Question : A , B and C are partners sharing profit in the ratio of 2:2:1. On retirement of B, goodwill was valued at Rs 60,000 A and C will gain.
Option 1: Rs 24,000 and Rs 20,000 respectively
Option 2: Rs 30,000 and Rs 30,000 respectivley
Option 3: Rs 40,000 and Rs 20,000 respectively
Option 4: They will not gain
Correct Answer: Rs 40,000 and Rs 20,000 respectively
Solution : Answer = Rs 40,000 and Rs 20,000 respectively B's Share of goodwill= 60,000 Gaining ratio= 2:1 A's Capital A/c.......Dr 40,000 C's Capital A/c.......Dr 20,000 To B's Capital A/c 60,000. Hence, the correct option is 3.
Question : A, B and C are partners sharing profits in a ratio of 5:3:2. D is admitted and new profit sharing ratio is agreed at 1:2:2:1. Goodwill is valued at Rs 1,20,000. What entry will be passed if a goodwill account is to be raised and written off?
Question :
A, B and C were partners in a firm sharing profits in the ratio of 6:5:4.Their capitals were A—Rs. 1,00,000; B—Rs. 80,000 and C—Rs. 60,000 respectively. On 1st April, 2009, A retired from the firm and the new profit-sharing
Question : Alia, Karan and Shilpa were partners in a firm sharing profits in the ratio of 5: 3: 2. Goodwill appeared in their books at a value of Rs. 60,000 and General Reserve at Rs. 20,000. Karan decided to retire from the firm. On the date of his retirement, goodwill of the firm
Question : Madan and Rakhi were partners sharing profits and losses in the ratio of 2 : 1. On 1st April, 2021 they admitted Amit as a new partner and new ratio was decided as 3:2:1. Goodwill of the firm was valued as Rs.1,20,000. Amit couldn't bring any amount for
Question : A, B and C were partners in a firm sharing profits in the ratio of 6:5:4. Their capitals were A-Rs. 1,00,000; B-Rs. 80,000 and C-Rs. 60,000 respectively. On 1st April, 2009, A retired from the firm and the new profit-sharing ratio between B and C was decided as 1:4.0n A's
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile