MCQ Questions for Class 12 Commerce Accountancy Reconstitution Of A Partnership Firm - Admission Of A Partner Quiz 13

A and B are sharing profits in the ratio of 3:According to their partnership deed, on reconstitution of a firm, "goodwill is to be valued at two and a half years purchase of the average profits of the last three completed years." The profits were: Year I Rs. 20,000, Year II. Rs. 30,000, Year III Rs. 40,000, Year IV Rs. 50,000, Year V Rs. 60,C is admitted for 1/5th share in profits at end of Year VI. The amount which 'C' will be required to bring by way of his share of goodwill will be ________.

0%
Rs. 20,000
0%
Rs. 25,000
0%
Rs. 30,000
0%
None of these

If three partners A, B & C are sharing profits as

$5:3:2$ , then on the death of a partner A, how much B & C will pay to A's execute on account of goodwill if Goodwill is to be calculated from

$2$ years purchase of the last three years average profits. Profits for three years are:

$Rs.6,58,000$ ;

$Rs. 6,92,000$ and

$Rs.8,10,000$ .

0%
$Rs.4,32,000$ & $Rs.2,84,000$
0%
$Rs.4,88,000$ & $Rs.4,32,000$
0%
$Rs.7,20,000$ & $Rs.7,20,000$
0%
$Rs.4,32,000$ & $Rs.2,88,000$

Balance of A,B & C sharing profits & losses in proportionate to their capitals, stood as:
A = 2,00,000
B = 3,00,000
C = 2,00,000
A desired to retire from the firm, B and C share the future profits equally, Goodwill of the entire firm be valued at 1,40,000 and no Goodwill account being raised.

0%
Credit Partner's Capital A/c with old profit sharing ratio for 1,40,000.
0%
Credit Partner's Capital A/c with new profit sharing ratio for 1,40,000.
0%
Credit A's Capital A/c with 40,000 and debit B's Capital A/c with 10,000 & C's Capital A/c with 30,000.
0%
Credit Partner's Capital A/c with gaining ratio for 1,40,000.

R, J & D are the partners sharing profits in the ratio

$7:5:4$ . D died on

$30$ th June,

$2015$ . It was decided to value the goodwill on the basis of

$3$ year's purchase of last 5 years average profits. It the profits are

$Rs.29,600$ ;

$Rs.28,700$ ;

$Rs.28,900$ ;

$Rs.24,000$ &

$Rs.26,800$ . What will be D's share of goodwill?

0%
$Rs.20,700$
0%
$Rs.27,600$
0%
$Rs.82,800$
0%
$Rs.27,000$

Balances of A Band C sharing profits and losses in proportionate to their capitals, stood as follows: Capital Accounts: A Rs. 4,00,000; B Rs. 6,00,000 and C Rs. 4.00,A desired to retire from the firm. B and C decided to share the future profits equally, Goodwill of the entire firm be valued at Rs. 2,80,000 and no Goodwill account being raised. Journal entry for goodwill is _______.

0%
credit partner's capital account with old profit sharing ratio for Rs. 2,80,000
0%
credit partner's capital account with new profit sharing ratio for Rs. 2,80,000
0%
credit A's account with Rs. 80,000 and debit B's capital account with Rs. 20,000 and C's capital account with Rs. 60,000.
0%
credit partner's capital account with gaining ratio for Rs. 2,80,000

Partner	Old share	New share	Gain	Sacrifice
A	2/7	-	-	2/7
B	3/7	½	1/14	-
C	2/7	1/2	3/14	-

Partner	Old share	New share	Gain	Sacrifice
A	2/7	-	-	2/7
B	3/7	½	1/14	-
C	2/7	1/2	3/14	-

CBSE Questions for Class 12 Commerce Accountancy Reconstitution Of A Partnership Firm - Admission Of A Partner Quiz 13 - MCQExams.com

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Practice Class 12 Commerce Accountancy Quiz Questions and Answers

CBSE Questions for Class 12 Commerce Accountancy Reconstitution Of A Partnership Firm - Admission Of A Partner Quiz 13 - MCQExams.com

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Practice Class 12 Commerce Accountancy Quiz Questions and Answers

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