Question : Y, V and K are partners sharing profits and losses in the ratio of 2: 2: I. V died, and at that time goodwill of the firm was valued at Rs. 30,000. The contribution to be made by Y and K, I in order to pay off V is __________and ___________ respectively.

Option 1: Rs 4,000 and Rs 8,000

Option 2: Rs 8,000 and Rs 4,000

Option 3: Rs 10,000 and Rs 5,000

Option 4: None of the above

Question : Y, V and K are partners sharing profits and losses in the ratio of 2: 2: I. V died, and at that time goodwill of the firm was valued at Rs. 30,000. The contribution to be made by Y and K, I in order to pay off V is __________and ___________ respectively.

Option 1: Rs 4,000 and Rs 8,000

Option 2: Rs 8,000 and Rs 4,000

Option 3: Rs 10,000 and Rs 5,000

Option 4: None of the above

Question : J, M and R are sharing profits and losses equally. R retires and the goodwill is appearing in the books at Rs. 30,000. Goodwill of the firm is valued at Rs. 1,50,000. Calculate the net amount to be credited to R's Capital A/c.

Option 1: Rs 60,000

Option 2: Rs 50,000

Option 3: Rs 40,000

Option 4: Rs 10,000

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.

Treatment of undistributed losses is?

Option 1: R debited Rs 12,000,  B debited Rs 8000 and L debited Rs 4000

Option 2: R debited Rs 8000, B  debited Rs 8000 and L debited Rs 8000

Option 3: R gain Rs 12,000 and B sacrifice Rs 8,000 and L sacrifice Rs 4,000

Option 4: None of the above 

Question : R, B and L were partners in a firm sharing profits and losses in the ratio of 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.

Adjustment entry for goodwill is?

Option 1: Debited R by Rs 30,000 and credited B Rs 30,000

Option 2: Debited R by Rs 30,000 and credited L Rs 30,000

Option 3: Debited R by Rs 30,000 and debited L Rs 20,000 and Debited  B by Rs 10,000

Option 4: None of these