PART - A

(Accounting for Partnership Firms and Companies)

1. (a) Nita and Samar are partners in a firm sharing profits in the ratio of 3 : 2. Their
fixed capitals were 90,000 and 2,10,000 respectively. They admitted Mitali on
April 1, 2022 as a new partner for 1/5th share in future profits. Mitali brought
7 1,50,000 as her capital. The value of goodwill of the firm on Mitali's admission
was: 1
(A) 3,00,000 (B) ? 7,50,000
(C) 1,50.000 (D) 30.000
Or
(b) Bina and Ria are partners sharing profits in the ratio of 5:3. They admitted Siya as anew
partner for 3/8th share which she acquired 2/8th from Bina and 1/8th from Ria. The new
1
profit sharing ratio of Bina, Ria and Siya will be:
(A) 3:2:3 (B) 2:3:3
(C) 5:5:6 (D) 9:1:6
2. Nita, Suman and Harish were partners in a firm sharing profits in the ratio of 3 :2:1. Suman
retired fromthe firm. On the date of Suman's retirement, 730,000 was due to her. The remaining
partners decided to pay her in three yearly instalments starting from the end of the first year.
1
30,000 will be transferred to which of the following account:
(A) Suman's Loan Account (B) Suman's Executor's Accounts
(D) Suman's Current Account
(C) Suman's Bank Account
3. Assertion (A): Partnership is the relation between persons who have agreed to share the nrofi.
of the business carried on by all or any of them acting for all. 1
Reason (R): If a partner carries on any business of the same nature and competing with that of
the firm, he/she shall account for and pay to the firm all profit made by him/her in that business
Choose the correct option from the following:
(A) Both (A) and (R) are correct.
(B) Both (A) and (R) are incorrect.
(C) Both (A) and (R) are correct and (R) is the correct explanation of (A).
(D) Both (A) and (R) are correct and (R) is not the corect explanation of (A).
4. Khushi, Namita and Manvi were partners in a firm sharing profits and losses in the ratio of
5:2:3. On 30th June, 2022, Khushi died. The partnership deed provided that on the death of
a partner, her share of profit till the date of death was to be calculated on the basis of average
profit of last three years less ? 10,000.
Profits for the last three years were:
Year ended 0e Profits/Loss ()
31 March, 2020 1,20,000
31 March, 2021 (50,000)
31 March, 2022 1,70,000
Khushi's share of profit till the date of her death was:
(A) 35,000 (B) 9,583
(C) 28,750 (D) 8,750
s. An equity share of ? 10 fully called up on which 6 has been paid was forfeited for the non-payment
of the balance amount. At which of the following minimum price can it be reissued? 1
(A) 4 (B) 10
(C) ?16 (D) 6
6. 200 equity shares of ? 10 each issued at par were torteited for non-payment of first call of 3
per share. Finalcall of 2per share was not yet called. By which amount the share canital will
be debited on forfeiture?
1
(A) ? 2,000 (B) 1,600
(C) ? 1,000 (D) 2,200
 -SOLUTIONS
1. (a) (A) Goodwill of firm = 1,50,000 x -( 90,000 + 7 2,10,000 + 1,50,000) =7,50,000
1
- 4,50,000 = 3,00,000
Or
5 2 3
(b) (A) Bina = 8 . 8
3 1
Ria =
8 8
Sia = + 1
8 8
2. (A) Suman's Loan Accounts
3. (D) Both (A) and (R) are correct and (R) is not the correct explanation of (A).
* 50,000+1,7, 000 -R 10,000
4. (D) Average proft = l,20,000 3
= 80,000 - 10,000 = 70,000
5 3
Khushi's share of profit =
= 70,000 x 10 x 12 =8,750
5. (A) Minimum Reissue Price 4
6. (B) Amount Debited to share capital on Forfeiture of shares = 200 x 8 =1,600