Student Community
Answer
Ans – a) Solution:- Calculate of the new profit sharing ratio Old Ratio = 2 : 1 Z admitted for 1/4th share Remaining share = 1 – 1/4 = 3/4 X’s new share = 3/4 × 2/3 = 6/12 Y’s…
Ans – a) Solution:- Machinery A/c Dr. 2,00,000 Furntirue A/c Dr. 1,20,000 Stock A/c Dr. 80,000 Cash Dr. 50,000 To Moon’s Capital A/c 3,80,000 To Premium for Goodwill A/c (B/f) 70,000
Ans – c) Explanation:- Journal Entry is Cash A/c Dr. To Premium for goodwill A/c
Ans – b) Solution:- Net Worth of the firm (Including Goodwill) = 20,000 × 3 = ₹ 60,000 Net Worth of the firm (Exluding Goodwill) = 15,000 + 15,000 + 20,000 = ₹ 50,000 Goodwill of the firm = 60,000…
Ans – b) Solution:- Total adjusted capital of A and B = ₹ 54,000 + ₹ 36,000 = ₹ 90,000 Combined profit share of A and B = 1 – 1/3 = 2/3 Total capital of the firm = ₹…
Ans – c) The existing goodwill is written off in the old ratio of partners.
Ans – a) Explanation:- Increase in the value of liabilities is the loss Thus, it is debited to Revaluation Account.
Ans – b) Explanation:- sacrificing ratio of Manav and Nath is 15,000 : 35,000 3 : 7
Ans – a) Solution:- the sacrificing ratio of Anita and babita as per question 8,000 : 16,000 1 : 2 Thus Savita gets his share 1/5th from Anita and babita in 1 : 2 Savita gets from Anita 1/5 ×…
Ans – a) Solution:- The Premium for Goodwill brought in by a new partner is credited to sacrificing partners in their sacrificing ratio. in the absence of any further information, the old ratio is always equal to the sacrificing ratio…