The Profit or Loss on revaluation of accounts is transferred to:

Which Act empowers the Central Government to prescribe a maximum number of partners in a partnership firm :-

Arrange the following in a sequence, in which they will be utilize for the payment of losses:

(A) Out of capital of partners.

(B) Out of profits.

(C) By the partners individually in their profit sharing ratio.

Choose the correct answer from the options given below:

As per _____________. Purchased goodwill may be accounted for in the books and shown as an asset but self-generated goodwill is not accounted for in the books.

Which of the following is the feature of fluctuating capital:

The Profit and Loss Appropriation Account is merely an extension of the Profit and Loss Account of the firm, which, among the following, is not shown in the Profit and Loss Appropriation Account?

Capital employed in a business is Rs. 1,00,000. The normal rate of return on this type of business carried out is 10%. The firm has earned profits of Rs. 30,000; Rs. 36,000 and Rs. 42,000 in the last three years. Using capitalisation of super profits method, calculate the value of the goodwill of the firm.