Question :

X, Y and Z are partners in a firm sharing profits arid losses in the ratio of 1: 2: 3. Z retires and his Capital Account after making all adjustments of reserve and gain (profit) on revaluation exists at Rs. 3,60,000. X and Y agreed to pay him Rs. 4,50,000 in full settlement of his claim. X and Y decided to share future profits in the ratio of 1: 3. By what amount X and Y will be debited/credited?

Option 1: X debited Rs 75,000 and Y debited Rs 15,000

Option 2: X credited Rs 75,000 and Y credited Rs 15,000

Option 3: Debiting X by Rs 15,000 and Y debiting Rs 75,000

Option 4: Credited X by Rs 15,000 and Y credited By Rs 75,000

Question : R, S and T are partners. Before changing their profit-sharing ratio to 5:3:2, they were sharing profit equally. Workmen's compensation reserve exited at Rs 1,00,000 against which a claim existed at Rs 20,000. The total amount that will be credited to their capital accounts in their old profit-sharing ratio will be?

Option 1: Rs 1,00,000

Option 2: Rs 80,000

Option 3: Rs 1,00,000 credited and Rs 20,000 debited 

Option 4: Rs 20,000 credited and Rs 1,00,000 debited 

Question : P, Q and R are partners sharing profit and losses in the ratio of 3: 2: 1. Q retires selling his share of profit to P and R for Rs 54,000 being paid by P and Rs 36,000 being paid by R. Calculate new profit sharing ratio.

Option 1: 3:2

Option 2: 7:3

Option 3: 5:3

Option 4: None of the above

Question : A, B and C were partners in a firm sharing profits in the ratio of 6:5:4. Their capitals were A-Rs. 1,00,000; B-Rs. 80,000 and C-Rs. 60,000 respectively. On 1st April, 2009, A retired from the firm and the new profit-sharing ratio between B and C was decided as 1:4.0n A's retirement, the goodwill of the firm was valued at Rs. 1,80,000. C's capital account will be debited/credited by Rs...........

Option 1: Debited by Rs 80,000

Option 2: Credited by Rs 80,000

Option 3: Debited by Rs 96,000

Option 4: Credited by Rs 96,000

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