Retirement or D...

Choose the correct answers from the alternatives given.
The heir of the deceased partner _______. 

Under average profit basis, goodwill is calculated by -

Which of the following asset is compulsory to revalue, at the time of admission of a new partner?

Weighted average method of calculating goodwill should be followed when -

Choose the correct answers from the alternatives given.
In case of death of a partner ________. 

On the admission of a new partner, it is believed that the assets have changed in value. To record a decrease in the value of an asset the double entry should be:

A, B & C are partners sharing profits and loss in the ratio 3:2:1. They decide to change their profit sharing ratio to 2:2:1. To give effect to this new profit sharing ratio, they decide to value the goodwill at Rs 30,000. Pass the necessary journal entry if Goodwill is not appearing in the old balance sheet and should not appear in the new balance sheet.

If goodwill is to be created and then immediately written off, the correct method of entering this in the accounts would be -

Average profit of a firm is $$Rs.1,20,000$$. The rate of capitalization is $$12%$$. Assets and liabilities of the firm are $$Rs.10,00,000$$ & $$Rs.4,25,000$$ respectively. The value of goodwill of the firm is _____________.

Find the goodwill of the firm using capitalization method from the following information: 
Total Capital Employed $$Rs.8,00,000$$;
Reasonable Rate of Return $$15\%$$;
Profits for the year $$Rs.12,00,000$$.