Ask question Search Order By: ActiveCategoryClear Filter 0 Votes 1 Ans A, B and C shared profits and losses in the ratio of 3 : 2 : 1 respectively. With effect from 1st April, 2023, they agreed to share profits equally. The goodwill of the firm was valued at ₹ 18,000. 5.55K viewsAnurag Pathak Changed status to publish April 28, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans Hari, Ram and Shyam who were sharing profits and losses in the ratio of 5 : 3 : 2, decide to share future profits and losses in the ratio of 2 : 2 : 1. Goodwill of the firm is valued at ₹ 1,00,000. Goodwill existing in the books is ₹ 40,000. Show the necessary accounting treatment by raising Goodwill Account. 6.33K viewsAnurag Pathak Changed status to publish April 28, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans Arun, Varun and Tarun are partners sharing profits and losses in the ratio of 3 : 2 : 1. They decide to share profit and losses equally with effect from 1st April 2023. Goodwill of the firm is valued at ₹ 1,20,000. Pass Journal entries when goodwill is raised and written off. 8.31K viewsAnurag Pathak Changed status to publish April 26, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans A and B are partners in a firm sharing profits in the ratio of 2 : 1. They decided that with effect from 1st April 2022, they would share profits in the ratio of 3 : 2. But, this decision was taken after the profit for the year ended 31st March 2023 of ₹ 90,000 was distributed in the old profit sharing ratio. 9.49K viewsAnurag Pathak Changed status to publish April 26, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans Ash, Nisha, and Disha shared profits and losses in the ratio of 3 : 2 : 1 respectively. With effect from 1st April 2023, they agreed to share profits equally. The goodwill of the firm was valued at ₹ 18,000. Pass necessary Journal entries to record the above change. 9.93K viewsAnurag Pathak Changed status to publish April 26, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans X, Y and Z are partners sharing profits and losses in the ratio of 5 : 3 : 2. From 1st April 2023, they decided to share profits and losses equally. The Partnership Deed provides that in the event of any change in the profit sharing ratio, goodwill is to be valued at two years’ purchase of the average profit of the preceding five years. The Profits and losses of the preceding years ended 31st March are: 8.56K viewsAnurag Pathak Changed status to publish April 26, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans A, B, and C are partners sharing profits and losses in the ratio of 5 : 4 : 1. Calculate the new profit sharing ratio, sacrificing ratio, and gaining ratio in each of the following cases: 7.40K viewsAnurag Pathak Changed status to publish April 24, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans X, Y, and Z are sharing profits and losses in the ratio of 5 : 3 : 2. With effect from 1st April 2023, they decide to share profits and losses equally. Calculate each partner’s gain or sacrifice due to the change in the ratio. 4.94K viewsAnurag Pathak Changed status to publish April 24, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans Om and Shyam are sharing profits and losses equally. With effect from 1st April 2023, they agree to share profits in the ratio of 4 : 3. Calculate the individual partner’s gain or sacrifice due to the change in ratio. 8.71K viewsAnurag Pathak Changed status to publish April 20, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans Enumerate two main steps involved in valuing Goodwill according to Super Profit Method. 3.26K viewsAnurag Pathak Changed status to publish April 20, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans Give the formula for Calculation of Goodwill by Capitalisation of Super Profit Method 3.15K viewsAnurag Pathak Changed status to publish April 20, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans Give the formula for calculation of Goodwill by ‘Capitalisation of Average Profit.’ 3.01K viewsAnurag Pathak Changed status to publish April 20, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans What is meant by Capitalisation of Super Profit? 2.98K viewsAnurag Pathak Changed status to publish April 20, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans What is meant by Capitalisation of Average Profit? 3.04K viewsAnurag Pathak Changed status to publish April 20, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans What are ‘Super Profits’? 2.98K viewsAnurag Pathak Changed status to publish April 20, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans What is meant by Average Profit? 2.85K viewsAnurag Pathak Changed status to publish April 20, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans What is meant by Self-generated Goodwill? 3.14K viewsAnurag Pathak Changed status to publish April 19, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans What is meant by purchased Goodwill? 2.86K viewsAnurag Pathak Changed status to publish April 19, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans Give any two features of Goodwill. 3.06K viewsAnurag Pathak Changed status to publish April 19, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans State any three circumstances other than (i) admission of a new partner, (ii) retirement of a partner and (iii) death of a partner, when need for valuation of goodwill of a firm may arise. 3.13K viewsAnurag Pathak Changed status to publish April 19, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans 2.87K viewsAnurag Pathak Changed status to publish April 19, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans Ajit and Baljit were sharing profits in the ratio of 3 : 2. They admit Chaman into the partnership for 1/6th share of future profits. 5.65K viewsAnurag Pathak Changed status to publish April 19, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans Average Profit ₹ 4,40,000, Capital Employed ₹ 8,00,000; Normal Rate of Return 15%. Management Cost during this period is estimated to be ₹ 2,00,000. Calculate the value of goodwill on the basis of two years’ purchase of super profit. 5.38K viewsAnurag Pathak Changed status to publish April 19, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans A firm earns a profit of ₹ 2,50,000. The Normal Rate of Return in a similar type of business is 10%. 4.78K viewsAnurag Pathak Changed status to publish April 19, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans Find the Capitalised value of the business from the following information: 4.67K viewsAnurag Pathak Changed status to publish April 19, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwillMCQs (Goodwill) « Previous 1 2 … 166 167 168 169 170 … 177 178 Next » Question and answer is powered by anspress.net
