CUET DAILY PRACTICE QUESTIONS

The firm had a general reserve of Rs.12,000. What journal entry will be passed at the time of Manya's admission.

• (a)    General Reserve A/c Dr. 12,000

  To Puneet's capital A/c           8,000

  To Deepak's capital A/c          4,000

• (b)    General Reserve A/c Dr.12,000

  To Puneet's capital A/c           4,000

  To Deepak’s capital A/c          4,000

  To Manya's capital A/c          4,000

• (c)    Puneet capital's A/c Dr. 8,000 Deepak capital's A/c Dr. 4,000

  To General Reserve A/c         12,000

• (d)    Manya's capital A/c Dr.4,000

                       To Puneet's capital A/c             4,000

What journal entry will be passed for distribution of general reserve among partners?

As the accountant of the firm, what journal entry will you pass for distribution of profit and loss balance

What journal entry will you pass for distribution of profit and loss balance?

Asha and Nisha are partners sharing profits and losses in the ratio 2:1. Asha's son Ashish was admitted for 18 share, of which 18 was gifted by Asha to her son. The remaining was contributed by Nisha. The goodwill of the firm was valued at Rs. 40,000. How much will be credited to the old partner's capital accounts.

A and B are partners sharing profits in the ratio of 2:1. C and D are admitted for a combined 14 share which they will share equally among themselves. The new profit-sharing ratio will be.

Ganesh, a partner, is paid remuneration of Rs.20,000 for carrying out revaluation work. What journal entry will be passed.

Pick the odd one out:-

• Profit and Loss Account Cr balance

• Goodwill appearing on the asset side of the Balance sheet

• Revaluation Account Cr balance

• General Reserve

Anu and Banu are partner They admit Cini for 13 share. In future the ratio between Anu and Banu would be 2:1. Sacrificing ratio will be:

• 2:1

• 1:1

• 5:1

• 1:5

From the following list of persons who all are disqualified to be admitted as partners to a firm

• Persons disqualified by law

• Persons of unsound mind

• Both (a) and (b)

• None of the above