Commerce Accountancy · Quantitative Aptitude
Partnership accounting involves calculating profit and loss sharing ratios among business partners. It covers topics like interest on capital, joint life policies, and capital balances. These questions are a staple in commerce exams and test core accountancy principles.
H & M are partners in a firm sharing profits and losses in the ratio of 2:5. They admit K as a new partner who will get 1/6th share in the profits of the firm. Calculate new profit sharing ratio among H, M & K.
Capital accounts of partner A & B are Rs 30,000 & Rs 16,000, They admitted C on the following conditions.
- That C brings in Rs 10,000 as his capital for 1/4th share in profits.
- That a goodwill account be raised in the books of the firm at Rs 15,000.
- Profit on revaluation of assets & liabilities was Rs. 2,100
- That the capital accounts of the partners be readjusted on the basis of their profit sharing ratio and any additional amount be debited or credited to their current accounts.
- General reserve appearing in balance sheet at the time of admission of C was Rs 6,000.
To give effect to above current account of A & B will be .........
A and B are partners of firm sharing profits in the ratio of 3:2 C was admitted for the 1/5th share of profit machinery would be appreciated by 105 ( book value Rs 80,000) and the building would be depreciated by 205 (Rs 2,00,000) unrecorded debtors of Rs. 1,250 would be bought to book and Creditor of Rs. 27,500 died and need not to pay anything . what will be the profit/loss in revaluation?
A firm has an unrecorded investment of Rs 5,000. Entry in the firms journal on an admission of a partner will ________.
Amit and anil are partners sharing profits in the ratio of 5:3 with a capital of Rs. 2,50,000 and Rs. 200,000. Atul was admitted and would pay Rs. 10,000 as capital and Rs. 16,000 as goodwill for 1/5th profit find the balance of capital accounts after the admission of atul ________.
If opening capital is $Rs.80,000$, closing capital is $Rs.1,80,000$, withdrawals are $Rs.10,000$ and additional capital brought in the business is Rs. $20,000$, then the profit will be________.
A and B enter into a joint venture to sell a consignment of biscuits sharing profits and losses equally. A provides biscuits from stock Rs. 10,000. He pays expenses amounting to Rs. 1,000. B incurs further expenses on carriage Rs. 1,000. He receives cash for sales Rs. 15,000. He also takes over goods to the value of Rs. 2,000. What will be the amount to be remitted by B to A?
Rs.
Opening Capital 50,000
Closing Capital 52,000
Net profit during the year 5,000
If the above figure are drawn from the books of a trader, then his drawings, if any, are ____________.
A and B purchased a piece of land for Rs.40,000 and sold it for Rs.60,000 in 2005. Originally A had contributed Rs. 24,000 and B Rs. 16,000. What will be the profit on venture ?
Ajay and Anil start a business in partnership. Anil invested $Rs.300$ more that Ajay for half the number of months that Ajay did. If, out of the total profit of $Rs.375$ of the one year, Ajay got $Rs.25$ more than Anil, what was the investment made by Anil?
$A$ started a business with a capital of $Rs.10000$. Four month later, $B$ joined him and $2$ more moth letter , $C$ joined them in the partnership. If at the end of the year, all of them got an equal shares of profit, what was $C's$ investment?
Surplus of Income and Expenditure Account is deducted from the capital/general fund.
At the time of retirement or death of a partner, the remaining partners decide to adjust their capital contributions in their _________.
New profit sharing ratio is calculated at the time of _________ .
X, Y and Z are partners in a firm. At the time of division of profit for the year there was dispute among the partners. Profits before interest on partners capital and loan was Rs. 6,000 and.Y determined interest @ 24% p.a. on his loan of Rs. 80,000. There was no agreement on this point. Calculate the amount payable to X, Y and Z respectively.