Ask question Search Order By: ActiveCategoryClear Filter 0 Votes 1 Ans A firm earned ₹ 60,000 as profit, the normal rate of return being 10%. Assets of the firm are ₹ 7,20,000 (excluding goodwill) and Liabilities are ₹ 2,40,000. Find the value of Goodwill by Capitalisation of the Average Profit Method. 1.87K viewsAnurag Pathak Changed status to publish April 17, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans M/s. Supertech India has assets of ₹ 5,00,000, whereas Liabilities are: Partner’s Capitals – ₹ 3,50,000, General Reserve – ₹ 60,000, and Sundry Creditors – ₹ 90,000. If the Normal Rate of Return is 10% and the Goodwill of the firm is valued at ₹ 90,000 at 2 year’s purchase of Super Profit, the Average Profit of the firm will be 4.20K viewsAnurag Pathak Changed status to publish April 16, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans Under Super Profit Method, Goodwill is calculated by: 701 viewsAnurag Pathak Changed status to publish April 16, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans A firm earns a profit of ₹ 1,10,000. The Normal Rate of Return is 10%. Assets of the firm are ₹ 11,00,000 and liabilities ₹ 1,00,000. The Value of goodwill by Capitalisation of Average Profit will be 2.39K viewsAnurag Pathak Changed status to publish April 16, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans The total Capital employed in the firm is ₹ 8,00,000, the Normal Rate of Return is 15% and the profit for the year is ₹ 1,20,000. Value of goodwill as per the Capitalisation Method would be: 1.66K viewsAnurag Pathak Changed status to publish April 16, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans The Formula for valuing goodwill under the Capitalisation of Super Profit Method is: 791 viewsAnurag Pathak Changed status to publish April 16, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans The average profit of a business over the last five years was ₹ 60,000. The normal yield on capital invested in such a business is estimated at 10% p.a. Capital invested in the business is ₹ 5,00,000. The amount of goodwill, if it is based on 3 year’s purchase of the last 5 years’ super profits will be: 3.01K viewsAnurag Pathak Changed status to publish April 16, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans The weighted Average Profit Method of calculating goodwill is useful when 845 viewsAnurag Pathak Changed status to publish April 16, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans Following were the profits of the firm for the last 3 years: 2.66K viewsAnurag Pathak Changed status to publish April 16, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans Raj & Associates is a partnership firm. Ajay is admitted as a partner. Its Goodwill is to be valued by Average Profit Method. The average profit for the past 5 years is ₹ 1,50,000, and Goodwill is being valued at 3 years’ purchase of average profit, the value of Goodwill of the firm will be: 2.65K viewsAnurag Pathak Changed status to publish April 16, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans Capital Employed by a partnership firm is ₹ 5,00,000. Its average profit is ₹ 60,000. The normal rate of return is similar type of business is 10%. The amount of super profit is 2.53K viewsAnurag Pathak Changed status to publish April 16, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans The term ‘Number of Years’ Purchase means: 1.06K viewsAnurag Pathak Changed status to publish April 16, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans The excess amount that a firm gets over and above the market value of assets at the time of sale of its business is: 949 viewsAnurag Pathak Changed status to publish April 16, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans Which of the following statement is correct? 704 viewsAnurag Pathak Changed status to publish April 16, 2023Accountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans Assertion (A): Rent to a Partner is transferred to the debit of Profit & Loss Account but is not transferred to the debit of Profit and Loss Appropriation Account. 2.65K viewsAnurag Pathak Changed status to publish April 15, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12thAssertion Reason (MCQs) 0 Votes 1 Ans Assertion (A): Interest on Loan to partner is charged @ 6% p.a., if Partnership Deed does not provide for charging of interest. 2.34K viewsAnurag Pathak Changed status to publish April 15, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12thAssertion Reason (MCQs) 0 Votes 1 Ans Assertion (A): Avinash, a partner in the firm gave loan of ₹ 5,00,000 to the firm without an agreement as to rate of interest. Interest on Loan by Avinash is to be allowed @ 6% p.a. 3.17K viewsAnurag Pathak Changed status to publish April 15, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12thAssertion Reason (MCQs) 0 Votes 1 Ans Assertion (A): Commission provided to partner is shown in Profit and Loss Account. 1.18K viewsAnurag Pathak Changed status to publish April 15, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12thAssertion Reason (MCQs) 0 Votes 1 Ans Assertion (A): Interest charged on drawings is debited to Profit and Loss Appropriation Account. 1.43K viewsAnurag Pathak Changed status to publish April 15, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12thAssertion Reason (MCQs) 0 Votes 1 Ans Assertion (A): Drawings against capital is transferred to Partner’s Current Account, if capital is fixed. 2.32K viewsAnurag Pathak Changed status to publish April 15, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12thAssertion Reason (MCQs) 0 Votes 1 Ans Assertion (A): Partnership is a separate and distinct entity from partners from the viewpoint of accounting. 2.01K viewsAnurag Pathak Changed status to publish April 15, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12thAssertion Reason (MCQs) 0 Votes 1 Ans Assertion (A): Bharat, a partner in the firm gave loan of ₹ 5,00,000 of the firm without an agreement as to rate of interest. At the year end, the remaining partners agreed to allow interest on Loan by Bharat @ 8% p.a. 3.18K viewsAnurag Pathak Changed status to publish April 15, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12thAssertion Reason (MCQs) 0 Votes 1 Ans Karan, Nakul, and Asha are partners in a firm and do not have a Partnership Deed. Karan introduced a further capital of ₹ 2,00,000 on 1st October 2022. Whereas Asha took a loan of ₹ 50,000 from the firm on 1st October 2022, Disputes have arisen among them on the following issues: 1.11K viewsAnurag Pathak Changed status to publish April 14, 2023[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Ramesh, Mahesh, and Suresh are partners since 1st April 2022 but do not have a Partnership Deed. 1.47K viewsAnurag Pathak Changed status to publish April 14, 2023[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Harshad and Dhiman are in partnership since 1st April 2022. No Partnership agreement was made. They contributed ₹ 4,00,000 and ₹ 1,00,000 respectively as capitals. In addition, Harshad had given a loan of ₹ 1,00,000 to the firm on 1st October 2022. Due to a long illness, Harshad could not participate in business activities from 1st August 2021 to 30th September 2022. Profit for the year ended 31st March 2023 was ₹ 1,80,000. A dispute has arisen between Harshad and Dhiman. 1.10K viewsAnurag Pathak Changed status to publish April 13, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12th « Previous 1 2 … 143 144 145 146 147 … 151 152 Next » Question and answer is powered by anspress.net