Question : Kanika, Disha and Kabir were partners sharing profits in the ratio of 2:1:1. On 31st March, 2016 , On that date kanika retirement, following balances existed in the books of the firm.
Kanika retired on 1st April, 2016. For this purpose, the following adjustments were agreed upon:
| Employees'Provident Fund | 47,000 | Debtors | 60,000 |
| Kanika's Capital | 2,00,000 | Stock | 1,00,000 |
| Fixed Assets | 2,40,000 | ||
| Profit and Loss A/c | 20,000 |
(a) Goodwill ofthe firm was valued at 2 years' purchase of average profits of three completed years preceding the date of retirement.The profits for the year:
2013-14 were Rs. 1,00,000 and for 2014-15 were Rs. 1,30,000.
(b) Fixed Assets were to be increased to Rs. 3,00,000.
(c) Stock was to be valued at 120%.
The amount payable to Kanika was transferred to her Loan Account is
Option 1: Rs 3,20,000
Option 2: Rs 3,00,000
Option 3: Rs 3,40,250
Option 4: None of the above
Correct Answer: Rs 3,00,000
Solution : Answer = Rs 3,00,000
Capital Balance (Kanika) = 2,00,000
(+) Revaluation Profit ($80000\times\frac{1}{2}$) = 40,000
(+) Goodwill ($\frac{210000}{3} = 70,000\times2 = 1,40,000\times\frac{1}{2}$) = 70,000
(-) Profit and loss (Dr) = 10,000
The amount transferred to Kanika's loan A/c = 3,00,000
Hence, the correct option is 2.
Related Questions
Question : Following is the extract of the balance sheet of A and B as of March 31st, 2021.
| Balance sheet as of March 31st, 2021 | |||
| Liabilities | Amt | Assets | Amt |
| Capital | |||
| A | 10,00,000 | ||
| B | 10,00,000 | ||
| Current a/c | |||
| A | 1,00,000 | ||
| B | 3,00,000 | ||
| Profit | 4,00,000 | ||
During the year A's drawings were Rs 30,000. Profit during the year ended March 31st, 2021 is Rs 10,00,000.
Calculate interest on capital @ 5% p.a. for the year ended March 31st, 2021.
Option 1: 50,000 each
Option 2: 60,000, 40,000
Option 3: 30,000, 20,000
Option 4: None of these
Question : Following is the extract of the balance sheet of A and B as of March 31st, 2021.
| Balance sheet as of March 31st, 2021 | |||
| Liabilities | Amt | Assets | Amt |
| Capital | |||
| A | 10,00,000 | ||
| B | 10,00,000 | ||
| Current a/c | |||
| A | 1,00,000 | ||
| B | 3,00,000 | ||
| Profit | 4,00,000 | ||
During the year A's drawings were Rs 30,000. Profit during the year ended March 31st, 2021 is Rs 10,00,000.
Calculate interest on capital @ 5% p.a. for the year ended March 31st, 2021.
Option 1: 50,000 each
Option 2: 60,000, 40,000
Option 3: 30,000, 20,000
Option 4: None of these
Question : From the following information, calculate Cash Flow from Financing Activities:
| Particulars | 31st march 2020(Rs) | 31st march 2019(Rs) |
| Equity share capital | 20,00,000 | 15,00,000 |
| 12% preference share capital | ......... | 5,00,000 |
| 14% debentures | 2,50,000 | ......... |
Additional Information:
Equity Shares were issued at a premium of 20%.
Question:
Issue of share capital------------
Option 1: Rs 5,00,000
Option 2: Rs 1,00,000
Option 3: Rs 6,00,000
Option 4: Rs 20,00,000
Question : From the following information, calculate Cash Flow from Financing Activities:
| Particulars | 31st march 2020(Rs) | 31st march 2019(Rs) |
| Equity share capital | 20,00,000 | 15,00,000 |
| 12% preference share capital | ......... | 5,00,000 |
| 14% debentures | 2,50,000 | ......... |
Additional Information:
Equity Shares were issued at a premium of 20%.
Question:
Issue of share capital------------
Option 1: Rs 5,00,000
Option 2: Rs 1,00,000
Option 3: Rs 6,00,000
Option 4: Rs 20,00,000
Question : The following table shows the quantity of stocks and their average cost. What is the value of the total stock?(in lakh rupees)
| Quantity of stock | Average cost(Rs.) | |
| Mobile phones | 25 | 15000 |
| Cameras | 80 | 16000 |
| TVs | 54 | 55000 |
| Refrigerators | 41 | 27000 |
| ACs | 64 | 24000 |
Option 1: 264
Option 2: 137
Option 3: 72.68
Option 4: 726.8
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