Amit and Beena are partners in a firm sharing profits in the ratio of 3:2. They admit Chitra as a new partner. Amit sacrificed 1/4 of his share and Beena 1/3 of her share in favour of Chitra. The new profit sharing ratio of Amit, Beena and Chitra will be:

Vijay and Manohar share profits and losses in the ratio of 2:1. They admit Prakash as a partner with 1/4 share in profits with a guarantee that his share of profit will be at least Rs. 50,000. The net profit of the firm for the year ending March 31, 2015, was Rs. 1,60,000. Calculate the amount of profit Vijay will get:

Which of the following factors leads to a higher goodwill for firms?

(A) Firms having long term contracts for supply of materials

(B) Firms with efficient management

(C) Firms which are highly profitable

(D) Firms which do not have competitive advantages

Choose the correct answer from the options given below:

Which statement among the following is NOT true about Goodwill?

Ranjan and Anjan were Partners in a firm sharing profits and losses in 3:2. they admitted Sanjan for 1/4 share of profit on 1 Jan 2024.

Goodwill of the firm will be valued at 3 years purchase of average profit of last 4 years which were

2024: Rs. 80,000

2023: Rs. 1,40,000.

2022: Rs. 2,00,000

2021: Rs. 1,60,000

The goodwill of the reconstituted firm will be

A and B are partners sharing profits in the ratio of 4:3. C was admitted as a new partner for 1/4 share in the future profits of the firm. What would be the new profit sharing ratio of A, B and C?

________ is the value of the reputation of a firm in respect of the profits expected in future over and above the normal profits.