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Admission of a Partner Test - 38

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Admission of a Partner Test - 38
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  • Question 1
    1 / -0
    Which of these is not a method of treatment of goodwill?
  • Question 2
    1 / -0
    Premium method of goodwill valuation is generally followed in the event of
  • Question 3
    1 / -0
    AB are two partners. C is admitted for $$1/3rd$$ share of profit. At the time of his admission the partners decides to revalue the assets and liabilities as under; Stock up by Rs.$$5,000$$, sundry creditors reduced by Rs.$$3,000$$, Provisions for doubtful debts increased by Rs.$$2,000$$, Building up by Rs.$$1,000$$. What is the profit or loss on revaluation of assets and liabilities.
  • Question 4
    1 / -0
    AB are two partners sharing profit and loss equally. C is admitted as a third partner for $$1/3$$rd share of profit for which he brings in Rs. $$5,000$$ as his share of goodwill. Find the goodwill of the entire firm.
  • Question 5
    1 / -0
    Decrease in value of assets at the lime of admission of a partner is
  • Question 6
    1 / -0
    When duration of the partnership is not fixed and there is no provision is made as to whom and how the partnership will comes to an end is called....
  • Question 7
    1 / -0
    X paid Rs. 60,000 as goodwill to the firm at the time of his admission in the firm for 15 years. The firm is dissolved after 5 years due to the reasons other than the misconduct by X. C claim refund of goodwill X is entitled to refund of goodwill to the extent of
  • Question 8
    1 / -0
    Unrecorded liability paid at the time of dissolution of a firm is debited to which of these accounts.
  • Question 9
    1 / -0
    A and B are two partners sharing profit and loss in the ratio of $$2:3$$.C is admitted as a third partner for which he brings Rs. $$6,000$$ in cash as his share of goodwill, the partners decided to share profit and loss in the ratio of $$4:6:6$$ in future. Find the sacrificing ratio.
  • Question 10
    1 / -0
    New incoming partner pays his share of goodwill in cash and profit sharing ratio of old partner is changed, Goodwill be distributed among old partners ____________.
    Solution
    According to section 32 of the Indian Partnership Act, 1932, when a new partner pays his share of goodwill in cash, then the profit sharing ratio changes. Hence, goodwill will be distributed among old partners at their old profit ratio only.
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