13th sep 12th cbse Partnership and Goodwill Questions

Vibha and Asha are partners in a firm. Asha withdrew ₹ 1,000 at the end of each quarter during the year ended 31st March, 2022. Interest on drawings will be calculated for an average period of

• 6 months.

• 4.5 months

• 7.5 months

• 6.5 months

The goodwill of a firm was valued on the basis of 3 years' purchase of average profits for the last four years.

The profits of last four years ending 31st March were as follows:

2018-19 (14,500)

2019-20 15,400

2020-21 32,900

2021-22 16,800

The value of goodwill of the firm was

• 8,885.

• 37,950.

• 58,950.

• ₹20,690

Naman, Suman and Mohit were partners in a firm sharing profits in the ratio 8:5:3. With effect from 1st April, 2022, they decided that in future, they will share the profits in the ratio 5:6:5. Identify the gain or sacrifice by the partners due to change in profit-sharing ratio, from the following:

• Naman's gain 3/16, Suman’s Sacrifice 1/16, Mohit sacrifice 2/16

• Naman's sacrifice 3/16 Suman's gain 1/16, Mohits gain 2/16

• Naman's sacrifice 3/16, Suman’s gain 2/16, Mohit’s gain 1/16

• Naman's gain 3/16, Suman’s Sacrifice 2/16, Mohit’s sacrifice 1/16

A and B are partners sharing profits and losses in the ratio of 3: 2. C is admitted 1/4th and for which₹30,000 and 10,000 are credited as a premium for goodwill to A and B respectively. The new profit-sharing ratio of A, B and C will be

• 3:2:1.

• 12:8:5.

• 9:6:5.

• 33:27:20.

Gurpreet, Vishal and Ananya are partners in a firm sharing profits in the ratio of 2:3:1, Vishal retires and balance in his Capital Account after making necessary adjustments on account of reserves, revaluation of assets and reassessment of liabilities is ₹ 1,20,000. Gurpreet and Ananya agreed to pay him ₹ 1,80,000 in full settlement of his claim. Vishali's share of goodwill of the firm on his retirement is

• ₹ 1,20,000.

• ₹60,000.

• ₹ 30,000.

• ₹15,000