Ask question Search Order By: ActiveCategoryClear Filter 0 Votes 1 Ans Profits of a firm for the year ended 31st March for the last five years were: 419 viewsAnurag Pathak Changed status to publish 2 mins ago[ISC] Goodwill[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Sonu and Sumit are partners sharing profits and losses in the ratio 3 : 2. They admit Sahil as a partner for 1/5th share. For this purpose, goodwill of the firm is to be valued on the basis of 3 year’s purchase of last 4 year’s average profit 1.87K viewsAnurag Pathak Changed status to publish 5 mins ago[ISC] Goodwill[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Parul and Rahul are partners in a firm. They admit Param into partnership for equal share. It was agreed that goodwill will be valued at three year’s purchase of average profit of last five years. profits for the last five years were: 1.69K viewsAnurag Pathak Changed status to publish 8 mins ago[ISC] Goodwill[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Sumit purchased Amit’s business on 1st April, 2023. Goodwill was decided to be valued at two year’s purchase of average normal profit of last four years. The profits for the past four years were: 1.89K viewsAnurag Pathak Changed status to publish 10 mins ago[ISC] Goodwill[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Naman and Amar are partners sharing profits in the ratio of 3 : 2. They decided to admit Raman as a partner from 1st April, 2023 on the following terms: 1.10K viewsAnurag Pathak Changed status to publish 13 mins ago[ISC] Goodwill[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Abhay, Babu and Charu are partners sharing profits and losses equally. They agree to admit Daman for equal share of profit 738 viewsAnurag Pathak Changed status to publish 15 mins ago[ISC] Goodwill[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Divya purchased Jyoti’s business on 1st April, 2023. Profits shown by Jyoti’s business for the last three financial years were: 2020 – 21: ₹ 1,00,000 (including profit on sale of machine (abnormal gain) of ₹ 12,500 1.19K viewsAnurag Pathak Changed status to publish 18 mins ago[ISC] Goodwill[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans The Partnership Deed of Aman, Bharat and Chetan has a clause that any partner may retire from the firm on the following terms by giving six months’ notice in writing. The retiring partner shall be paid 2.60K viewsAnurag Pathak Changed status to publish 22 mins ago[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans A partnership firm earned net profits during the last three years ended 31st March, as follows: 2021 – ₹ 17,000; 2022 – ₹ 20,000; 2023 – ₹ 23,000. Capital investment in the firm throughout the above mentioned period was ₹ 80,000 593 viewsAnurag Pathak Changed status to publish 52 mins ago[ISC] Goodwill[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Veena and Soma are partners in a firm. They admit Sara on 1st April, 2022 for 1/4th share in the profits of the firm. On an average, the profits earned by Veena and Soma are ₹ 21,000 2.25K viewsAnurag Pathak Changed status to publish 53 mins ago[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Calculate the value of goodwill of a firm on the basis of three year’s purchase of average profit of the preceding five years which were as follows: 508 viewsAnurag Pathak Changed status to publish 54 mins ago[ISC] Goodwill[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Suraj and Chetan are partners in a firm sharing profits and losses equally. They decide to take Deep into partnership from 1st April, 2023 for 1/5th share in the future profits 1.03K viewsAnurag Pathak Changed status to publish 58 mins ago[ISC] Goodwill[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Calculate the value Goodwill on the basis of three year’s purchase of four year’s average profit. Profits of the firm for last four year’s ending on 31st March, were: 2020 – ₹ 12,000; 2021 – ₹ 18,000; 2022 – ₹ 16,000; 2023 – ₹14,000. Calculate the value of Goodwill. 405 viewsAnurag Pathak Changed status to publish 1 hour ago[ISC] Goodwill[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Mahi, Virat and Ishant are partners in Sports goods business sharing profits and losses in the ratio of 2 : 2 : 1. Ishant is guaranteed profit of ₹ 5,00,000 per annum by Mahi and Virat 74 viewsAnurag Pathak Changed status to publish 6 days ago[ISC] Fundamentals of Partnership 0 Votes 1 Ans Anil and Sunil are partners sharing profits and losses in the ratio of 3 : 1. On 1st April 2023, their capitals were: Anil ₹ 1,50,000 and Sunil ₹ 90,000 83 viewsAnurag Pathak Changed status to publish 6 days ago[ISC] Fundamentals of Partnership 0 Votes 1 Ans Nihar and Ashish started business on 1st April, 2023 with fixed capitals of ₹ 5,00,000 each. On 1st October, 2023, they decided that total fixed capital of the firm ₹ 15,00,000 should be in their profit sharing ratio of 4 : 1 108 viewsAnurag Pathak Changed status to publish April 24, 2024[ISC] Fundamentals of Partnership 0 Votes 1 Ans Ajay, Bijay, and Chandan are partners in a firm with capitals of ₹ 1,50,000; ₹ 1,20,000, and ₹ 90,000 respectively. Their Partnership Deed provides as follows: 2.07K viewsAnurag Pathak Changed status to publish April 24, 2024[ISC] Fundamentals of Partnership[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Tara and Mira are in partnership sharing profits in the ratio of 3 : 2. According to the Partnership Deed, Tara is to get salary of ₹ 10,000 per month 99 viewsAnurag Pathak Changed status to publish April 24, 2024[ISC] Fundamentals of Partnership 0 Votes 1 Ans Amrit and Kamal started business on 1st April, 2023 with capitals of ₹ 10,00,000 and ₹ 5,00,000 respectively. Kamal withdrew ₹ 12,000 in the middle of each month 92 viewsAnurag Pathak Changed status to publish April 24, 2024[ISC] Fundamentals of Partnership 0 Votes 1 Ans Firoz and Asim started business on 1st June, 2023 with capitals of ₹ 5,00,000 and ₹ 2,50,000 respectively. Firoz withdrew ₹ 12,000 at the end of each month 96 viewsAnurag Pathak Changed status to publish April 24, 2024[ISC] Fundamentals of Partnership 1 2 … 171 172 Question and answer is powered by anspress.net