Question 1 :
<p>Tom and Jerry are partners sharing profits and losses irfthe ratio of 3:2. IL (Tom&rsquo;s capital is Rs 70,000 and Jerry&rsquo;s capital is Rs 50,000). They admitted Shiva and agreed to give 1 /5^th share of profits to him. How much Shiva ¹should bring in towards his capital?</p>

Question 2 :
<ol> <li>Amit and Anilare partners of a partnership firm sharing profits in the ratio of 5 : 3 with capital of Rs 2;50,000. and Rs 2,00,000 respectively. Atul was admitted on the following terms, Atul would pay Rs 50,000 as capital and Rs 16,000 as goodwill for 1 /5^th share of profit. Find the balance of capital .accounts after admission of Atul:</li></ol><p> </p>

Question 3 :
<p>Joint Life Policy amount received by a firm is distributed in --------------------------- .</p>

Question 4 :
<p>A and B are partners C Is admitted with 1 /5th share C brings Rs 1,20,000 as his share towards capital. The total networth of the firm is;</p>

Question 5 :
<p>X, Y,Z are partners sharing profit and losses equally .They took a joint life policy of Rs 5,00,000/- with a surrender value of rs 3,00,000/-.</p><p>The firm treats the insurance premium as an expense .Y retired and X and z decide to share profit and losses in 2:1. The amount of joint life policy will be transferred as:</p>

Question 6 :
<p>Interest on Capital will be paid to the partners If provided for in the agreement but only from</p>

Question 7 :
<p>P and Q are partner, sharing profits in the ratio 7<b><i>:2.</i></b> They admit R with 1 /5^th share in profits which he acquires equally from both i.e. 1/10^th from P and 1/10^th from Q. Now, profit sharing ratio will be:</p>

Question 8 :
<p>X, Y, Z are the partners sharing profits in the ratio of 7:5:4. On 30th June,2008 Z died and profits for the year ending 31st March,2009 were ₹ 2,40,000 . How much share in profits for the period 1st April 2008 to 30th June, 2008 will be credited to Z&#39;s account assuming the profit occured evenly throughout the year ?</p>

Question 9 :
<p>Subject to contract between the partners, interest on capital Is to be provided out of profits only. In&rsquo;case of insufficient profits (i.e. net profit less than the amount of interest on capital), the amount of prolit is distributed</p>

Question 10 :
<p>Under ________ the premium. paid is treated as an ordinary expense and joint life policy does not appear as an asset in the Balance Sheet of the firm:</p>

Question 11 :
<p>X and y are partners .Given below is detail of items appearing in the appropriation account:</p><p> </p><p><br />Particulars X Y</p><p>Interest on capital 1600 1800</p><p>Interest on drawing 500 400</p><p>Remuneration to partners 2000 3000</p><p>share of profit after appropriation 8000 12000</p><p>What was the net profit before appropriation?<br /><br /> </p>

Question 12 :
<p>A and B share profits in the ratio of 3:2. A&rsquo;s capital is Rs 48,000 B&rsquo;s capital is Rs 32,000. C is admitted for 1/5th share in profits. What is the amount of capital which C should bring ?</p>

Question 13 :
<p>A and B are partners sharing profits in the ratio of 5:3. They admitted C for 1 /5^,h share of profits, for which he paid Rs 1,20,000 against capital and Rs 60,000 against goodwill. Find the capital balances for each partner taking C&rsquo;s Capital as base capital:</p>

Question 14 :
<p>Kapur and Sharma are partners In a partnership firm. Calculate the interest on drawings made by Kapur and Sharma @10% p.a f<b><i>or</i></b> the year ending 31st December 2013. If. Kapur withdrew Rs 2,000 per month in the beginning whereas Sharma withdrew samo amount at the end ol every month.</p>

Question 16 :
<p>Andy, Tom and Bob were partners sharing profits and losses in the ratio 2 : 2 : 1 Tom died on 1st February, 2014. The firm had taken insurance policies on the lives of the partner, premium being charged to Profit and Loss A/c every years. The policy amount and surrender value as on 1^sl February, 2014 were as follows:</p><table border="1" cellspacing="0"> <tbody> <tr> <td background-color:white; width:91.5pt"> <p><b>Policy holder</b></p> </td> <td background-color:white; width:89.8pt"> <p><b>Policy Amount (?)</b></p> </td> <td background-color:white; width:88.3pt"> <p><b>Surrender Value (?)</b></p> </td> </tr> <tr> <td background-color:white; width:91.5pt"> <p>Andy</p> </td> <td background-color:white; width:89.8pt"> <p>5JLacs</p> </td> <td background-color:white; width:88.3pt"> <p>50,000</p> </td> </tr> <tr> <td background-color:white; width:91.5pt"> <p>Tom</p> </td> <td background-color:white; width:89.8pt"> <p>.7 Lacs .</p> </td> <td background-color:white; width:88.3pt"> <p>70,000</p> </td> </tr> <tr> <td background-color:white; width:91.5pt"> <p>Bob</p> </td> <td background-color:white; width:89.8pt"> <p>4 Lacs</p> </td> <td background-color:white; width:88.3pt"> <p>40,000</p> </td> </tr> </tbody></table><p> </p><p>Amount payabfe to Tom&rsquo;s legal representatives regarding insurance policies would be:</p><p> </p>

Question 18 :
<p>When Balance Sheet prepared after the new partnership agreement, &#39;1 Assets and liabilities ate recorded at</p>

Question 19 :
<p>At the time of retirement of a partner , firm gets -----------from the insurance company against the joint life policy taken jointly for all the partners:</p>

Question 20 :
<p>. At the time of admission of a partner in a firm, the journal entry for an unrecorded investment of Rs 30,000 will be</p>