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
Option 4: None of the above
Correct Answer: Rs 60,000
Solution : Answer = Rs 60,000
Hence, the correct option is 2.
Question :
Asha, Naveen and Shalini were partners in a firm sharing profits in the ratio of 5:3:2. Goodwill appeared in their books at a value of Rs. 80,000 and General Reserve at Rs. 40,000. Naveen decided to retire from the firm. On the date of his retirement, goodwill of the firm was valued at Rs. 1,20,000.The amount payable to Naveen is .
Option 1: Rs 24,000
Option 2: Rs 48,000
Option 3: Rs 74,000
Question : A firm earned Rs. 60,000 as profit, the normal rate of return being 10%. Assets of the firm are Rs. 7,20,000 (excluding goodwill) and Liabilities are Rs. 2,40,000. The value of goodwill by Capitalisation of Average Profit Method is
Option 1: Rs 1,20,000
Option 2: RS 60,000
Option 3: Rs 4,80,000
Option 4: Rs 2,40,000
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. Balance of General reserve Rs. 60,000 and profit and loss debit balance Rs. 30,000. Amount payable to A will be
Option 1: Rs 1,84,000
Option 2: Rs 1,96,000
Option 3: Rs 1,00,000
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
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
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