Question :  Anil and Sunil are partners sharing profit and losses in the ratio of 3:2. They changed their profit-sharing ratio to 2:5 w.e.f 1st April 2002. The assets were revalued and liabilities were re-assessed on that date which resulted in a gain of Rs 80,000. It will be transferred to their capital account by 

Option 1: Debiting Anil and Sunil's accounts both by Rs 40,000 each 

Option 2: Debiting Anil‘s capital account and Sunil‘s capital account by Rs 80,000 each 

Option 3: Crediting Anil’s capital account by RS 48,000 and Sunil's Capital account by Rs 32,000

Option 4: Crediting Anil’s capital account and Sunil's capital account by Rs 80,000 each

Question : A, B and C are partners sharing profits in a ratio of 5:3:2. D is admitted and new profit sharing ratio is agreed at 1:2:2:1. Goodwill is valued at Rs 1,20,000. What entry will be passed if a goodwill account is to be raised and written off?

Option 1: Goodwill account debited with Rs 20,000 and crediting old partner capital account and in their old profit sharing ratio

Option 2: Debiting Goodwill account debiting Rs 1,20,000 and old partner's capital account crediting and In their new profit sharing ratio

Option 3: All partner's capital account debiting with Rs 1,20,000 and crediting goodwill account with Rs 1,20,000

Option 4: Both 2 and 3

Question : A, B and C are in partnership sharing profits and losses in the ratio of 5: 4: 1. Two new partners D and E are admitted. Profits are to be shared in the ratio of 3: 4: 2: 2:1 respectively. D is to pay Rs. 30,000 for his share of goodwill but E is unable to pay for goodwill. Both the new partners introduced Rs. 40,000 each as their capital.
Choose the correct option.
 

Option 1: Debiting Bank account 1,10,000 and  crediting D’s capital account Rs 40,000 and E’s capital account Rs 40,000  and premium for goodwill account with Rs 30,000
 

Option 2: Debiting premium for goodwill account with Rs 30,000  and  crediting A’s capital account with Rs 15,000 and B’s capital account with Rs 5000 and C’s capital account Rs 10,000
 

Option 3: Debiting premium for goodwill account Rs 30,000  and debiting  c’s capital account 12,000 and E’s current account 15000 and crediting  A’s capital account 45,000 and B’s capital account Rs 12,000

Option 4: Both 1 and 3 

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 and Y are partners in a firm sharing profit in the ratio of 4:3. On 1st April 2016, they admitted Z as a new partner. Z brought Rs 1,00,000 for his capital and Rs 21,000 for 1/3rd share of goodwill premium. On Z's admission goodwill appeared in the books of the firm at Rs 14,000. Record necessary Journal entries on Z's admission.

Option 1: Debiting A capital account with Rs 8000 and B's capital account with Rs 6000, crediting goodwill account with Rs 14,000.

Option 2: Debiting bank account Rs 1,21,000 and crediting c's capital account with Rs 1,21,000

Option 3: Debiting premium for goodwill account Rs 21,000 and crediting A's capital account with Rs 12,000 and with Rs 9,000

Option 4: All of the above