Question : Murari and Vohra of Chandigarh were partners in a firm with capitals of Rs. 1,20,000 and Rs. 1,60,000 respectively. On 1.4 .2018 they admitted their manager, Robin Gurung of Meghalaya, as a partner for one-fourth share in profits on his payment of Rs. 2,00,000 as his capital and Rs. 90,000 for his one-fourth share of goodwill.

On that date the creditors of Murari and Vohra were Rs. 60,000 and Bank overdraft was Rs. 15,000 . Their assets apart from cash included Stock Rs.10,000; Debtors Rs.40,000;

Plant and Machinery Rs.80,000; Land and Building Rs.2,00,000. It was agreed that stock should be depreciated by Rs.2,000; Plant and Machinery by 20%, Rs.5,000 should be written off as bad debts and Land and Building should be appreciated by 25%.

Question:
Revaluation account will be

Option 1: Debited by Rs 27,000

Option 2: Crediting with Rs 27,000

Option 3: No profit and no loss

Option 4: None of the above

Question : Murari and Vohra of Chandigarh were partners in a firm with capitals of Rs. 1,20,000 and Rs. 1,60,000 respectively. On 1.4 .2018 they admitted their manager, Robin Gurung of Meghalaya, as a partner for one-fourth share in profits on his payment of Rs. 2,00,000 as his capital

Question : Murari and Vohra of Chandigarh were partners in a firm with capitals of Rs. 1,20,000 and Rs. 1,60,000 respectively. On 1.4.2018 they admitted their manager, Robin Gurung of Meghalaya, as a partner for one-fourth share in profits on his payment of Rs.2,00,000 as his capital and

Question : Murari and Vohra of Chandigarh were partners in a firm with capitals of Rs. 1,20,000 and Rs. 1,60,000 respectively. On 1.4.2018 they admitted their manager, Robin Gurung of Meghalaya, as a partner for one-fourth share in profits on his payment of Rs.2,00,000 as his capital and

Question : P, R and S are in partnership sharing profits 4/8, 3/8 and 1/8 respectively. It is provided under the partnership deed that on the death of any partner his share of goodwill is to be valued at one-half of the net profits credited to his account during the last 4 completed

Question : P, R and S are in partnership sharing profits 4/8, 3/8 and 1/8 respectively. It is provided under the partnership deed that on the death of any partner his share of goodwill is to be valued at one-half of the net profits credited to his account during the last 4 completed