UPSC Civil Services Exam
Question : X, Y and Z are partners in a firm sharing profits and losses in the ratio of 4 : 3: 1. As per the terms of Partnership deed on the death of any partner, Goodwill of deceased Partner was to be valued at 50% of the net profits credited to that Partner’s Capital A/c during the last three completed years before her death. Books are closed on 31st December each year. X died on 29th February 2016. The profits for the last five years were :
2011 — Rs.60,000, 2012 — Rs.97,000, 2013 — Rs.1,05,000, 2014 — Rs.30,000 and 2015 —Rs.84,000 On the date of X’s death, Building was found under valued by Rs.80,000, which was to be considered. The new profit sharing ratio between Y and Z will be equal.
Q.If X’s share of goodwill adjusted, Y ‘s capital account will be -------
Option 1: Debited by Rs 13,687
Option 2: Debited by Rs 41,062
Option 3: Credited by 13,687
Option 4: Credited by 41,062
Correct Answer: Debited by Rs 13,687
Solution : Answer = Debited by Rs 13,687
Total Profit of Last 3 years = 2,19000 X's Share of Profit = 2,19000 × 4/8 = 109500 X's Share of Goodwill = 109500 × 50 % = 54750 G. Ratio = NR - OR Y
Question :
R, B and L were partners in a firm sharing profits and losses in the ratio equally. With effect from 1st April, 2018 they decided to share future profits and losses in the ratio of 3:2:1. On that date their Balance Sheet showed a debit balance of Rs. 24,000 in Profit and Loss Account and a balance of Rs. 1,44,000 in General Reserve.
It was also agreed that:
(a) The goodwill of the firm be valued at Rs. 1,80,000.
(b) The Land (having book value of Rs. 3,00,000) will be valued at Rs. 4,80,000.
Treatment of General Reserve?
Option 1: Debited each partners capital account with Rs 48,000
Option 2: Credited each partners capital account by Rs 48,000
Option 3: Both 1 and 2
Option 4: None of the above
Correct Answer: Credited each partners capital account by Rs 48,000
Solution : Answer = Credited each partner's capital account by Rs 48,000
General Reserve A/c Dr 1,44,000
To R's Capital A/c 48000
To B's Capital A/c 48000
To L's Capital A/c 48000
(old ratio = 1:1:1) Hence, the correct option
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I believe that you are perhaps a little too young to be making preparations at this time.
It will still be another eight to ten years before you are even qualified to take the test. However, there is never a bad time to learn. The best thing you
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You will meet the eligibility criteria for the UPSC exam in 2026. This is because the UPSC requires candidates to be at least 21 years old as of August 1st in the year they intend to take the examination. According to your provided date of birth, you will
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U can go for BA .you can choose any undergraduate course of your choice, but it is recommended to choose a course that aligns with the UPSC syllabus. Subjects such as history, public administration, economics, political science and sociology can be helpful in preparing for the exam.
Hello candidate ,
I am hoping that you are absolutely fine and doing well. As per your mentioned query, you will be glad to know that if you are a diploma holder still you can give the UPSC civil services exam. As per the eligibility criteria of this exam ,
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