Question : What journal entry will be made to write off the goodwill that was already present in the balance sheet at the time of partner retired?

Option 1: Retiring Partner’s Capital A/c          Dr.

               To Goodwill A/c

Option 2:  All Partner’s Capital A/cs (including retiring)         Dr. (in old ratio) 

                   To Goodwill A/c

Option 3: Remaining Partner’s Capital A/cs              Dr. (in gaining ratio) 

                         To Goodwill A/c

Option 4: Remaining Partner’s Capital A/cs         Dr. (in new ratio)

                To Goodwill A/c

Question : When a new partner brings his share of goodwill in cash, the amount is debited to - 

Option 1: Capital A/c of the new partner

Option 2: Cash A/c

Option 3: Goodwill A/c

Option 4: Capital A/cs of the old partners

Question : The sum is debited from the___________account when a new partner fails to bring his share of goodwill in cash -

Option 1: Premium A/c

Option 2: Current A/c of the new partner

Option 3: Capital A/cs of the old partners

Option 4: Premium A/c

Question : Arun, Bhushan and Chetan are partners in a firm sharing profits in 3: 2: 3 ratio. They decide to admit Sehzad as a partner. Arun surrendered 1 / 3 of his share in favour of Sehzad, Bhushan surrendered 1/4 of his share in favour of Sehzad and Chetan surrendered 1/5 of his share in favour of Sehzad. The new profit sharing ratio of partner will be

Option 1: 3: 2: 3: 2

Option 2: 2: 2: 1: 1

Option 3: 2: 1: 2: 1

Option 4: None of the above

Question : Realisation A/c is a :

Option 1: Nominal A/c

Option 2: Real A/c

Option 3: Personal A/c

Option 4: Real A/c as well as Personal A/c