List of top Accountancy Questions on Partnership asked in PSEB XII

What are the rules applicable in absence of partnership deed?
What adjustments are required to be made at the time of retirement of a partner?
On dissolution of firm all assets and liabilities are transferred to the realization account at their __________ values. (book/market)

Star and Moon were partners in a firm sharing profits in the ratio of 3 : 2. On 31st March, 2024, the Balance Sheet of the firm was as follows: 

They admitted 'Sun' into partnership on 1st April, 2024 for 1/10 share. It was agreed as follows: 
(a) 'Sun' brings ₹6,00,000 for his share of capital but could not bring goodwill in cash. 
(b) Goodwill is valued at ₹4,00,000. 
(c) Provision on debtors is needed 10%. 
(d) Interest on Bank Loan for 6 months is due @ 12% p.a. 
(e) Liability to workers is ₹15,000 against Workmen Compensation Reserve. 
(f) Unrecorded stock ₹40,000 is taken by Star at ₹38,000. 
Prepare Revaluation Account and Partners' Capital Account. 
 

A partnership firm earned net profits during the last three years as follows: 

The capital employed in the firm throughout the above mentioned period has been ₹8,00,000. Having regard to the risk involved, 15% is considered to be a fair return on the capital. The remuneration of all the partners during this period is estimated to be ₹2,00,000 per annum. 
Calculate the value of Goodwill on the basis of the following: 
(a) Two years' purchase of super profits earned on average basis during the above mentioned 3 years. 
(b) Capitalisation of Average Profit method. 
 

What are rules applicable in absence of partnership deed?
What adjustments are required to be made at the time of retirement of a partner?
What is Capital Reserve?
P and Q are partners in a firm. P is entitled to a salary of ₹7,500 p.m. and a commission of 10% of net profit before charging any commission. Q is entitled to a commission of 10% of net profit after charging his commission. Net profit for the year ended 31st March 2024 was ₹2,20,000. Show the distribution of profit.
Why are 'Reserves and Surplus' distributed at the time of reconstitution of the firm?
The ratio in which the remaining partners acquire the retiring partner's share is called _________. (Gaining Ratio/Sacrifice Ratio)
On dissolution of firm all assets and liabilities are transferred to the realization account at their _________ values. (book/market)
What is the formula for calculating Sacrifice Ratio?
How a partner can retire from the firm?
J, K, L, M are in partnership sharing profits and losses in ratio of 9 : 6 : 5 : 5. 'N' joins the partnership for 20% share. J, K, L and M would in future share profits among themselves as 3 : 4 : 2 : 1. The new profit sharing ratio will be:
X, Y and Z are three partners sharing profits in the ratio 10 : 7 : 7. Z retired. X and Y decided to share profits in equal ratio. Gaining ratio will be:
Rent paid to a partner is _________ against profit. (charge/appropriation)