Questions Ask question Search Order By: ActiveCategoryClear Filter 0 Votes 1 Ans A, B and C were partners sharing profits and losses in the ratio of 7 : 3 : 2. From 1st April 2021, they decided to share profits and losses in the ratio of 8 : 4 : 3. Goodwill is to be valued at the average of three year’s profits preceding the date of change in profit sharing ratio 692 viewsAnurag Pathak Answered question August 1, 2024Accountancy Class 12th 0 Votes 1 Ans P, Q and R are partners sharing profits equally. They decided that in future R will get 1/7 share in profits. On the day of change, firm’s Goodwill is valued at ₹ 42,000. Give Journal Entries arising on account of change in profit sharing ratio 705 viewsAnurag Pathak Answered question July 31, 2024Accountancy Class 12th 0 Votes 1 Ans Rajesh and Ravi are partners sharing profits in the ratio of 3 : 2. Their Balance Sheet at 31st March, 2023 stood as: 6.09K viewsAnurag Pathak Changed status to publish July 31, 2024[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans X, Y and Z were partners in a firm sharing profit in the ratio of 3 : 2 : 1. The firm closes its books on 31st March every year. Y died on 30th June, 2023. 4.04K viewsAnurag Pathak Changed status to publish July 31, 2024[CBSE] Death of Partner[CBSE] TS Grewal Solutions 0 Votes 1 Ans A and B are partners sharing profits and losses in the ratio of 3 : 1. It was decided that with effect from 1st April, 2024 the profit sharing ratio will be 5 : 3 887 viewsAnurag Pathak Answered question July 16, 2024Accountancy Class 12th 0 Votes 1 Ans The following information relates to a partnership firm: (a) Profits/Losses for the last six years: 690 viewsAnurag Pathak Changed status to publish July 16, 2024Accountancy Class 12th 0 Votes 1 Ans The average profits of a firm is ₹ 48,000. The total assets of the firm are ₹ 8,00,000. Value of outside liabilities is ₹ 5,00,000. Average rate of return in the same business is 12% 713 viewsAnurag Pathak Answered question July 16, 2024Accountancy Class 12th 0 Votes 1 Ans Anupama, Purnima and Ruchika are partners in a business. Balances in their Capital and Current Accounts as on 31st March, 2023 were: 749 viewsAnurag Pathak Answered question July 16, 2024Accountancy Class 12th 0 Votes 1 Ans The average profits of a firm is ₹ 48,000. The total assets of the firm are ₹ 8,00,000. Value of outside liabilities is ₹ 5,00,000. Average rate of return in the same business is 12% 628 viewsAnurag Pathak Changed status to publish July 16, 2024Accountancy Class 12th 0 Votes 1 Ans On April 1st 2024, an existing firm had assets of ₹ 5,00,000 including cash of ₹ 20,000. the firm had a General Reserve of ₹ 90,000, partner’s capital accounts showed a balance of ₹ 3,80,000 and creditors amounted to ₹ 30,000 983 viewsAnurag Pathak Answered question July 12, 2024Accountancy Class 12th 0 Votes 1 Ans A and B are partners. They admit C for 1/4th share in profits. For this purpose goodwill is to be valued at three year’s purchase of super profits. 957 viewsAnurag Pathak Answered question July 12, 2024Accountancy Class 12th 0 Votes 0 Ans Find out the capital employed from the following information: Normal rate of return: 12% 480 viewsAnurag Pathak Changed status to publish July 12, 2024Accountancy Class 12th 0 Votes 1 Ans The capital of the firm of Anuj and Benu is ₹ 10,00,000 and the market rate of interest is 15%. Annual salary to the partners is ₹ 60,000 each. The profit for the last three years were ₹ 2,80,000, ₹ 3,80,000 and ₹ 4,20,000 766 viewsAnurag Pathak Answered question July 12, 2024Accountancy Class 12th 0 Votes 1 Ans Capital invested in a firm is ₹ 3,00,000. Normal rate of return is 10%. Average profits of the firm are ₹ 41,000 (after an abnormal loss of ₹ 2,000). Calculate goodwill at five times the super profits 664 viewsAnurag Pathak Changed status to publish July 12, 2024Accountancy Class 12th 0 Votes 1 Ans Pratik, Nitish and Avinash are in partnership sharing profits equally. Avinash died on 30th June 2.01K viewsAnurag Pathak Changed status to publish July 12, 2024[ISC] Death of Partner 0 Votes 1 Ans A firm earned profits of ₹ 80,000, ₹ 1,00,000, ₹ 1,20,000 and ₹ 1,80,000 during 2010-11, 2011-12, 2012-13 and 2013-14 respectively. The firm has capital investment of ₹ 5,00,000 1.54K viewsShruti Ahuja Changed status to publish July 7, 2024 0 Votes 1 Ans Amit, Balan and Chander were partners in a firm sharing profits in the proportion of 1/2, 1/3 and 1/6 respectively. Chander retired on 1st April, 2014. The Balance Sheet of the firm on the date of Chander’s retirement was as follows: 6.34K viewsAnurag Pathak Changed status to publish July 6, 2024[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Prepare Sales Book from the following transactions of Gurman Traders dealing in furniture. Open the Ledger Accounts also: 1.75K viewsAnurag Pathak Changed status to publish July 1, 2024Other BookTS Grewal Class 11 0 Votes 1 Ans Calculate the value of goodwill on the basis of three year’s purchase of the weighted average profits of the last five years. Profits to be weighted 1, 2, 3, 4 and 5, the greatest weightage to be given to last year. Profits of the last five years were 1.40K viewsAnurag Pathak Answered question June 27, 2024 0 Votes 1 Ans Following information is available about the business of a firm: Profits : In 2022, ₹ 40,000; In 2023, ₹ 50,000; In 2024, ₹ 60,000 Non-recurring income of ₹ 1,000 is included in the profits of 2023 1.44K viewsAnurag Pathak Answered question June 27, 2024 0 Votes 1 Ans The profits earned by a firm during the last four years were as follows: Profits ₹ 80,000 998 viewsAnurag Pathak Answered question June 27, 2024 0 Votes 1 Ans A, B and C are partners sharing profits and losses equally. They agree to admit D for equal share. For this purpose goodwill is to be valued at 3 year’s purchase of average profits of last 5 years which were as follows: 1.30K viewsAnurag Pathak Answered question June 27, 2024 0 Votes 1 Ans A, B and C are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. They decide to take D into partnership for 1/4th share on 1st April, 2022. For this purpose, goodwill is to be valued at 3 times the average annual profits of the previous four or five years whichever is higher 1.16K viewsAnurag Pathak Answered question June 27, 2024 0 Votes 1 Ans X purchased the business of Y from 1st April, 2023. For this purpose goodwill is to be valued at 100% of the average annual profits of the last four years. The profits shown on Y’s business for the last four years were: 1.32K viewsAnurag Pathak Answered question June 27, 2024 0 Votes 1 Ans The goodwill of a firm is valued at 4 year’s purchase of average profits of last five years. The profits of the last five years were: 953 viewsAnurag Pathak Answered question June 27, 2024 « Previous 1 2 … 24 25 26 27 28 … 169 170 Next » Question and answer is powered by anspress.net
