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

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 ________. 
  • Rs. 20,000
  • Rs. 25,000
  • Rs. 30,000
  • 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 $$Rs.8,10,000$$. 
  • $$Rs.4,32,000$$ & $$Rs.2,84,000$$
  • $$Rs.4,88,000$$ & $$Rs.4,32,000$$
  • $$Rs.7,20,000$$ & $$Rs.7,20,000$$
  • $$Rs.4,32,000$$ & $$Rs.2,88,000$$
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.
  • Credit Partner's Capital A/c with old profit sharing ratio for 1,40,000.
  • Credit Partner's Capital A/c with new profit sharing ratio for 1,40,000.
  • 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.
  • 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?
  • $$Rs.20,700$$
  • $$Rs.27,600$$
  • $$Rs.82,800$$
  • $$Rs.27,000$$
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 _______. 
  • credit partner's capital account with old profit sharing ratio for Rs. 2,80,000
  • credit partner's capital account with new profit sharing ratio for Rs. 2,80,000
  • 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.
  • credit partner's capital account with gaining ratio for Rs. 2,80,000
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