Question : Amit, Sumit and Deepak are partners in a firm, sharing profit in the of 5:3:2. Sumit retires and the balance in his capital account after making necessary adjustments on account of reserve, revaluation of assets and liabilities works out to be Rs 60,000.  Amit and Deepak agreed to pay him Rs 75,000 in full settlement of his claim. Extra amount which is to be paid is termed as 

 

Option 1: Reserves

Option 2: Securities premium 

Option 3: Capital reserve 

Option 4: Hidden goodwill 

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 : P Q and R are partners sharing profit and losses in the ratio of 5:3:2. R retires and goodwill is valued at  Rs 80,000. Adjustments for goodwill will be 

Option 1: Cr R’s capital  account by Rs 80,000, Dr P’s capital account Rs 50,000 and Dr Q’s capital account by Rs 30,000

Option 2: Cr R’s capital account by Rs 16,000, Dr P’s capital account by Rs 8,000 and Dr Q ’s capital account by Rs 8,000

Option 3: Cr R’s capital account by Rs 16,000 and debit P’s capital account by Rs 10,000 and Dr Q’s  capital account by Rs 6,000

Option 4: Cr R’s capital account by Rs 80,000. Dr P’s capital account by Rs 40,000 and Dr Q’s capital account by Rs 40,000

Question : X Ltd. took over assets of Rs.5,00,000 and liabilities of Rs.1,00,000 of   another company at an agreed price of Rs.3,80,000. The purchase consideration was discharged by issuing debentures of Rs. 100 each at a discount of 10%. It was agreed that any fraction of the debenture be paid in cash.

Question:- Balance of Rs.20,000 will be 

Option 1: Debited to goodwill Account
 

Option 2: Debited to capital reserve account 

Option 3: Credited to securities account 
 

Option 4: Credited to Capital Reserve account 

Question : X Ltd. took over assets of Rs.5,00,000 and liabilities of Rs.1,00,000 of   another company at an agreed price of Rs.3,80,000. The purchase consideration was discharged by issuing debentures of Rs. 100 each at a discount of 10%. It was agreed that any fraction of the debenture be paid in cash.

Question:- Balance of Rs.20,000 will be 

Option 1: Debited to goodwill Account
 

Option 2: Debited to capital reserve account 

Option 3: Credited to securities account 
 

Option 4: Credited to Capital Reserve account 

Question :

A, B and C are partners sharing profits in the ratio of 4/9:3/9:2/9. B retires and his capital after making adjustments for reserves and gain (profit) on revaluation stands at Rs. 1,39,200 and C agreed to pay him Rs. 1,50,000 in full settlement of his claim.  If the new profit-sharing ratio is decided at 5:3, A’s share will be:

Option 1: Credited by Rs 1,950

Option 2: Debited by Rs 1,950

Option 3: Debited by Rs 3,600

Option 4: Debited by Rs 1,600