List of top Accountancy Questions on Partnership Accounting

Geetha, Latha and Sangeetha are partners sharing profits and losses in the ratio of \(5 : 3 : 2\) respectively. Latha retires from the firm. Geetha and Sangeetha decided to share future profits in the ratio of \(3 : 2\).
Calculate Gaining Ratio of Geetha and Sangeetha.
Anil, Vishal and Sunil are partners sharing profits and losses in the ratio of \(4 : 3 : 3\). Their capitals on 01.04.2025 are ₹ 1,00,000, ₹ 80,000 and ₹ 50,000 respectively.
Vishal died on 31.12.2025. The partnership deed provides the following :
a) Interest on capital at 12% per annum.
b) Salary to Vishal ₹ 2,000 per month.
c) Vishal's share of goodwill ₹ 14,000 [as per A.S. -- 26].
d) Vishal's share of accrued profit upto the date of death, based on previous year profit.
Firm's previous year profit was ₹ 36,000.
Prepare Vishal's Executors Account.
Govind and Sudeep are partners sharing profits and losses in the ratio of \(3 : 1\) respectively. Their Balance sheet as on 31.03.2025 is as follows :
Balance Sheet as on 31.03.2025
On 01.04.2025, they admitted Tarun into partnership on following terms :
a) Tarun should bring in ₹ 30,000 as capital for \(1/5^{\text{th}}\) share and ₹ 10,000 towards goodwill [As per A.S. -- 26].
b) Goodwill amount is withdrawn by old partners.
c) Depreciate furniture at 5%.
d) Appreciate building value by 10%.
e) Machinery revalued at ₹ 27,000.
Prepare :
i) Revaluation Account,
ii) Partners' Capital Accounts and
iii) New Balance Sheet of firm on 01.04.2025.
Anitha and Sunitha are equal partners. Their Balance Sheet on 31.03.2025 is as under :
a) Assets realised as follows :
Debtors ₹ 30,000 ; Bills Receivable ₹ 12,000 ; Computers ₹ 25,000 ; Machinery ₹ 45,000 ; Land ₹ 85,000 ; and Unrecorded investment ₹ 3,000
b) Liabilities are paid in full.
c) Cost of dissolution amounted to ₹ 6,000.
Prepare :
i) Realisation Account,
ii) Partners' Capital Accounts and
iii) Bank Account.
State any two differences between fixed capital method and fluctuating capital method.
Mention any two modes of disposal of amount due to retiring partner.
Ravi and Kiran commenced partnership business on 01.04.2024 with capitals of ₹ 1,50,000 and ₹ 1,00,000 respectively. Their profit sharing ratio is \(3 : 2\) respectively.
They earned a profit of ₹ 50,000 for the year, before allowing :
a) Interest on capital at 10% per annum.
b) Interest on drawings : Ravi ₹ 4,000 and Kiran ₹ 2,000.
c) Commission payable to Ravi ₹ 3,000 per annum.
d) Salary payable to Kiran ₹ 8,000 per annum.
Prepare Profit and Loss Appropriation Account for the year ended 31.03.2025.
Profit or loss on revaluation is transferred to all partners' capital accounts in case of retirement of a partner. [State True/False]
A, B and C are partners sharing profits in the ratio of \(5 : 3 : 2\). If C retires, the New Profit Sharing Ratio between A and B will be :
Unrecorded liabilities, when paid are shown in
Fill in the blank by choosing the appropriate answer from the choices:
6. Partnership comes into existence as a result of ________ among the partners.
Old Ratio \(-\) New Ratio = ________ Ratio.
On dissolution of a firm, Partner's Loan Account is transferred to ________ Account.
In order to form a partnership, there should be atleast :