Question : A and B are business partners who split gains and losses 2:1. New partner C is entered, and the profit sharing ratio changes to 4: 3: 2. The value of goodwill is Rs. 94,500. C provides the needed goodwill and money. The amount of goodwill that will be credited to C is - 

Option 1: A: Rs. 12,000 and B: Rs. 9,000

Option 2: A: Rs. 14,000 and B: Rs. 7,000

Option 3: A: Rs. 21,000

Option 4: A: Rs.94,500

Question : A, B and C were partners sharing profit and losses in the ratio of 7:3:2. From 1st April 2020 they decided to share profit and losses in the ratio of 8:4:3. Goodwill is Rs 2,40,000. In adjustment entry for goodwill 

Option 1:  Cr A by Rs 12,000, Dr B by Rs 4000 and Dr C by Rs 8,000

Option 2: Dr A by Rs 6000, Cr B by Rs 4000, Cr C by Rs 4000

Option 3: Cr A by Rs 12,000, Dr B by Rs 4000, Dr C by Rs 4,000

Option 4: Dr A by Rs 12,000, Cr B By Rs 8000 and Cr C by Rs 4,000

Question : X and Y are partners in a firm sharing profit in the ratio of 4:3. On 1st April 2016, they admitted Z as a new partner. Z brought Rs 1,00,000 for his capital and Rs 21,000 for 1/3rd share of goodwill premium. On Z's admission goodwill appeared in the books of the firm at Rs 14,000. Record necessary Journal entries on Z's admission.

Option 1: Debiting A capital account with Rs 8000 and B's capital account with Rs 6000, crediting goodwill account with Rs 14,000.

Option 2: Debiting bank account Rs 1,21,000 and crediting c's capital account with Rs 1,21,000

Option 3: Debiting premium for goodwill account Rs 21,000 and crediting A's capital account with Rs 12,000 and with Rs 9,000

Option 4: All of the above

Question : A, B and C were partners sharing profits in the ratio of 2: 3: 4. On 15th March 2018 B died and the new profit-sharing ratio of A and C was 5: 4. On B's death the goodwill of the firm was valued at Rs.75,000. Choose the correct Journal entry with respect to the treatment of goodwill.

Option 1: Debited A and Credited B Rs 25,000

Option 2: Credited A and debited B Rs 25,000

Option 3: Debited B and Credited C Rs 25,000

Option 4: Debited A Rs 12,500, debited C Rs 12,500 and Credited B Rs 25,000

Question : A, B and C were partners sharing profits in the ratio of 2: 3: 4. On 15th March 2018 B died and the new profit-sharing ratio of A and C was 5: 4. On B's death the goodwill of the firm was valued at Rs.75,000. Choose the correct Journal entry with respect to the treatment of goodwill.

Option 1: Debited A and Credited B Rs 25,000

Option 2: Credited A and debited B Rs 25,000

Option 3: Debited B and Credited C Rs 25,000

Option 4: Debited A Rs 12,500, debited C Rs 12,500 and Credited B Rs 25,000

Question : A and B are partners sharing profits & losses as 2: 1. C and D are admitted and the profit sharing ratio becomes 4: 2: 3: 1. Goodwill is valued at Rs.2,00,000. D brings the required goodwill and Rs.50,000 cash for Capital. C brings in Rs.50,000 cash and Rs. 40,000 worth of stock as his capital in addition to the required amount of goodwill in cash. Cash contributed by the new partner at the time of admission and the amount of goodwill brought by a new partner will be

Option 1: Debited bank with Rs 50,000 and credited premium for goodwill Rs 2,00,000

Option 2: Debited bank with Rs 1,10,000 and credited premium for goodwill Rs 60,000

Option 3: Debited bank Rs 50,000 and credited premium for goodwill Rs 2,00,000

Option 4: None of the above