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Admission of a Partner Test - 37

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Admission of a Partner Test - 37
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  • Question 1
    1 / -0
    Who brings in Goodwill at the time of admission of a new partner in a firm
  • Question 2
    1 / -0
    Premium method of valuation of goodwill is used when the _________
  • Question 3
    1 / -0
    Goodwill brought in by the incoming partner is shared by the old partners in _________
  • Question 4
    1 / -0
    A, B and C are three partners in a firm sharing profit and loss in the ratio of $$3:2:1$$. They agree to admit D into the firm. A, B and C are prepared to give $$1/3$$rd, $$1/6$$th and $$1/9$$th share of their profit to D. The share of profit of D will be ___________.
  • Question 5
    1 / -0
    There are three partners in a firm A, B  and C. D is admitted into the firm with 1/3 share of profit with a guaranteed profit of Rs. 60,000 p.a. The firm's total profit is Rs. 1,50,000. What amount would be given to D as his share of profit by the firm.
  • Question 6
    1 / -0
    Who is paid goodwill at the time of retirement of any partner, if goodwill a/c is not raised
  • Question 7
    1 / -0
    Sacrificing ratio is used at the time of .. of a partner for distribution of goodwill
  • Question 8
    1 / -0
    Which of these can be described as the sum of those intangible attributes or benefits enjoyed by the enterprise which contributes to its success.
  • Question 9
    1 / -0
    Goodwill is______________.
    Solution

    Goodwill is an intangible asset that is associated with the purchase of one company by another. Because goodwill is not physical, such as a building or piece of equipment, it is considered to be an intangible asset. However, goodwill can be sold and purchased so it is not a fictitious asset.

  • Question 10
    1 / -0
    Amount spent on acquiring goodwill is a ____________.
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