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

Question : R, B and L were partners in a firm sharing profits and losses in the ratio of equally. With effect from 1st April, 2018 they decided to share future profits and losses in the ratio of 3:2:1. On that date their Balance Sheet showed a debit balance of Rs. 24,000 in Profit and Loss Account and a balance of Rs. 1,44,000 in General Reserve.

It was also agreed that:

(a) The goodwill of the firm be valued at Rs. 1,80,000.

(b) The Land (having book value of Rs. 3,00,000) will be valued at Rs. 4,80,000.

Adjustment entry for goodwill is?

Option 1: Debited R by Rs 30,000 and credited B Rs 30,000

Option 2: Debited R by Rs 30,000 and credited L Rs 30,000

Option 3: Debited R by Rs 30,000 and debited L Rs 20,000 and Debited  B by Rs 10,000

Option 4: None of these

Question : A and B are partners sharing profits & losses as 2: 1. C and D are admitted and the profit sharing ratio becomes 4: 2: 3: 1. Goodwill is valued at Rs.2,00,000. D brings the required goodwill and Rs.50,000 cash for Capital. C brings in Rs.50,000 cash and Rs. 40,000 worth of stock as his capital in addition to the required amount of goodwill in cash. Cash contributed by the new partner at the time of admission and the amount of goodwill brought by a new partner will be

Option 1: Debited bank with Rs 50,000 and credited premium for goodwill Rs 2,00,000

Option 2: Debited bank with Rs 1,10,000 and credited premium for goodwill Rs 60,000

Option 3: Debited bank Rs 50,000 and credited premium for goodwill Rs 2,00,000

Option 4: None of the above

Question : P, R and S are in partnership sharing profits 4/8, 3/8 and 1/8 respectively. It is provided under the partnership deed that on the death of any partner his share of goodwill is to be valued at one-half of the net profits credited to his account during the last 4 completed years (books of accounts are closed on 31st March).

R died on 1st April 2018. The firm’s profits for the last 4 years were as follows: 2015 (Profits Rs. 1,20,000); 2016 (Profits Rs.60,000); 2017 (Losses Rs.20,000) and 2018 (Profits Rs. 80,000). Determine the amount that should be credited to R in respect of his share of goodwill.

Option 1: Rs 90,000

Option 2: Rs 30,000

Option 3: Rs 45,000

Option 4: Rs 60,000

Question : M, N and O are partners in a firm sharing profits in the ratio of 3: 2: 1. Goodwill has been valued at Rs. 60,000. On N's retirement M and O agree to share profits equally. Amount credited to M's capital account will be:

Option 1: Credited M's capital account by Rs 10,000

Option 2: Debited M's capital account by Rs 10,000

Option 3: Credited M's capital account by Rs 20,000

Option 4: None of the above