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 General Reserve?

Option 1: Debited each partners capital account with Rs 48,000 

Option 2: Credited each partners capital account by Rs 48,000

Option 3: Both 1 and 2 

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 : 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, B and C were partners in a firm sharing profits in the ratio of 6:5:4.Their capitals were A—Rs. 1,00,000; B—Rs. 80,000 and C—Rs. 60,000 respectively. On 1st April, 2009, A retired from the firm and the new profit-sharing ratio between B and C was decided as 1:4.0n A's retirement, the goodwill of the firm was valued at Rs. 1,80,000. Balance of General reserve Rs. 60,000 and profit and loss debit balance Rs. 30,000. Amount payable to A will be 

Option 1: Rs 1,84,000

Option 2: Rs 1,96,000

Option 3: Rs 1,00,000

Option 4: None of the above 

Question : A, M and R are partners sharing profit and losses in the ratio of 2:2:1. M retired from the firm. At that time goodwill of the firm was valued at Rs. 30,000. What contribution has to be made by A and R to pay M?

Option 1: Rs. 20,000 and Rs. 10,000

Option 2:

Rs. 15,000 and Rs. 15,000

Option 3: Rs. 8,000 and Rs. 4,000

Option 4:

Rs. 6,000 and Rs. 6,000