Question : Ram and lakhan  are partners sharing profits equally. They admit Shubh into partnership for equal share. Goodwill was agreed to be valued at two years' purchase of average profit of last four years. Profits for the last four years were:

Year Ended                           Normal Profit/(Loss) (Rs.)

31st March, 2016                              70,000;

31st March, 2017                           1,00,000;

31st March, 2018                    55,000 (Loss);

31st March, 2019                            1,44,000.

The books of account of the firm revealed as follows:

1. Firm had abnormal gain of Rs. 10,000 during the year ended 31st March, 2016.

2. Firm incurred abnormal loss of Rs. 20,000 during the year ended 31st March, 2017.

3. Repairs to car amounting to Rs. 50,000 was wrongly debited to vehicles on 1st June,

2017. Depreciation was charged on vehicles @ 12% p.a. on Straight Line Method.

Calculate the value of Goodwill.

Option 1: Rs 1,15,000

Option 2: Rs 2,30,000

Option 3: Rs 57,500

Option 4: None of theses

Question : A and B were partners from 1st April 2018 with capitals of Rs. 60,000 and Rs. 40,000 respectively. They shared profits in the ratio of 3: 2. They carried on business for two years.

In the first year ended 31st March 2019, they earned a profit of Rs. 50,000 but in the second year ended 31st March 2020, a loss of Rs. 20,000 was incurred. As the business was no longer profitable, they dissolved the firm on 31st March 2020. Creditors on that date were Rs 20,000. The partners withdrew for personal use of Rs. 8,000 per partner per year. The assets realised Rs. 1,00,000. The expenses of realisation were Rs. 3,000.
Question:
The profit/loss on realization is

Option 1: Profit Rs 21,000

Option 2: Loss Rs 21,000

Option 3: Loss Rs 2,100

Option 4: Profit Rs 2,100

Question : From the following information, determine the amount of subscriptions to be credited to Income and Expenditure account for the year ended 31st March 2018.

1. Subscription received during 2017-2018 Rs 6,00,000 (including Rs 25,000 for the year ended 31st March 2019 and Rs 15,000 for the year ended 31st  March 2017).

2. Subscription due but not received on 31st March 2018 Rs 33,000.

3. Subscription outstanding for the year ended 31st March 2017 Rs 22,000.

Option 1: Rs 6,11,000

Option 2: Rs 5,46,000

Option 3: Rs 5,86,000

Option 4: Rs 5,00,000

Question : Ram  Mohan and Anil were partners in a firm sharing profits in a 2:2:1 ratio.
The firm closes its books on 31st March every year. Mohan died on 24-8-2017. On Mohan’s death, the goodwill of the firm was valued at Rs.75,000. The partnership deed provided that on the death of a partner, his share in the profits of the firm in the year of his death will be
calculated on the basis of last year’s profit. The profit of the firm for the year ended 31-3- 2017 was Rs.2,00,000.
Q. Mohan’s  share of goodwill is

Option 1: Rs 15,000

Option 2: Rs 45,000

Option 3: Rs 60,000

Option 4: Rs 30,000

Question : At the time of the Death of a partner, the Goodwill of the firm will be valued at two years’ purchase of the Average Profits of the last three years. The Profits for the year ended March 31, 2015, March 31, 2016, and March 31, 2017, were Rs.4,00,000, Rs.3,00,000, and Rs.2,41,000 ( debit balance ), respectively. The amount of Goodwill will be 

Option 1: 3,07,000

Option 2: 3,06,000

Option 3: 3,10,000

Option 4: None of the above

Question : A, B and C are sharing profits in the ratio of 4:3:2. A dies on 31st December 2017. Accounts are closed on 31st March every year. Sales for the year ending 31st March 2017 amounted to Rs.4,00,000. Sales of Rs.3,30,000 amounted between the period from  1st April 2017 to 31st December 2017. The profit for the year ending 31st March 2017 amounted to Rs.60,000.

The deceased partner’s share in the current year’s profits of the firm will be 

Option 1: Rs 24,000

Option 2: Rs 18,000

Option 3: Rs 10,000

Option 4: Rs 22,000