Change in Profi...

While recording the unrecorded liabilities items provision for taxation made ` 10000 .which account should be credited

Goodwill is recorded in the books only when:

Anita, Asha and Amrit are partners sharing profits in the ratio of 3:2:1. Form 1 April, 2015 they decided to share future profits in the ratio of 2:3:1. Identify the partner who is not a gainer and not sacrificing.

When revaluation account is prepared the assets and liabilities appear in the balance sheet of new firm at their _______ figure

X, Y and Z are partners sharing profits equally. General reserve given in the balance sheet Rs.15,000. Now they have decided to distribute profits in the ratio of 6:3:1. With what amount gainer will be debited for general reserve in an adjustment entry?

Accounting Standard ____ requires goodwill should be recorded in the books of accounts only when some money or money’s worth is paid for it.

In the journal entry for increase in the value of assets in revaluation. Assets A/c should be

According to AS – 26 goodwill should be recorded in the books only when some consideration in money or money’s worth has been paid for it. This statement is

Goodwill can be sold only when:

If average profit of a business is Rs.50,000 and normal profits are Rs.60,000, it shows:

To record the unrecorded items, it was found that there was old furniture in the firm which had been written off completely in the books. This was sold for ` 3000. How will you record it in journal?

Capitalisation method for goodwill is used when:

Creditors given in the balance sheet Rs.40,000. It is given in the adjustment that one creditor of Rs.8,000 was settled at Rs.5,000. What amount of creditors is to be shown in the new balance sheet?

Annual profit shown by a business is Rs.20,000. Normal rate of return 10%. Total assets of the business firm Rs.2,40,000 and liabilities Rs.80,000. Value of Goodwill will be:

P, Q and R who are presently sharing profits and losses in the ratio 5:3:2 decide to share future profits and losses in the ratio of 2:3:5 with effect from 1st April 2012. Balance sheet show creditors amounted ` 200000. If it is decided that an item of ` 10000 included in sundry creditors is not likely to be claimed. what will be the effect of this decision

Suman and Poonam were partners in a firm sharing profits in the ratio of 3:2. From 1st March 2015 they decided to change it to the 3:1. Find out the gainer partner and sacrificing partner?

Total Assets (excluding goodwill) – outside liabilities will be:

Example of cash equivalent is___

__________ goodwill should not be recognized as an asset because it is not an identifiable resource controlled by an enterprise that can be measurable reliably at cost

If Assets are increasing but liabilities decreasing; in such a case Revaluation A/c will show_____

A, B and C are partners sharing profits in the ratio of capitals (old 5:3:2 and new 2:3:5).Their capital after adjustment in new capital ratio are ` 20,000, ` 30000, ` 50000. Who will bring the amount of actual cash for adjustment?

Profits/losses of a firm for last 4 years are Rs. 10,000 (Loss) ; Rs.15,000 profit ; 20,000 profit ; Rs.15,000 profit. Calculate Goodwill at 1 ½ years purchase of average profits of last 4 years

Where will you record the net affect of revaluation account when capitals of the partners are fixed?

Internal Goodwill is calculated when:

Decrease in the value of all the assets on reconstitution of the firm result into :