Question : X, Y  and Z  are partners in a firm sharing profits and losses in the ratio of 4 : 3: 1. As per the terms of the Partnership deed on the death of any partner, the Goodwill of the deceased partner was to be valued at 50% of the net profits credited to that Partner’s Capital A/c during the last three completed years before her death. Books are closed on 31st December each year. X  died on 29th February 2016. The profits for the last five years were :

2011 — Rs.60,000, 2012 — Rs.97,000, 2013 — Rs.1,05,000, 2014 — Rs.30,000 and 2015 —Rs.84,000.
On the date of X’s death, the Building was found under valued at Rs.80,000, which was to be considered.  The new profit-sharing ratio between Y  and Z will be equal.
Q. If the  Revaluation profit/loss occurs, X's capital account should be debited/credited by Rs -----

Option 1: Debited by Rs 40,000

Option 2: Credited by Rs 40,000

Option 3: Credited by Rs 20,000

Option 4: Debited by Rs 20,000

Question : X, Y and Z were partners sharing profits and losses in the ratio of 4: 3: 2. Y retired on 1st April, 2020. On that date capitals of X, Y and Z after all adjustments stood at Rs. 19,650; Rs. 19,800 and Rs. 9,150 respectively. Total capital of the firm as newly constituted is fixed at Rs. 28,000 between X and Z in the proportion of 5/8th and 3/8th after passing entries in their accounts for adjustments. Amount to be paid or to be brought by the continuing partners is

Option 1: X debited by Rs 2,150, Z credited by Rs 1,350

Option 2: X credited by Rs 2,150 Z debited by Rs 1,350

Option 3: X debited by Rs 2,150 Z debited by Rs 1,350

Option 4: X credited Rs 2,150 and Y credited Rs 1,350

Question : B, K and P are partners sharing profits in the ratio of 2:3:4. P died on 31^st March 2012 and for this purpose, goodwill is valued at one and half year’s purchase of average super profits of the last three years.
Profits for the last three years are as under :
First-year Rs. 50,000
Second year Rs. 55,000     
Third year Rs.75,000
The normal profits for similar firms is Rs.45,000.
Choose the correct Journal entry with respect to the treatment of goodwill.

Option 1: Debited B by Rs 6,000 and K debited by Rs 4,000 and credited P’s account by Rs 10,000

Option 2: Debited B by Rs 4,000 and K debited by Rs 6,000 and credited P’s account by Rs 10,000

Option 3: Debited B by Rs 10,000 and credited P By Rs 10,000

Option 4: Debited K by Rs 10,000 and credited P by Rs 10,000

Question : X, Y and Z are partners in a firm sharing profits in the ratio of 3: 2: 1. On 1 st April, 2009, retires from the firm .X and Z agree that the capital of the new firm shall be fixed at Rs. 2,10,000 in the profit-sharing ratio.The Capital Accounts of X and Z after all adjustments on the date of retirement showed balance of Rs. 1,45,000 and Rs. 63,000 respectively. the amount of actual cash to be brought in or to be paid to the partners will be

Option 1: Z debited Rs 10,500 and X credited by Rs 12,500

Option 2: Z debited Rs 10,500 and X debited by Rs 12,500

Option 3: Z credited by Rs 10,500 and xcredited by Rs 12,500

Option 4: Z debited by Rs 10,500 and Y credited by Rs 12,500

Question : D, E, F, P and Z were partners in a firm sharing profits in the ratio 5:4:3:2:1 respectively. Unfortunately, P and Z met with a tragic car accident in which both of them died. The goodwill of the firm was valued at Rs. 1,50,000 and D, E and F decided to share future profits in the ratio of 4:6:5 respectively.
At the time of adjustment  of goodwill, E’s capital account will be debited/credited by Rs ---------

Option 1: Debited by Rs 10,000

Option 2: Credited by Rs 20,000

Option 3: Debited by Rs 20,000

Option 4: Credited by Rs 10,000