Accountancy: Not-for-Profit Organisation and Partnership Accounts
10 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the new profit sharing ratio between Rajesh, Mukesh and Hari?

  • 1:3:2
  • 2:3:4
  • 4:3:2 (correct)
  • 3:2:1

    • What is the value of goodwill of the firm when Hari is admitted to partnership?

  • Rs. 36,000 (correct)
  • Rs. 45,000
  • Rs. 60,000
  • Rs. 30,000

    • Why was the goodwill account not opened in Hari's admission?

  • Because Hari could not bring his share of goodwill premium in cash
  • Because Hari was not a partner initially
  • Because goodwill was already valued at Rs. 36,000
  • Because Rajesh, Mukesh and Hari decided not to show goodwill in their balance sheet (correct)

    • What is the new profit sharing ratio between Amar, Akbar and Anthony?

    <p>4:3:2</p> Signup and view all the answers

    How much is Anthony's share of goodwill?

    <p>Rs. 45,000</p> Signup and view all the answers

    What is the total capital of A and B in the balance sheet?

    <p>Rs. 2,80,000</p> Signup and view all the answers

    How much will C bring in as his capital when admitted as a partner?

    <p>Rs. 1,00,000</p> Signup and view all the answers

    How much is C's share of goodwill?

    <p>Rs. 60,000</p> Signup and view all the answers

    What is the ratio in which A and B share profits and losses?

    <p>2:1</p> Signup and view all the answers

    What is the total of liabilities and capitals in the balance sheet?

    <p>Rs. 4,00,000</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser