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Retirement or Death of a partner Test - 23

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Retirement or Death of a partner Test - 23
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  • Question 1
    1 / -0
    A, B and C are sharing profit and loss in the ratio of 3:2:1, D is admitted into the firm with 1/7th share of profit which he purchases from A.How the goodwill brought in by D would be distributed amongst the old partners on the facts given in question?
  • Question 2
    1 / -0
    A partnership firm can be formed with a minimum share capital of Rs. ____________.
    Solution

    There are no restrictions as such with respect to the minimum capital requirement in case of partnership firm.

    However, any amount of capital could be introduced in the form of Partners’ Contribution and the same shall be mentioned in the Partnership deed, as executed by the Partners.

  • Question 3
    1 / -0
    A third party with whom a partner has agreed to share the profit accruing to him from a partnership is known as _________.
    Solution
    Sub-Partner -  A Sub-Partner has no direct contact with the firm. He is only next to a partner.
    When a partner agrees to share his share of profits in a partnership firm with an outsider, such an outsider is called sub-partner. Such sub-partner does not hold any rights against the firm nor liable for the debts of the firm, as he is in no way connected with the firm.
  • Question 4
    1 / -0
    If in question no .44 normal profit is Rs.10,000 and goodwill is to be valued at 5 years purchase of super profit, what would be goodwill of the firm
  • Question 5
    1 / -0
    Premium method of goodwill is generally used at the time of _____ of  a partner.
  • Question 6
    1 / -0
    Tick the correct statement
  • Question 7
    1 / -0
    A partner has a right to have access to all the books of accounts etc., of the firm ____________________.
  • Question 8
    1 / -0
    A firm has a policy of valuing goodwill at 2 years purchase of average profit of last three years.From the following details estimate the goodwill of the firm
    Profit for the year 2006 Rs.20,000 which includes an insurance claim of Rs.40,000 received
    Loss for the year 2007 Rs.80,000 includes VRS payment of Rs.110,000
    Profit for the year 2008 Rs. 105,000 which includes profit on sale of fixed assets Rs.25,000
  • Question 9
    1 / -0
    Calculate the value of goodwill of the firm under annuity method.
    Super profit Rs. 10,000
    No. of years over which super profit is to be paid =5 years.
    Rate of annuity 5% per annum.
  • Question 10
    1 / -0
    ABC Associates is a partnership firm, it intents to revalue its goodwill, average profit for the past five year are Rs.15,000 p.a, goodwill is being valued  3 years purchase of average profit. The goodwill  of the firm would be valued at 
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