Question :
A, B and C are partners in a firm sharing profits and losses in the ratio 3:2:1. B retired and his claim included capital and other entitlements from the firm including his share of goodwill of the firm's Rs 60,000 After this amount was determined, it was found that there was an unrecorded asset valued at Rs 24,000 which had to be recorded. After recording these unrecorded assets, determine the revised amount payable to B:
Option 1: Rs 60,000
Option 2: Rs 52,000
Option 3: Rs 68,000
Option 4: None of the above
Correct Answer: Rs 68,000
Solution : Answer = Rs 68000
B's share of Goodwill and Capital = 6,000
Profit on Revaluation = 8000
(24000 x 2/6) = 68000 Hence, the correct option is 3.
Question : P, A and L are partners in a firm sharing profits and losses in the ratio of 3: 2 : 1 respectively. Angad died and his claim, including Capital and entitlements from the firm including his share of Goodwill of the firm, is Rs. 50,000. After this amount was determined, it was found that there was an unrecorded piece of furniture valued at Rs. 12,000 which had to be recorded. Upon recording this piece of furniture, the revised amount due to A’s executor was determined and settled by giving him this piece of furniture and the balance in cash. Q. Amount Due to A’s executor account will be
Option 1: Rs 48,000
Option 2: Rs 50,000
Option 3: Rs 54,000
Option 4: Rs 46,000
Question : P, A and L are partners in a firm sharing profits and losses in the ratio of 3:2:1 respectively. Angad died and his claim, including Capital and entitlements from the firm including his share of Goodwill of the firm, is Rs. 50,000. After this amount was determined, it was found that there was an unrecorded piece of furniture valued at Rs. 12,000 which had to be recorded. Upon recording this piece of furniture, the revised amount due to A’s executor was determined and settled by giving him this piece of furniture and the balance in cash. Q. Cash paid to A’s executors account is
Option 1: Rs 42,000
Option 2: Rs 40,000
Question : An unrecorded asset was valued at Rs 2,00,000. On firm's dissolution. It was sold for Rs 125%. The realization account will be credited with
Option 1: Rs 2,00,000
Option 2: Rs 2,50,000
Option 3: Rs 1,50,000
Question : Alia, Karan and Shilpa were partners in a firm sharing profits in the ratio of 5: 3: 2. Goodwill appeared in their books at a value of Rs. 60,000 and General Reserve at Rs. 20,000. Karan decided to retire from the firm. On the date of his retirement, goodwill of the firm was valued at Rs. 2,40,000. The new profit-sharing ratio decided between Alia and Shilpa was 2: 3.
Amount payable to Karan on his retirement will be:
Option 1: Rs 72,000
Option 2: Rs 60,000
Option 3: Rs 18,000
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