Question : Chain and Harsha were partners in a firm sharing profits in the ratio of 3: 2. On 1-4-2014 their Balance Sheet was as follows :

On the above date Vaishali was admitted for 1/4 th share in the profits of the firm on the following terms :
(a) Vaishali will bring Rs.20,000 for her capital and Rs.4,000 for her share of goodwill premium.
(b) All debtors were considered good.
(c) The market value of investments was Rs. 15,000.
(d) There was a liability of Rs.6,000 for workmen compensation.
(e) Capital accounts of Charu and Harsha are to be adjusted on the basis of Vaishali's capital by opening current accounts.
Question:
Amount distributed amongst the old partners In respect of workmen's compensation fund will be

Option 1: Crediting old partners capital Account with Rs 2,000 and Rs 1,000

Option 2: crediting the old partner's capital account with Rs 1,800 and Rs 1,200

Option 3: debiting old partner's capital account with Rs 1,800 and Rs 1,200

Option 4: None of the above

Question : A and B are partners in a firm. Their balance sheet as at 31 st March, 2018 was as follows:

C was taken into partnership as from 1st April, 2018. C brought Rs.40,000 as his capital but he is unable to bring any amount for goodwill. New profit sharing ratio is 3: 2: 1. Following terms were agreed upon :
1. Claim on account of Workmen's Compensation is Rs.3,000.
2. To write off Bad Debts amounting to Rs.6,000.
3. Creditors are to be paid Rs.2,000 more.
4. Rs.2,000 be provided for an unforeseen liability.
5. Outstanding expenses be brought down to Rs. 1,200.
6. Goodwill is valued at $1 \frac{1}{2}$ year's purchase of the average profits of last three years. Profits of 3 years amounted to Rs.8,000; Rs. 10,000 and Rs. 18,000 .
Question:
Which account will be debited and crediting in Respect of treatment of goodwill.

Option 1: premium for goodwill debiting Rs 3,000 and Crediting B's capital account by Rs 3,000

Option 2: debiting C's current account Rs 3,000 and crediting B's capital account with Rs 3,000

Option 3: debiting Cs current account Rs 3,000 and crediting B and A Rs 1,500 each

Option 4: None of the above

Question : Hari and Kavi are partners sharing profits and losses in the ratio of 3: 2. They admit Ravi as a partner who contributes Rs. 30,000 as his capital for 1/5th share in the profits of the firm. It is decided that after Ravi's admission, the capitals of the Hari and Kavi will be adjusted on the basis of Ravi's share of capital in the business, and any surplus or deficiency to be adjusted through current accounts. Before any adjustments were made, the capitals of Hari and Kavi were: Rs. 59,000 and Rs. 35,000 respectively.
At the time of Ravi's admission :
(a) The firm's goodwill was valued at Rs. 40,000.
(b) General Reserve was Rs.25,000.
(c) Loss on revaluation of assets and liabilities was Rs.4,000.
CHOOSE: The correct Journal entry for surplus and shortage

Option 1: Crediting Hari's current account by Rs 4,400 and debiting Kavi's current account Rs 1,400

Option 2: Debiting Hari's current account by Rs 4,400 and crediting Kavi's current account Rs 1,400

Option 3: Debiting Hari's current account Rs 4,400 and debiting Kavis current account Rs 1,400

Option 4: Crediting Hari's Current account Rs 4,400 and Crediting Kavi's current account Rs 1,400

Question : Bharat and Bhushan are partners in a retail business. Balances in their Capital and Current Accounts as on 31st March, 2020 were:

The firm earned an average profit of Rs. 90,000. If the normal rate of return is 10%, value of goodwill.

Option 1: Rs 4,20,000

Option 2: Rs 4,10,000

Option 3: Rs 13,80,000

Option 4: None of these 

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