Question : A, B and C are sharing profits in the ratio of 3: 2: 1. Goodwill is appearing in the books at a value of Rs. 2,40,000. B retires and on the day of B's retirement Goodwill is valued at Rs. 6,00,000. A and C decided to share future profits in the ratio of 3: 2 amount payable to B will be ....
Option 1: 2,00,000
Option 2: 1,20,000
Option 3: 80,000
Option 4: None of the above
Correct Answer: 1,20,000
Solution : Answer = 1,20,000
Total Goodwill= 6,00,000 B's Share= $6,00,000 \times \frac{2}{6}=2,00,000$ A's Capital A/c..........Dr 60,000 C's Capital a/c..........Dr 1,40,000 To B's Capital a/c 2,00,000. [Gaining ratio= New ratio-Old ratio] A= $\frac{3}{5}-\frac{3}{6}=\frac{18-15}{30}=\frac{3}{30}$ C= $\frac{2}{5}-\frac{1}{6}=\frac{12-5}{30}=\frac{7}{30}$ Hence, the correct option is 2.
Question : X, Yand Zare partners sharing profits in the ratio of 2: 3: 5. Goodwill is appearing in their books at a value of Rs. 6,00,000. X retires and on the day of his retirement Goodwill is valued at Rs. 4,50,000. Yand Z decided to share future profits equally. Amount payable to X is ___________.
Option 1: 30,000
Option 2: 90,000
Option 3: 1,20,000
Question : A, B, C and D are partners sharing profits in the ratio of 3: 4: 3: 2, On the retirement of C, the goodwill was valued at Rs. 6,00,000. A, B and D decided to share future profits equally. C's capital account will be ....
Option 1: Debited by 1,50,000
Option 2: Credited by Rs 1,50,000
Option 3: Debited by Rs 6,00,000
Option 4: Credited by Rs 6,00,000
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?
Option 1: Goodwill account debited with Rs 20,000 and crediting old partner capital account and in their old profit sharing ratio
Option 2: Debiting Goodwill account debiting Rs 1,20,000 and old partner's capital account crediting and In their new profit sharing ratio
Option 3: All partner's capital account debiting with Rs 1,20,000 and crediting goodwill account with Rs 1,20,000
Option 4: Both 2 and 3
Question :
Asha, Naveen and Shalini were partners in a firm sharing profits in the ratio of 5:3:2. Goodwill appeared in their books at a value of Rs. 80,000 and General Reserve at Rs. 40,000. Naveen decided to retire from the firm. On the date of his retirement, goodwill of the firm was valued at Rs. 1,20,000.The amount payable to Naveen is .
Option 1: Rs 24,000
Option 2: Rs 48,000
Option 3: Rs 74,000
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 was valued at Rs. 2,40,000. The new profit-sharing ratio decided between Alia and Shilpa was 2: 3.
Amount payable to Karan on his retirement will be:
Option 1: Rs 72,000
Option 2: Rs 60,000
Option 3: Rs 18,000
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