MCQs on Partnership Accounting
Question 31:
Read the following hypothetical situation and answer questions No. 1 and 2 on the basis of the given information :
Richa, Sheena and Tapti were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. The partnership deed provided for charging interest on drawings @ 10% p.a. The drawings of Richa, Sheena and Tapti during the year ended 31st March, 2023 amounted to ₹50,000, ₹40,000 and ₹30,000 respectively. The net profit for the year ended 31st March, 2023 was ₹57,000.
(a) Sheena’s interest on drawings will be :
(A) ₹5,000
(B) ₹4,000
(C) ₹3,000
*(D) ₹2,000
(b) Tapti’s share of profit will be :
(A) ₹11,500
(B) ₹34,500
*(C) ₹10,500
(D) ₹23,000
Question 32:
Nicku, Mala and Ritu were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Nicku died on 30th September, 2023. The deceased partner was entitled to his share of profit up to the date of death which was to be calculated on the basis of previous year profit. ₹80,000. Nicku s share of profit will be :
(A) ₹10,000
*(B) ₹20,000
(C) ₹30,000
(D) ₹40,000
Question 33:
Nikhil, Arun and Mansi were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 3. With effect from 1st April, 2023, they decided to share profits and losses in the ratio of 5 : 3 : 2. Due to change in the profit s gain or sacrifice will be :
(A) Gain 1/10
(B) Sacrifice 3/10
*(C) Sacrifice 1/10
(D) Gain 3/10
Question 34:
Hema and Tara were partners in a firm sharing profits and losses in the ratio of 2 : 3. They admitted Ojas as a new partner. Hema surrendered 1/3rd of her share and Tara surrendered ½ of her share in favour of Ojas. The new profit sharing ratio of Hema, Tara and Ojas will be :
*(A) 8 : 9 : 13
(B) 3 : 2 : 5
(C) 2 : 3 : 5
(D) 2 : 3 : 25
Question 35:
Aaroh, Bhuvan and Charu were partners in a firm sharing profits and losses in the ratio of 1 : 2 : 6. Charu died. Aaroh and Bhuvan acquired Charu’s share in 2 : 1. The new profit sharing ratio between Aaroh and Bhuvan after Charu’s death would be:
(A) 2 : 1
(B) 1 : 2
*(C) 5 : 4
(D) 4 : 5
MCQs on Partnership Accounting
Question 36:
Renu, Trilok and Mansi were partners in a firm sharing profits and losses in the ratio of 9 : 6 : 5. Hina was admitted as a partner for 1/10th share in the profits which she acquired equally from Renu and Trilok. The new profit sharing ratio after Hina’s admission will be :
(A) 5 : 5 : 2 : 8
(B) 5 : 5 : 8 : 2
(C) 8 : 2 : 5 : 5
*(D) 8 : 5 : 5 : 2
Question 37:
Ashu and Ria were partners in a firm sharing profits and losses in the ratio of 4 : 3. They admitted Nitu for a 3/7th share in the profits of the firm, which she took 2/7th from Ashu and 1/7th from Ria. The new profit sharing ratio between Ashu, Ria and Nitu will be :
(A) 4 : 3 : 3
(B) 2 : 1 : 3
*(C) 2 : 2 : 3
(D) 4 : 3 : 2
Question 38:
Nikhil and Sharat were partners in a firm sharing profits and losses in the ratio of 4 : 3. Nikhil withdrew ₹ 6,000 on the first day of every quarter for the year ended 31st March, 2023. Interest on drawings is to be charged @ 5% p.a. Interest on Nikhil’s drawings will be calculated for :
(A) 6 months
(B) 4.5 months
*(C) 7.5 months
(D) 3 months
Question 39:
Pawan, Kavita and Gaurav were partners in a firm. The firm was dissolved. Creditors took over furniture of book value of ₹ 60,000 at 10% less than the book value in part settlement of their amount of ₹ 60,000. The balance amount was paid to them through cheque. The amount paid through cheque will be :
(A) ₹ 5,000
*(B) ₹ 6,000
(C) ₹ 54,000
(D) Nil
Question 40:
Kamini, Lata and Meera were partners in a firm sharing profits and losses equally. Neel was admitted as a new partner for an equal share in the profits of the firm. Neel brought his share of capital and premium for goodwill in cash. On the date of admission of Neel, goodwill appeared in the books at ₹ 1,20,000. The existing goodwill is to be written off among :
*(A) Old partners in old ratio.
(B) New partners in new ratio.
(C) Sacrificing partners in sacrificing ratio.
(D) Old partners in sacrificing ratio
MCQs on Partnership Accounting
Question 41:
Arjun, Babita and Charlie were partners in a firm sharing profits in the ratio of 2 : 2 : 1. They admitted Dheeraj for 1/5th share in the profits of the firm. He has to contribute proportionate capital to acquire 1/5th share in future profits. On the date of admission, the capitals after all adjustments relating to goodwill and revaluation of assets and liabilities, were : Arjun ₹ 62,000, Babita ₹52,000 and Charlie ₹36,000. The capital brought by Dheeraj will be :
*(A) ₹ 37,500
(B) ₹ 30,000
(C) ₹ 32,500
(D) ₹ 35,000
Question 42:
There are two statements Assertion (A) and Reason (R) :
Assertion (A) : The maximum number of partners in a partnership firm are 50.
Reason (R) : The maximum number of partners are prescribed by the Partnership Act, 1932.
Choose the correct option from the following :
(A) Both Assertion (A) and Reason (R) are correct, but Reason (R) is not the correct explanation of Assertion (A).
(B) Both Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A).
*(C) Assertion (A) is correct, but Reason (R) is incorrect.
(D) Assertion (A) is incorrect, but Reason (R) is correct.
Question 43:
Read the following hypothetical situation and answer questions (a) and (b) on the basis of the given information :
Daksh and Ekansh are partners in a firm sharing profits and losses in the ratio of 3 : 1. Their capitals were ₹ 1,60,000 and ₹ 1,00,000 respectively. As per partnership deed, they were entitled to interest on capital @ 10% p.a. The firm earned a profit of ₹ 13,000 for the year ended 31st March, 2023.
(a) Daksh’s interest on capital will be :
(A) ₹ 5,000
*(B) ₹ 8,000
(C) ₹ 16,000
(D) ₹ 10,000
(b) Ekansh’s share of profit/loss will be :
*(A) Nil
(B) ₹ 9,750 (Loss)
(C) ₹ 3,250 (Loss)
(D) ₹ 9,750 (Profit)
MCQs on Partnership Accounting
Question 44:
There are two statements Assertion (A) and Reason (R) :
Assertion (A) : Court does not intervene in case of dissolution of partnership.
Reason (R) : Dissolution of partnership takes place by mutual agreement among partners.
Choose the correct option from the following:
(A) Both Assertion (A) and Reason (R) are correct, but Reason (R) is not the correct explanation of Assertion (A).
*(B) Both Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A).
(C) Assertion (A) is correct, but Reason (R) is incorrect.
(D) Assertion (A) is incorrect, but Reason (R) is correct.
Question 45:
Deepa, Elton and Frank were partners in a firm sharing profits in the ratio of 2 : 2 : 1. With effect from 1st April, 2023 they decided to change their profit sharing ratio as 1 : 2 : 2. There existed a Debit Balance of Profit and Loss Account of ₹50,000 in the books of the firm on the date of change in profit sharing ratio. The partners decided to retain the Debit Balance of Profit and Loss Account in the books. The adjustment entry will be :
*(A) Deepa’s Capital A/c Dr. 10,000
To Frank’s Capital A/c 10,000
(B) Deepa’s Capital A/c Dr. 5,000
To Frank’s Capital A/c 5,000
(C) Frank’s Capital A/c Dr. 10,000
To Deepa’s Capital A/c 10,000
(D) Frank’s Capital A/c Dr. 5,000
To Deepa’s Capital A/c 5,000