Question : Assertion (A): Amit and Sumit were partners sharing profits and losses equally They admitted Vinod as a partner for 1/5th share Goodwill was valued at Rs 2,00,000 Amit and sumit will be compensated by Vinod paying goodwill off Rs 20,000 each.

Reason (R): Both Amit and Sumit have sacrificed equally. Since Vinod has taken 1/5th share from Ashish and Deepak in equal proportion, re, 1/10th share each he will compensate each by paying goodwill of Rs 10,000 being equal to 1/10th of Rs. 2,00,000

In the context of the above two statements, which of the following is correct?

 

Option 1: (A) is correct, butt (R) is wrong. 

Option 2: Both (A) and (R) are correct. 

Option 3: (A) is wrong, but (R) is correct. 

Option 4: Both (A) and (R) are wrong.

Question : Assertion (A) : Ashish and Deepak were partners sharing profits and losses equally They admit shared as a partner for 1/5 th share. Goodwill as valued at 1,00,000. Ashish nd Deepak will be compensated by Vinod paying goodwill of ' 10,000 each..

Reason (R): Both Ashish and Deepak have sacrificed equally, since Vinod has taken 1/5 th share from Ashish and Deepak in equal proportion i.e., 1/10 th share each, he will compensate such by paying goodwill of 10,000 being equal to 1/10 th of 1,00,000.

In the context of above two statements, which of the following is correct?

Option 1: Assertion (A) and Reason (R) are correct but the Reason (R) is not the correct explanation of Assertion (A).

Option 2: Both, Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation Assertion (A).

Option 3: Assertion (A) is correct but the Reason (R) is not correct.

Option 4: Assertion (A) is not correct but the Reason (R) is correct.

Question : Assertion (A): Kiya  and Rhea  are equal partners. They admitted Priya as a partner and the profit sharing ratio was 2 2:1. The sacrificing ratio of Karan and Raman  is equal 

Reason (R): A change in the values of assets and liabilities is credited/debited to Revaluation Accoun the context of above two statements, which of the following is correct?

Option 1: (A) is correct, butt (R) is wrong. 

Option 2: Both (A) and (R) are correct. 

Option 3: (A) is wrong, but (R) is correct. 

Option 4: Both (A) and (R) are wrong.

Question : Assertion (A): Zalim and Jelem are equal partners. They admit Pakiza into a partnership for 1/3rd of the profits. Reassessing the liabilities, it was found that sundry creditors of Rs 2,00,000 are not payable and there was an unrecorded liability of Customer Claims of Rs 2,00,000, which to the recorded. As a result of these adjustments, loss on revaluation will be nil

Reason R: Sundry Creditors reduced by Rs 2,00,000 and new lability of the same amount towards Customer Claims has arisen. As a result, there is neither gain profit nor loss on this account.
n the context of the above statement, which of the following is correct?

Option 1: A) is correct, butt (R) is wrong. 

Option 2: Both (A) and (R) are correct. 

Option 3: (A) is wrong, but (R) is correct. 

Option 4: Both (A) and (R) are wrong.

Question : If total assets of a firm are Rs.12,00,000 and total liabilities are Rs.2,40,000, what will be the capitals of P, Q and R if they share profits in the ratio of their capitals and profit sharing ratio is 1 : 2 : 3 - 

Option 1: P: Rs.4,80,000; Q: Rs.3,20,000; R: Rs.1,60,000

Option 2: P: Rs.1,60,000; Q: Rs. 3,20,000; R: Rs. 4,80,000

Option 3: P: Rs. 2,00,000; Q: Rs. 4,00,000; R: Rs. 6,00,000

Option 4: P: Rs. 6,00,000; Q: Rs. 4,00,000; R: Rs. 2,00,000

Question : Assertion A:- Net Assets of a firm after deducting advertisement suspense of Rs 50,000 are Rs 10,00,000, and outside liabilities of the firm are Rs 3,00,000. Normal rate of return 10% and average profit of the firm is Rs 70,000. Value of goodwill as per capitalization of super profit is Rs 1,00,000.

Reason R:-  Capital employed is Rs 7,00,000 (10,00,000 - 3,00,000). Normal profit is Rs 70,000 (7,00,000 X 10%). Actual average profit is Rs 70,000. Thus, super profit is Nil, capitalized at 10% value of goodwill comes to Nil.

In the context of the above two statements, which of the following is correct?

Option 1: Both, Assertion A and Reason R are correct and reason R is correct explanation of Assertiion A

Option 2: Assertioin A and reason R are correct but the reason R is not correct explanation of Assertion  A

Option 3: Assertion A is not correct but Reason R is correct 

Option 4: Both Assertion A and Reason R are incorrect