Partnership

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Calculate the Normal Rate of Return if normal profit is Rs.30,000, Assets Rs.5,30,000 and liabilities Rs.30,000, while calculating the value of goodwill of the firm at the time of admission of a partner.

5.6 %

6 %

5.3 %

5 %

✅ Correct Option: 2

Capital Employed = Assets $-$ Liabilities = $5{,}30{,}000 - 30{,}000 = 5{,}00{,}000$ .

Normal Rate of Return = $\frac{\text{Normal Profit}}{\text{Capital Employed}}\times 100 = \frac{30{,}000}{5{,}00{,}000}\times 100 = 6\%$ .

2024

On the date of admission of a partner there was a balance of ₹ 45,000 in the account of machinery. It was found undervalued by 10%. The value of machinery will appear in the new Balance Sheet at:

2025: 4 June Shift 2

Sameer and Yasmin are partners with capitals of Rs 15,00,000 and Rs 10,00,000 respectively. They agreed to share profits in the ratio of 3:2. The books are closed on March 31, every year. They admit Ravi on October 1, 2019 in the partnership, who bring Rs 12,00,000 as capital and Sameer also introduced additional capital Rs 3,00,000 on that date. Interest on partner's capital is provided @5% p.a. The amount of interest on the capital of Sameer for the year 2019-20 is-

2025: 3 June Shift 2

Which statement among the following is NOT true about Goodwill?

2026: 21 May Shift 1

Match List-I with List-II

List-I	List-II
(A) In this method, the person who purchases a running business must pay in the form of goodwill, a sum which is equal to the profits he is likely to receive for the first few years.	(I) Capitalised value of business
(B) It is desirable to value goodwill on the basis of the excess profits and not the actual profits.	(II) Goodwill
(C) Average Profits × 100/Normal Rate of Return	(III) Super Profit Method
(D) Capitalised value – Net Assets	(IV) Average profit Method

Choose the correct answer from the options given below:

2026: 19 May Shift 1

Which of the following is incorrect ?

2025: 4 June Shift 2

Hem and Nem are partners in a firm sharing profits in the ratio of 3:2. Their capitals were Rs. 80,000 and Rs. 50,000 respectively. They admitted Sam on Jan. 1, 2025 as a new partner for 1/5 share in the future profits. Sam brought Rs. 60,000 as his capital. Sam share of goodwill will be:

Calculate the Normal Rate of Return if normal profit is Rs.30,000, Assets Rs.5,30,000 and liabilities Rs.30,000, while calculating the value of goodwill of the firm at the time of admission of a partner.

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