Question : Bharat and Bhushan are partners in a retail business. Balances in their Capital and Current Accounts as on 31st March, 2020 were:
Rs. 50,000
Rs. 10,000 (Dr.)
The firm earned an average profit of Rs. 90,000. If the normal rate of return is 10%, value of goodwill.
Option 1: Rs 4,20,000
Option 2: Rs 4,10,000
Option 3: Rs 13,80,000
Option 4: None of these
Correct Answer: Rs 4,20,000
Solution : Answer = 4,20,000
Capitalised Value of the Business = = Rs. 90,000 x = Rs. 9,00,000
Capital employed R= 2,00,000+2,40,000+50,000-10,000=4,80,000
Goodwill =Rs 9,00,000-4,80,000= Rs 4,20,000. Hence, the correct option is 1.
Question : Chain and Harsha were partners in a firm sharing profits in the ratio of 3: 2. On 1-4-2014 their Balance Sheet was as follows :
Question : Information:
Capital accounts of partners N and V = Rs 5,00,000 each. Balance in the current account of N and V Rs 50,000 and Rs 40,000 respectively. Bank loan = Rs 10,00,000. Goodwill Rs 50,000 investment Rs 25,000. Advertisement suspense = Rs 15,000. Based
Question : Anil and Sunil are partners sharing profit and losses in the ratio of 3:2. They changed their profit-sharing ratio to 2:5 w.e.f 1st April 2002. The assets were revalued and liabilities were re-assessed on that date which resulted in a gain of Rs 80,000. It will be
Question : At the time of admission of a partner, what will be the effect of the following information? Balance in Workmen compensation reserve Rs. 28,000. Claim for workmen compensation Rs. 20,000.
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