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CA Foundation Partnership — practice questions — page 2

Explore 73 free Partnership questions in CA Foundation Accounting. Open each question or exercise to read its content, reference answers and available explanation.

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Partnership questions and exercises with answers

Showing questions 31–60 of 73.

Realisation ₹5 lakh, outside debts ₹2 lakh, capitals A ₹1.5 lakh, B ₹1 lakh, equal partners. A receives?Read the answer and worked solution →Under Section 14, which item is part of a firm's property?Read the answer and worked solution →A partner's own van is used in firm business. Is it firm property merely for that?Read the answer and worked solution →Firm property must be held and used by partners only for?Read the answer and worked solution →Goodwill recognised on buying a firm as a going concern is classed as?Read the answer and worked solution →Can a business record goodwill it built up itself?Read the answer and worked solution →Lord Eldon described goodwill in 1810 as the probability that old customers will?Read the answer and worked solution →Goodwill that continues to accrue even in the absence of a specific owner is called?Read the answer and worked solution →Can advertising spent on building reputation be capitalised into goodwill?Read the answer and worked solution →A buyer pays ₹18 lakh for a firm with assets of ₹21 lakh and liabilities of ₹6 lakh at fair value. Goodwill?Read the answer and worked solution →A firm is bought for ₹50 lakh; assets at fair value ₹38 lakh, liabilities ₹9 lakh. Goodwill?Read the answer and worked solution →An equity partner is best described as a?Read the answer and worked solution →A salaried partner differs from an equity partner because he has?Read the answer and worked solution →In a limited partnership, limited partners give up the right to?Read the answer and worked solution →A limited partner's liability is limited to?Read the answer and worked solution →Which act is outside a partner's implied authority?Read the answer and worked solution →Opening a bank account for the firm in his own name is for a partner?Read the answer and worked solution →In an emergency a partner may act to what standard?Read the answer and worked solution →Partners are liable for acts of the firm in what manner?Read the answer and worked solution →During the firm's life, a transferee of a partner's interest cannot?Read the answer and worked solution →After reaching majority, a minor partner has how long to elect to become a partner?Read the answer and worked solution →A minor admitted to a partnership's benefits can be declared insolvent?Read the answer and worked solution →A new partner is introduced into a firm with whose consent?Read the answer and worked solution →An insolvent partner ceases to be a partner from the date of?Read the answer and worked solution →A deceased partner's estate is liable for firm acts after his death?Read the answer and worked solution →An outgoing partner may compete but cannot do what?Read the answer and worked solution →A continuing guarantee to a firm, after a change in its constitution, is?Read the answer and worked solution →An unregistered firm is barred from what under Section 69?Read the answer and worked solution →A firm is compulsorily dissolved if its business becomes?Read the answer and worked solution →A partnership at will can be dissolved by a partner who?Read the answer and worked solution →

Worked practice questions

Realisation ₹5 lakh, outside debts ₹2 lakh, capitals A ₹1.5 lakh, B ₹1 lakh, equal partners. A receives?

  1. ₹1,50,000
  2. ₹1,75,000
  3. ₹2,00,000
  4. ₹1,25,000
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Correct answer: B. ₹1,75,000

After 2 lakh of debts and 2.5 lakh of capital, 50,000 surplus is split equally, so A gets 1,50,000 plus 25,000.

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Under Section 14, which item is part of a firm's property?

  1. Goodwill of the business
  2. A partner's private car
  3. A partner's home
  4. A partner's savings
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Correct answer: A. Goodwill of the business

The firm's property expressly includes goodwill along with rights and interests brought in or acquired.

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A partner's own van is used in firm business. Is it firm property merely for that?

  1. Yes, after one full year
  2. Yes, once it is registered
  3. No, use alone is not enough
  4. Yes, in every single case
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Correct answer: C. No, use alone is not enough

Property of a partner used for the firm's business is not partnership property merely because of that use.

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More Accounting topics

Final Accounts of Sole ProprietorsAccounting ConceptsBills of Exchange and Promissory NotesCompany AccountsDepreciation and AmortisationInventoriesBank Reconciliation StatementPartnership Accounts