12\%\) per annum. The average profit of the firm for the last four years was \rupee30,000. Calculate Vansh's share of Goodwill.
At the time of admission of a partner, the Balance Sheet of the firm showed a workmen compensation reserve of \rupee80,000. The claim for workmen compensation was estimated at \rupee1,00,000. The shortfall of \rupee20,000 will be:
As per the provisions of Companies Act, 2013, Securities Premium cannot be utilized for:
Ravi, Vani, and Toni were equal partners in a firm. After the retirement of Vani, the capital balances of Ravi and Toni were \rupee1,56,000 and \rupee1,08,000, respectively. The new capital of the firm was determined at \rupee2,80,000. It was decided that the capital will be in proportion of the profit-sharing ratio of the remaining partners. Toni will bring \_\_\_\_ for deficiency of his new capital.
Assertion (A): Under the fixed capital method, partners' capital accounts always show a credit balance. Reason (R): Under the fixed capital method, all items like share of profit or loss, interest on capital, drawings, and interest on drawings are recorded in a separate account called partners' current account. Choose the correct alternative from the following:
At the time of admission of a partner, the Balance Sheet of the firm showed a workmen compensation reserve of ₹80,000. The claim for workmen compensation was estimated at ₹1,00,000. The shortfall of ₹20,000 will be:
Anikesh and Bhavesh are partners in a firm sharing profits in the ratio of 7:3. Their Balance Sheet as on 31\textsuperscript{st March, 2023 was as follows:} \[ \begin{array}{|c|c|c|} Liabilities & Amount (\rupee) & Assets & Amount (\rupee)
Creditors & 60,000 & Cash & 36,000
Outstanding Wages & 9,000 & Debtors & 54,000
General Reserve & 15,000 & Less: Provision for Doubtful Debts (6,000) & 48,000
Capitals: & & Stock & 60,000
\quad Anikesh & 1,20,000 & Furniture & 1,20,000
\quad Bhavesh & 1,80,000 & Machinery & 1,20,000
Total & 3,84,000 & Total & 3,84,000
\end{array} \] On 1\textsuperscript{st April, 2023, Chahat was admitted for 1/4\textsuperscript{th} share in the profits on the following terms:}
(i) Chahat will bring \rupee 90,000 as her capital and \rupee 30,000 as her share of Goodwill premium.
(ii) Outstanding wages will be paid.
(iii) Stock will be reduced by 10\%.
(iv) creditor of \rupee 6,300, not recorded in the books, was to be taken into account. Pass necessary Journal Entries for the above transactions in the books of the firm.
Aditya, Vishesh, and Nimesh were partners in a firm sharing profits and losses equally. Aditya died on 1\textsuperscript{st July, 2023. The remaining partners decided to continue the business of the firm and decided to share future profits in the ratio of 4:3. The gaining ratio of Vishesh and Nimesh will be:}
Interest on capital will be provided to Aditi and Saurabh in which of the following ratio?
Omkar and Shiva were partners in a firm. Omkar was entitled to a salary of \rupee 20,000 p.a. while Shiva was entitled to a salary of \rupee 50,000 p.a. Net profit for the year ended 31\textsuperscript{st March, 2023, after charging the salaries of Omkar and Shiva, was \rupee 5,60,000. The total amount credited to Omkar’s capital account will be:}