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 :

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

Profit/Loss on revaluation are:

Option 1: Rs 1,40,000 profit

Option 2: Rs 1,80,000 profit 

Option 3: Rs 1,80,000 loss 

Option 4: None of the above 

Question :

On 1st April, 2014, a firm had assets of Rs. 1,00,000 excluding stock of Rs. 20,000. Partners’ Capital Accounts showed a balance of Rs. 60,000. The current liabilities were Rs. 10,000 and the balance constituted the reserve. If the normal rate of return is 8%, the ‘Goodwill’ of the firm is valued at Rs.60,000 at four years purchases of super profit, the average profit of the firm will be 

Option 1: Rs 23,800

Option 2: Rs 50,000

Option 3: Rs 43,000

Option 4: None of the above

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 : M/s Hi-Tech India has assets of Rs. 5,00,000 whereas liabilities are: Partner; Capitals—Rs. 3,50,000, General Reserve—Rs. 60,000 and Sundry Creditors—Rs. 90,000. If the normal rate of return is 10% and the goodwill of the firm is valued at Rs. 90,000 at 2 years; purchase of super profit, the average profit of the firm will be 

Option 1: Rs.4,000

Option 2: Rs.41,000

Option 3: Rs.86,000

Option 4: None of these