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Retirement or Death of a partner Test - 11

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Retirement or Death of a partner Test - 11
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  • Question 1
    1 / -0
    Sales for the year ended amounted to Rs. 10,00,000. Sales included goods sold to Mr.A for Rs. 50,000 at a profit of 20% on cost.Such goods are still lying in the godown at the buyer's risk. Such goods should be treated as part of :
    Solution
    Section 4 of Sale of Goods Act define the term "Sale" and "agreement to sell" as follows: A contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a price. 
    In other words, Sales means transfer of ownership of an article to the other person. That person will be liable for the safety of such article. Only transfer of goods from one person to another person will not be considered as sales but the transfer of ownership will be considered as sales.
    Therefore, A is the correct option.
  • Question 2
    1 / -0
    Which of the following formula is used to calculate goodwill under super profit method?
  • Question 3
    1 / -0
    A, B, C were partners sharing profits in the proportion of 1/2, 1/3 and 1/6 respectively. On 31st March 1997 their capital stood as follows:
        A Rs. 4,00,000, B Rs. 3,00,000, C Rs. 2,50,000.
    A sum of 1,20,000, also appeared as reserve fund in their balance sheet on this date. B retire on this date when the goodwill of firm was valued at Rs. 1,80,000.
    Profit and loss adjustment account prepared on that date without taking goodwill and reserve fund into consideration showed a net profit of Rs. 28,500.
    The net amount payable to B will be :
    Solution

  • Question 4
    1 / -0
    The capital of A and B sharing profits and losses equally are Rs.90,000 and Rs.30,000 respectively.They value the goodwill of the firm at Rs.80,000, which was not recorded in the books.If goodwill is to be raised now, by what amount each partner's capital amount will be debited?
  • Question 5
    1 / -0
    The profits for 1998-99 are Rs.2,000; for 1999-2000 Rs.26,100 and for 2000-01 Rs.31,200. Closing stock for 1999-2000 and 2000-01 includes the defective items of Rs. 2,200 and Rs. 6,200 respectively which were considered as having market value NIL.Calculate the goodwill on two years' purchase of average profit.
    Solution

  • Question 6
    1 / -0
    Which of the following formula is used to calculate goodwill under weighted average profit method ?
  • Question 7
    1 / -0
    If vendors are issued fully paid shares of $$Rs. 80,000$$ in the consideration of net assets of $$Rs. 60,000$$, then the balance of $$Rs. 20,000$$ will be _____________________.
  • Question 8
    1 / -0
    In which of the following cases, the need for the valuation of goodwill in a firm may arise?
  • Question 9
    1 / -0
    Which of the following factors generally contribute to the value of goodwill of a firm?
  • Question 10
    1 / -0
    Which of the following formula is used to calculate goodwill under simple average profit method?
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