CUET Accountancy - Kavita and Lalita are partners, sharing profits in the ratio of 2:1. They decide to admit Mohan for 1/4th share in profits with a guaranteed amount of ₹ 25,000. Both Kavita and Lalita undertake to meet the liability arising due to the guaranteed amount to Mohan in their respective profit sharing ratio. The firm earned profits of ₹ 76,000 for the year 2022-23. The deficiency borne by Kavita is: | PYQs + Solutions

CUET Accountancy

Partnership

Medium

₹ 4,000

₹ 2,000

₹ 6,000

₹ 4,500

✅ Correct Option: 1

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3 June Shift 1

Arrange the following steps which involve the Super Profits Method of valuation of goodwill in the correct sequence:

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Choose the correct answer from the options given below:

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

CUET Accountancy PYQs

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