A and B were partners in a firm sharing profits and losses equally.with effect from 1st April 2019 they decided to share profits in the ratio 4 :3. Due to change in profit sharing ratio B's gain or sacrifice will be:

X ,Y and z are partners in a firm sharing profits and losses in the ratio of 5:3:2. The partners decided to share future profits and losses in the ratio of 3:2:1. Each partners gain or sacrifice due to change in the ratio will be:

A, B and C are partners sharing profits in the ratio of4:3:2 decided to share profits equally. Goodwill of the firm is valued at rupees 10800. In adjusting entry for goodwill:

Out of the following which is not a part of the change in profit sharing ratio

Assets are revalued and liabilities are reassessed at the time of change in the profit sharing ratio so that

X,Y and Z are partners sharing profits and losses in the ratio 5:3:2. they decide to share the future profits in the ratio 3:2:1. workmen compensation reserve appearing in the balance sheet on the date if no information is available for the same will be:

X,Y and Z are partners in a firm sharing profits in the ratio of 3:2:1 they decide to share future profits equally. the profit and Loss Account showed a credit balance of ₹60,000 and a General Reserve of ₹30,000. If these are not to be shown in balance sheet, in the journal entry:

Arun and Varun are partners sharing profits in the ratio of 4:3. Their Balance sheet showed a balance of ₹56,000 in the General reserve Account and a debit balance of ₹14,000 in profit and loss Account. They now decided to share the future profits equally. Instead of closing the General Reserve Account and profit and loss Account, it is decided to pass an adjustment entry for the same. In adjustment entry :

X,Y and Z are Partners in a firm sharing profits in the ratio 4:3:2. Their Balance sheet as at 31-3-2019 showed a debit balance of profit & loss A/c ₹1,80,000. from 1-4-2019 they will share profits equally. In the necessary journal entry to give effect to the above arrangement when X,Y and Z decided not to close the profit & Loss Account :

A,B and C are partner sharing profits in the ratio of 1:2:3. On 1-4-2019 they decided share the profits equally. On the date there was a credit balance of ₹1,20,000 in their profit and Loss Account and a balance of ₹1,80,000 in General Reserve Account. Instead of closing the General Reserve Account and profit and Loss Account, it is decided to record an adjustment entry for the same. In the necessary adjustment entry to give effect to the above arrangement :

A, B and C are partners in a firm sharing profits in the ratio of 3:4:1. they decided to share profits equally w.e.f. 1^st April 2019. On that date the profit and loss Account showed the credit balance of ₹ 96,000. Instead of closing the profit and loss account, it was decided to record an adjustment entry reflecting the change in profit sharing ratio. In the journal entry :

P,Q and R were partners in a firm sharing profits in 5:3:2 ratio. they decided to share the future profits in 2:3:5. For this purpose the goodwill of the firm was valued at ₹1,20,000. In adjustment entry for the treatment of goodwill due to change in the profit sharing ratio :

A, B and C were partners sharing profits and losses in the ratio of 7:3:2 from 1st January, 2019 they decided to share profits and losses in the ratio of 8:4:3. Goodwill is ₹1,20,000. In Adjustment entry for goodwill :

A, B and C are partners sharing profits in the ratio of 4:3:2 decided to share profits equally. Goodwill of the firm is valued at ₹10,800. In adjusting entry for goodwill :

P and Q were partners sharing profits and losses in the ratio of 3:2. they decided that with effect from 1st January, 2019 they would share profits and losses in the ratio of 5:3. Goodwill is valued at ₹1,28,000. In adjustment entry.

Sacrificing Ratio :

A and B were partners in a firm sharing profit or loss equally. with effect from 1st April, 2019 they agreed to share profits in the ratio of 4:3. Due to change in profit sharing ratio, A's gain or sacrificing will be :

A and B were partners in a firm sharing profit or loss in the ratio of 3:5. with effect from 1st April, 2019, they agreed to share profits or losses equally. Due to change in profit sharing ratio, A's gain or sacrifice will be :

Which of the following is NOT true in relation to goodwill?

