Question : Heena and Neena share profits & losses in the ratio of 3:2 . Their capitals were Rs.60,000 and Rs. 40,000 respectively. There was also a Balance of Rs. 30,000 in General reserve and the revaluation gain amounted to Rs. 15,000. They admit friend Ashish with 1/5 share. Ashish brings Rs. 55,000 as capital Calculate the amount of goodwill of the firm.
Option 1: Rs. 1,00,000
Option 2: Rs. 75,000
Option 3: Rs. 85,000
Option 4: Rs 40,000
Correct Answer: Rs. 75,000
Solution : Answer = Rs 75,000
Calculation of hidden goodwill Let the total capital of the new firm be 1 Ashish share 1/5 The total capital of the new firm will be 55,000X5=275000 Total capital of partners Heena, Neena and Ashish 60,000+40,000+30,000+15,000+55,000= Rs 2,00,000 Goodwill = Rs 2,75,000-2,00,000 Rs 75,000 Hence, the correct option is 2.
Question : H and S share Profit & Loss equally. Their capitals were Rs.1,20,000 and Rs. 80,000 respectively. There was also a balance of Rs. 30,000 in General reserve and revaluation loss amounted to Rs. 15,000. They admit friend T with 1/5 share. T brings Rs.90,000 as
Question : If opening capitals of partner are A Rs.3,00,000, B Rs.2,00,000 & C Rs.1,00,000 and their drawing during the year is Rs. 50,000, Rs.40,000 and Rs.30,000 respectively and debtors are Rs.60,000. What will be the amount of assets of the firm?
Question : The profits of the firm for five years were agreed at Rs.40,000; Rs.60,000; Rs. 30,000 (loss); Rs.10,000 (loss); and Rs.90,000 respectively. Q. Average profit is Rs ---
Question : Value of Land & Building is to be increased by Rs.5,00,000 (Book Value Rs.4,00,000), Revaluation will be
Question : Working Capital Rs.45,000; Total Debt Rs. 1,00,000 and Long-term Debt Rs.70,000.
The value of current assets are ___________.
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile