Question : X, Y and Z are partners in a firm in 3:2:1. Z is Guaranteed that he will get a minimum of Rs 20,000 as his share of Profit every year. The firm's profit was Rs 90,000 Partners will get.

Option 1: X Rs 40,000, Y Rs 30,000, Z Rs 20,000

Option 2: X Rs 42,500, Y Rs 27,500, Z Rs 20,000

Option 3: X Rs 45,000, Y Rs 30,000, Z Rs 15,000

Option 4: X Rs 42,000, Y Rs 28,000, Z Rs 20,000

Question : X and Y are partners in a firm sharing profit in the ratio of 4:3. On 1st April 2016, they admitted Z as a new partner. Z brought Rs 1,00,000 for his capital and Rs 21,000 for 1/3rd share of goodwill premium. On Z's admission goodwill appeared in the books of the firm at Rs 14,000. Record necessary Journal entries on Z's admission.

Option 1: Debiting A capital account with Rs 8000 and B's capital account with Rs 6000, crediting goodwill account with Rs 14,000.

Option 2: Debiting bank account Rs 1,21,000 and crediting c's capital account with Rs 1,21,000

Option 3: Debiting premium for goodwill account Rs 21,000 and crediting A's capital account with Rs 12,000 and with Rs 9,000

Option 4: All of the above

Question :

X, Y and Z are partners in a firm sharing profits arid losses in the ratio of 1: 2: 3. Z retires and his Capital Account after making all adjustments of reserve and gain (profit) on revaluation exists at Rs. 3,60,000. X and Y agreed to pay him Rs. 4,50,000 in full settlement of his claim. X and Y decided to share future profits in the ratio of 1: 3. By what amount X and Y will be debited/credited?

Option 1: X debited Rs 75,000 and Y debited Rs 15,000

Option 2: X credited Rs 75,000 and Y credited Rs 15,000

Option 3: Debiting X by Rs 15,000 and Y debiting Rs 75,000

Option 4: Credited X by Rs 15,000 and Y credited By Rs 75,000

Question : A and B are partners sharing profits and losses in the ratio of 3: 2. They admit C into partnership for 1/4th share, which he takes 1/6th from A and 1/12th from B. Goodwill exists in the books at Rs. 20,000. C brings Rs. 18,000 as goodwill out of his share of Rs. 30,000. It was decided that the shortfall in amount shall be debited to C's Current Account. Choose the correct journal entry.

Option 1: Debiting A and B 's capital account with Rs 12,000 and Rs 8000 and Crediting goodwill account with Rs 20,000

Option 2: Debiting premium for Goodwill account Rs 18,000 and debiting C's current account with Rs 12,000 and crediting A with Rs 20,000 and B with Rs 10,000

Option 3: Both 1 and 2

Option 4: None of the above

Question : A, B and C are partners sharing profits in a ratio of 5:3:2. D is admitted and new profit sharing ratio is agreed at 1:2:2:1. Goodwill is valued at Rs 1,20,000. What entry will be passed if a goodwill account is to be raised and written off?

Option 1: Goodwill account debited with Rs 20,000 and crediting old partner capital account and in their old profit sharing ratio

Option 2: Debiting Goodwill account debiting Rs 1,20,000 and old partner's capital account crediting and In their new profit sharing ratio

Option 3: All partner's capital account debiting with Rs 1,20,000 and crediting goodwill account with Rs 1,20,000

Option 4: Both 2 and 3