The excess amount which is firm can get on selling its assets over and above the saleable value of its assets is called :

Any change in the relationship of existing partners which result in an end of the existing agreement and enforces making of a new agreement is called

A firm earns ₹1,10,000. The normal rate of return is 10%. The assets of the firm amounted to ₹11,00,000 and liabilities to ₹1,00,000. Value of goodwill by capitalisation of average Actual profits will be :

The average capital employed of a firm ₹4,00,000 and the normal rate of return is 15% . the average profit of the firm is ₹80,000 per annum. if the remuneration of the partners is estimated to be ₹10,000 per annum, then on the basis of two years purchase of super-profit, the value of the goodwill will be :

Under the capitalisation method, the formula for calculating the goodwill is :

Q1 When goodwill is not recorded in the books at all on admission of a partners ?

When new partner brings cash for goodwill , the amount is credited to :

The balance in the investment Fluctuation fund after meeting the fall in book value of investment , at the time of admission of partner will transferred to :

A and B are Partners sharing Profits in the ratio of 3:2. They Admit C for ¼ share who contributed Rs 30,000 for his share of goodwill. The total value of the goodwill of the firm will be :

If the new partner brings any additional amount of cash other than his capital contributions then it is termed as :

X and Y are partners sharing profits and losses in the ratio of 3 : 2. Z is admitted for 1/5th share in profits which he gets from X. New profit sharing ratio will be

A and B are partners sharing profit and losses in the ratio of 3 : 2. A's capital is Rs. 1,20,000 and B's capital is Rs. 60,000. They admit C for 1/5thshare of profits. C should bring as his capital

A and B are partners sharing profits and losses in the ratio 5 : 3. On admission, C brings by cheque Rs. 70,000 as Capital and Rs. 48,000 as Goodwill. New Profit-sharing Ratio among A, B and C is 7 : 5 : 4. Sacrificing ratio between A and B is :

A and B are partners sharing profits in the ratio of 7 : 3. C is admitted as a new partner. "A" gave 1/7th of his share and "B" gave 1/3rd of his share to C. New Profit-sharing Ratio will be:

Profit or loss on revaluation of assets and reassessment of liabilities is transferred to partners capital account in there

In case of fixed capital, undistributed profits, general reserves, etc, are transferred to

Unrecorded assets or liabilities are transferred to

Goodwill brought by the incoming partner is distributed among the old partners in their

P and q are partners in a firm having capital of rupees 15000 each.R is admitted for 1/3rdshare for which he has to bring rupees 20000 for his share of capital. The amount of goodwill will be

P and q are partners in a firm having capital of rupees 15000 each.R is admitted for 1/3rdshare for which he has to bring rupees 20000 for his share of capital. The amount of goodwill will be

At the time of admission if the profit sharing ratio among the old partner does not change then sacrificing ratio will be

At the time of admission of a partner, revaluation account is debited to record the increase in provision for doubtful debts

Increase in the value of assets is credited to revaluation account

Old ratio -new ratio =Gaining Ratio

Losses are ignored while calculating the average profit

Goodwill is a current asset

Goodwill = Super Profit x 100/....................

If the claim is equal to workmen compensation reserve: journal entry will be:

what is the full form of IFR

when book value and market value of investment is same: journal entry will be:

Workmen compensation reserve shown in the balance sheet liability site Rs 35000 and in adjustment it is said workmen compensation claim is to be created Rs 10000. The amount shown in the new balance sheet will be Rs...............

In case of fixed capital, undistributed profits, general reserves, etc, are transferred to

Unrecorded assets or liabilities are transferred to

P and q are partners in a firm having capital of rupees 15000 each.R is admitted for 1/3rdshare for which he has to bring rupees 20000 for his share of capital. The amount of goodwill will be

if at the time of admission , some profit and losses account balance appears in the books . it will be transferred to

when new partner bring his share of goodwill in cash , it is credited to