Question : H and S share Profit & Loss equally. Their capitals were Rs.1,20,000 and Rs. 80,000 respectively. There was also a balance of Rs. 30,000 in General reserve and revaluation loss amounted to Rs. 15,000. They admit friend T with 1/5 share. T brings Rs.90,000 as capital. Calculate the amount of goodwill of the firm.
Option 1: Rs. 85,000
Option 2: Rs. 1,45,000
Option 3: Rs. 20,000
Option 4: None of the above
Correct Answer: Rs. 1,45,000
Solution : Answer = Rs. 1,45,000
Goodwill = 4,50,000 (90,000 x 5) - (1,20,000 + 80000 + 30,000 - 15000 + 90,000)
= 4,50,000 - 305000 = 1,45,000. Hence, the correct option is 2.
Question : Heena and Neena share profits & losses in the ratio of 3:2 . Their capitals were Rs.60,000 and Rs. 40,000 respectively. There was also a Balance of Rs. 30,000 in General reserve and the revaluation gain amounted to Rs. 15,000. They admit friend Ashish with 1/5 share. Ashish brings Rs. 55,000 as capital Calculate the amount of goodwill of the firm.
Option 1: Rs. 1,00,000
Option 2: Rs. 75,000
Option 3: Rs. 85,000
Option 4: Rs 40,000
Question : J, K and T are partners in a firm sharing profits in the ratio of 3 : 2 : 1. They decided to share future profits equally. The Profit and Loss Account showed a Credit balance of Rs 45,000 and a General Reserve of Rs 45,000. If these are not to be shown in balance sheet, in the journal entry :
Option 1: Cr. J by RS 15,000: Dr. T by Rs 15,000
Option 2: Dr. J by Rs 15,000; Cr. T by Rs 15,000
Option 3: Cr. J by Rs 45,000; Cr. K by Rs 30,000; Cr. T by Rs 15,000
Option 4: Cr. J by Rs 30,000; Cr. K by Rs 30,000; Cr. T by Rs 30,000
Question : A and B share profits and losses equally. They have Rs.20,000 each as capital. They admit C as equal partner and goodwill was valued at Rs.30,000. C is to bring in Rs.30,000 as his capital and necessary cash towards his share of goodwill. Goodwill Account will not remain open in books. If profit on revaluation is Rs.13,000, find the closing balance of the capital accounts -
Option 1: Rs.31,500; Rs.31,500; Rs.30,000
Option 2: Rs.26,500; Rs.26,500; Rs.30,000
Option 3: Rs.31,500; Rs.31,500; Rs.20,000
Option 4: Rs.20,000; Rs.20,000; Rs.30,000
Question : Mohit and Rohit were partners in a firm with the capitals of Rs.80,000 and Rs.40,000 respectively. The firm earned a profit of Rs.30,000 during the year. Mohit's share in the profit will be:
Option 1: Rs.20,000
Option 2: Rs.10,000
Option 3: Rs.15,000
Option 4: Rs.18,000
Question : The profits of the firm for five years were agreed at Rs.40,000; Rs.60,000; Rs. 30,000 (loss); Rs.10,000 (loss); and Rs.90,000 respectively. Q. Average profit is Rs ---
Option 1: Rs.30,000
Option 2: Rs.1,50,000
Option 3: Rs.40,000
Option 4: Rs.1,00,000
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