Question :

R, B and L were partners in a firm sharing profits and losses in the ratio   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

Profit/Loss on revaluation are:

Option 1: Rs 1,40,000 profit

Option 2: Rs 1,80,000 profit 

Option 3: Rs 1,80,000 loss 

Option 4: None of the above 

Question :

R, B and L were partners in a firm sharing profits and losses in the ratio   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.

Treatment of undistributed losses is?

Option 1: R debited Rs 12,000,  B debited Rs 8000 and L debited Rs 4000

Option 2: R debited Rs 8000, B  debited Rs 8000 and L debited Rs 8000

Option 3: R gain Rs 12,000 and B sacrifice Rs 8,000 and L sacrifice Rs 4,000

Option 4: None of the above 

Question :

Accumulated losses on the retirement of a partner are

Option 1:

credited to all Partners’ Capital Accounts in old profit-sharing ratio.

Option 2:

debited to all Partners’ Capital Accounts in the old profit-sharing ratio.

Option 3: credited to remaining Partners’ Capital Accounts in new profit-sharing ratio.

Option 4: credited to remaining Partners’ Capital Accounts in gaining ratio.

Question :

Asha, Naveen and Shalini were partners in a firm sharing profits in the ratio of 5:3:2. Goodwill appeared in their books at a value of Rs. 80,000 and General Reserve at Rs. 40,000. Naveen decided to retire from the firm. On the date of his retirement, goodwill of the firm was valued at Rs. 1,20,000.The amount payable to Naveen is .

Option 1: Rs 24,000

Option 2: Rs 48,000

Option 3: Rs 74,000

Option 4: None of the above

Question :

At the time of the reissue of all forfeited shares

Option 1:

General Reserve is debited with the credit balance left in the Forfeited Shares Account

Option 2: General Reserve is credited with the credit balance left in the Forfeited Shares Account

Option 3:

Capital Reserve is debited with the credit balance left in the Forfeited Shares Account

Option 4:

Capital Reserve is credited with the credit balance left in the Forfeited Shares Account