Questions Ask question Search Order By: ActiveCategoryClear Filter 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. 6.24K 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: 5.34K 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: 4.49K 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. 2.77K 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. 5.43K 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. 1.33K 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 1.28K 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.’ 1.19K 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? 1.32K 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? 1.18K viewsAnurag Pathak Changed status to publish April 20, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans What are ‘Super Profits’? 1.17K 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? 1.21K 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? 1.27K 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? 1.16K 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. 1.15K 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. 1.54K viewsAnurag Pathak Changed status to publish April 19, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans 1.23K 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. 3.58K 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. 3.55K 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%. 2.99K 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: 2.87K viewsAnurag Pathak Changed status to publish April 19, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans Assertion (A): Goodwill is the value of the reputation of a firm in respect of the profits expected in the future over and above the super profits. 3.40K viewsAnurag Pathak Changed status to publish April 19, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAssertion Reason (Goodwill)Goodwill 0 Votes 1 Ans P, Q, and R are partners sharing profits and losses in the ratio of 2 : 2 : 1. They admit 5 for 1/5th share. For the purpose of admission of 5, the goodwill of the firm is to be valued at 3 years’ purchase of the average of 5 years’ profit or loss. The profits (Loss) are: 3.51K viewsAnurag Pathak Changed status to publish April 19, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans Under the average profit method of goodwill valuation, the value of goodwill is determined by 1.17K viewsAnurag Pathak Changed status to publish April 18, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwillMCQs (Goodwill) 0 Votes 1 Ans Under the Capitalisation of Super Profit basis of goodwill valuation, goodwill is calculated by 1.11K viewsAnurag Pathak Changed status to publish April 18, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwillMCQs (Goodwill) « Previous 1 2 … 158 159 160 161 162 … 169 170 Next » Question and answer is powered by anspress.net
