Question : Murari and Vohra of Chandigarh were partners in a firm with capitals of Rs. 1,20,000 and Rs. 1,60,000 respectively. On 1.4 .2018 they admitted their manager, Robin Gurung of Meghalaya, as a partner for one-fourth share in profits on his payment of Rs. 2,00,000 as his capital and Rs. 90,000 for his one-fourth share of goodwill.

On that date the creditors of Murari and Vohra were Rs. 60,000 and Bank overdraft was Rs. 15,000 . Their assets apart from cash included Stock Rs.10,000; Debtors Rs.40,000;
Plant and Machinery Rs.80,000; Land and Building Rs.2,00,000. It was agreed that stock should be depreciated by Rs.2,000; Plant and Machinery by 20%, Rs. 5,000 should be written off as bad debts and Land and Building should be appreciated by 25%.
Question:
After all adjustment the balance of their capitals are

Option 1: Murari 1,78,50,0 Vohra 2,18,500, and Robin Rs 2,00,000

Option 2: Murari Rs 166,000, Vohra 1,88,500 and Robin Rs 2,00,000

Option 3: Murari Rs 1,55,000, Vohra 175,000 and Robin Rs 2,00,000

Option 4: None of the above

Question : Murari and Vohra of Chandigarh were partners in a firm with capitals of Rs. 1,20,000 and Rs. 1,60,000 respectively. On 1.4.2018 they admitted their manager, Robin Gurung of Meghalaya, as a partner for one-fourth share in profits on his payment of Rs.2,00,000 as his capital and Rs. 90,000 for his one-fourth share of goodwill.

On that date the creditors of Murari and Vohra were Rs. 60,000 and Bank overdraft was Rs. 15,000. Their assets apart from cash included Stock Rs. 10,000; Debtors Rs.40,000;
Plant and Machinery Rs.80,000; Land and Building Rs.2,00,000. It was agreed that stock should be depreciated by Rs.2,000; Plant and Machinery by 20%, Rs. 5,000 should be written off as bad debts and Land and Building should be appreciated by 25%.
Question:
Value of cash will be

Option 1: Rs 25,000

Option 2: Rs 35,000

Option 3: Rs 10,000

Option 4: None of the above

Question : Murari and Vohra of Chandigarh were partners in a firm with capitals of Rs. 1,20,000 and Rs. 1,60,000 respectively. On 1.4 .2018 they admitted their manager, Robin Gurung of Meghalaya, as a partner for one-fourth share in profits on his payment of Rs. 2,00,000 as his capital and Rs. 90,000 for his one-fourth share of goodwill.

On that date the creditors of Murari and Vohra were Rs. 60,000 and Bank overdraft was Rs. 15,000 . Their assets apart from cash included Stock Rs.10,000; Debtors Rs.40,000;

Plant and Machinery Rs.80,000; Land and Building Rs.2,00,000. It was agreed that stock should be depreciated by Rs.2,000; Plant and Machinery by 20%, Rs.5,000 should be written off as bad debts and Land and Building should be appreciated by 25%.

Question:
Revaluation account will be

Option 1: Debited by Rs 27,000

Option 2: Crediting with Rs 27,000

Option 3: No profit and no loss

Option 4: None of the above

Question : Phiu, Queen and Lilly commenced business on 1st April 2019 with capitals of:

Phiu -Rs. 2,00,000; Queen -Rs. 2,00,000 and Lilly -Rs. 1,00,000. Profits are shared in the ratio of 4:3:3. Capital carried interest @ 5% p.a. During the year 2019-20, the firm suffered a loss of Rs. 1,50,000 before allowing interest on capital. Drawings of each partner during the year were Rs. 20,000. On 31st March 2020, the partners agreed to dissolve the firm as it was no longer profitable. The creditors on that date were Rs. 40,000. The assets realised a net value of Rs. 3,20,000 and the expenses of realisation were Rs. 7,000.

The value of sundry assets are __________and loss of realization will be____________.

Option 1: The value of sundry assets are Rs 3,50,000, and loss on realisation Rs 17,000

Option 2: The value of sundry assets Rs 3,30,000 and loss on realization Rs 17000

Option 3: The value of Sunday assets Rs 33000 and loss on realization Rs 17000

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