Self Studies

Admission of a ...

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  • Question 1
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    A and B are partners sharing the profit in the ratio $$3:2$$. They take C as the new partner, who is supposed to bring Rs. $$25,000$$ against capital and Rs. $$10,000$$ against goodwill. New profit sharing ratio is $$1:1:1$$. C is able to bring Rs. $$30,000$$ only. How this will be treated in the books of the firm?

  • Question 2
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    A and B are partners sharing the profit in the ratio of 3 : 2 they take C as the new partner, who brings in 25,000 against capital and 10,000 against goodwill. New profit sharing ratio is 1 : 1 : 1. In what ratio will this amount be shared among the old partners A and B?

  • Question 3
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    A, B and C are partners sharing profits and losses in the ratio of $$3:2:1$$. C retires on a decided date and Goodwill of the firm is to be valued at Rs. $$1,20,000$$. Find the amount payable to retiring partner on account of goodwill? 

  • Question 4
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    R, J and D are the partners, sharing profits in the ration 7 : 5 : 4. D died on 30th June 2006. It was decided to value the goodwill on the basis of three years purchase of last five years average profits. It the profits are 29,600; 28,700; 28,900; 24,000 and 26,800, what will be D's share of goodwill?

  • Question 5
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    The following trading results are available in respect of the business carried on by a firm:
    2001                 Loss                    Rs.10,000
    2002                 Loss                    Rs.5,000
    2003                 Profit                  Rs.80,000
    2004                 Profit                  Rs.55,000
    The value of goodwill on the basis of 5 years' purchase of average profit of the business will be ___________.

  • Question 6
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    If, at the time of admission, some profit and loss account balance appears in the books, it will be transferred to _______________.

  • Question 7
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    When a new partner brings his share of goodwill in cash, the amount is debited to:

  • Question 8
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    X and Y share profits and losses in the ratio of 2: 1. They take Z as a partner and the new profit sharing ratio becomes 3 : 2: 1. Z brings Rs. 9,000 as a premium for goodwill.The full value of goodwill will be ________. 

  • Question 9
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    On the admission of a partner if goodwill account is to be raised, this should be debited to_________. 

  • Question 10
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    Goodwill of a firm of A and B is valued at 30,000. It is appearing in the books at 12,000. C is admitted for 1/4th share. The amount of goodwill, which he is supposed to bring, will be:

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