CUET Accountancy - 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: | PYQs + Solutions

CUET Accountancy

Partnership

Medium

₹ 49,500

₹ 50,000

₹ 40,000

₹ 40,500

✅ Correct Option: 2

Related questions:

3 June Shift 1

The profits of the firm for the five years are as follows:

Year	Profit (Rs.)
2012-13	20,000
2013-14	24,000
2014-15	30,000
2015-16	25,000
2016-17	18,000

Calculate the value of goodwill on the basis of three years' purchase of weighted average profits based on weights of the last five years as 1,2,3,4 and 5 respectively.

27 May Shift 2

Identify the steps involved in calculating goodwill under the capitalized value of average profits method:

(A) Capitalize the average profits on the basis of the normal rate of return to ascertain the capitalized value of average profits

(B) Ascertain the average profits based on the past few years' performance

(D) Ascertain the actual firm's capital (net assets) by deducting outside liabilities from the total assets (excluding goodwill and fictitious assets)

Choose the correct answer from the options given below:

15 May Shift 1

Hemant and Naman 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 Samrat on Jan. 1, 2025 as a new partner for 1/5 share in the future profits. Samrat brought Rs. 60,000 as his capital. Calculate the value of goodwill of the firm?

CUET Accountancy PYQs

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