Question : Profits of last three years are Rs.4,20,000, Rs.3,90,000 and Rs.4,50,000. The value of goodwill on the basis of two years purchase of three year average profit is:

Option 1: Rs.3,60,000

Option 2: Rs.12,60,000

Option 3: Rs.8,40,000

Option 4: Rs.4,20,000

Question :

Exe Ltd. took over assets of  Rs. 7,00,000 and liabilities of  Rs. 60,000 of Wye Ltd. for the purchase consideration of Rs. 6,60,000. Exe Ltd. paid the purchase consideration by issuing 9% Debentures of  Rs. 100 each at 10% premium. 

Goodwill/capital reserve  will be debited/credited by _________.

Option 1: Debited goodwill account by Rs 20,000 

Option 2: Credited capital reserve by Rs 20,000

Option 3: Debited profit and loss account by Rs 20,000

Option 4: Debited goodwill account by Rs 40,000

Question : Average profits of a firm during the last few years are Rs. 80,000 and the normal rate o return in a similar business is 10%. If the goodwill of the firm is Rs. 1,00,000 at 4 years purchase of super profit, the value of capital employed by the firm is 

Option 1: Rs 55,000

Option 2: Rs 5,50,000

Option 3: Rs 10,50,000

Option 4: Rs 1,00,000

Question : The goodwill of a firm is Rs.54,000 valued at 4 years purchase of super profit. The capital employed of firm is Rs.2.00,000 and normal rate of return is 10%. The average profit of firm is:

Option 1: Rs.23,500

Option 2: Rs.33,500

Option 3: Rs.20,000

Option 4: Rs.24,500

Question : P, Q and R are partners sharing profits and losses equally. Their capital balances at the beginning of the financial year were Rs.80,000, Rs.60,000 and Rs.40,000 respectively. Their personal assets were: P Rs.20,000, Q Rs.15,000 and R Rs.10,000. The extent of their liability towards the firm would be:

Option 1: P Rs.80,000, Q Rs.60,000, R Rs.40,000

Option 2: P Rs.20,000, Q Rs.15,000, R Rs.10,000

Option 3: P Rs.1,00,000, Q Rs.75,000, R Rs.50,000

Option 4: Equal