Fundamentals Of Partnership And Goodwill CBSE Questions & Answers

Ramesh, a partner in the firm has advanced a loan of a 1,00,000 to the firm and has demanded on interest \(@{\text{ 9}}\% \) per annum. The partnership deed is silent on the matter. How will you deal with it?

Profit and Loss Appropriation Account is prepared ______

When the business is taken over by another business, the excess of purchase consideration over its net value asset is referred to as ____.

Firm enjoys good reputation for the quality of its products’ which factor of goodwill is highlighted

In the case of going concerns when business is not to be sold, it becomes necessary to value goodwill whenever the mutual rights of the partners change. A party which is making a sacrifice must be compensated and that is normally on the basis of ______

Calculate the Interest on Drawings of Ram \(@{\text{1}}0\% \)p.a for the year ended 31st March 2012.If Ram withdraw drawings 2000 p.m in the beginning of every month.

Calculate interest on drawings, if owner withdraw the following amounts as follows Jan.31st, 6000, Mar.31st, 4000, July 1st, 8000, Sep.30th, 3000, Nov, 50000

Calculate interest on drawing if Partner withdraw drawing 6000 at the end of each quarter

Ram and Rohit started business on 1st April, 2012 with capitals of 250,000 and 150,000 respectively. On the 1st October 2012, they decided that their capitals should be Rs.200,000 each. The necessary adjustments in the capitals were made by introducing or withdrawing cash. Interest on capital is allowed at \({\text{8}}\% \) p.a. Calculate the interest on Capital on March 31, 2013

A and B are partners sharing profit and losses in the ratio of 3:5. On 1st July, 2012 A and B granted loans of 40,000 and 20,000 respectively at the agreed \(@{\text{ 5}}\% \) p.a. Calculate Interest on loan.

P and Q were partners in a firm sharing profits and losses in the ratio 3:2.They admit R for 1/6th share in profits and guaranteed that his share will not be less than 25000.Total profit of the firm were 90,000 Calculate share of profit for each partner when guarantee is given by P.

Naman, Manik and Arpit are partners sharing profits and losses in the ratio of 5 : 3 : 2. The partnership deed provides for charging interest on drawing’s \(@{\text{ 1}}0\% \) p.a. The drawings of Naman, Manik and Arpit during the year ending December 2004 amounted to 20,000, 15,000 and 10,000 respectively. After the final accounts have been prepared, it was discovered that interest on drawings has not been taken into consideration. Give necessary adjusting

A, B and C are partners sharing profits and losses in the ratio of 2:2:1 respectively. A is entitled to a commission of 10\(%\) on net profit before charging such commission. Net profit before charging commission is Rs.120000. Find out commission payable to A

R, S and T are partners in a firm. They decided to share profits up to Rs.10,000 in the ratio 30\(%\), 50\(%\) and 20\(%\) respectively. Above this amount profits are shared equally. If the profits of the firm for the year was Rs.25,600.Distribute the profit

On 31st March 2013 closing capital of A, B and C showed balance of Rs.20000, Rs.18000 and Rs.12000 respectively. The profit for the year ended was Rs.36000 and partners drawings had been A Rs.3600, B Rs.4500 and C Rs.2700. Calculate opening capital.