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CUET Accountancy 2023 PYQs28 May Shift 1. Free, no login required.

Partnership

past year questions, CUET Accountancy 2023 28 May Shift 1

Admission

past year questions, Partnership, CUET Accountancy 2023 28 May Shift 1

Medium

If Average Capital Employed in a firm is Rs. 9,00,000 ; Average Profits Rs. 2,80,000 and Normal rate of return is 20%, then value of goodwill as per capitalisation of super profits is :

Solution

✅ Correct Option: 2

Normal Profit = 9,00,000 x 20% = 1,80,000.

Super Profit = 2,80,000 - 1,80,000 = 1,00,000.

Goodwill (Capitalisation of Super Profit) = Super Profit x 100 / Normal Rate of Return = 1,00,000 x 100 / 20 = 5,00,000.

Related questions:

2026: 19 May Shift 1

P, Q and S are partners in a firm sharing profit and losses in the ratio of 3:2:1. They agreed to admit R as a partner with 1/6th share in profits of the firm. The following Journal entries were passed on his admission. Arrange them in sequence

(A)

DateParticularsL.F.Dr. AmountCr. Amount
P's Capital A/c Dr.5,400
Q's Capital A/c Dr.3,600
S's Capital A/c Dr.1,800
To Goodwill A/c10,800
(Being existing goodwill ₹ 10,800 written off in old profit sharing ratio)

(B)

DateParticularsL.F.Dr. AmountCr. Amount
Cash A/c Dr.64,800
To R's Capital A/c60,000
To Premium for Goodwill A/c4,800
(Being R brought capital ₹ 60000 and his share of goodwill Rs. 4800)

(C)

DateParticularsL.F.Dr. AmountCr. Amount
P's Capital A/c Dr.2,400
Q's Capital A/c Dr.1,600
S's Capital A/c Dr.800
To Cash A/c4,800
(Being share of goodwill withdrawn by old partners )

(D)

DateParticularsL.F.Dr. AmountCr. Amount
Premium for Goodwill A/c Dr.4,800
To P's Capital A/c2,400
To Q's Capital A/c1,600
To S's Capital A/c800
(Being goodwill brought by R distributed in sacrificing ratio)

Find the correct sequence :

2026: 21 May Shift 2

At the time of admission of a partner, assets are revalued and assessment of the liabilities is also done so that these are brought in the books at their correct values. For this purpose:

2025: 31 May Shift 1

Select the factors affecting the value of goodwill-

(A) Nature of business.

(B) Efficiency of management.

(C) Location.

(D) Prices.

Choose the correct answer from the options given below:

2025: 14 May Shift 1

The New Profit Sharing Ratio in this case is:

2026: 6 June Shift 1

Vijay and Sanjay are partners in a firm sharing profits and losses in the ratio of 3:2. They admitted Ajay into partnership with 1/4 share in profits. Ajay brings in Rs. 30,000 for capital and the requisite amount of premium in cash. The goodwill of the firm is valued at Rs. 20,000. The new profit sharing ratio is 2:1:1. Give necessary journal entry for the adjustment of goodwill.

2025: 26 May Shift 2

A and B are partners in a firm sharing profits in the ratio of 3:2. They admitted M as a new partner for 1/4 share. The new profit sharing ratio between A and B will be 2:1. Calculate their sacrificing ratio.

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