Arrange the following steps in the correct sequence when hidden goodwill is adjusted through capital accounts in case of admission of a partner:

(A) Compare capital required with actual capital.

(B) Calculate firm's total capital on the basis of new partner's share.

(C) Compute actual capital of the firm including new partner's capital.

(D) Determine new profit sharing ratio.

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Sometimes, at the time of admission, the partners agree that their capitals should also be adjusted so as to be proportionate to their profit sharing ratio (if the capital of the new partner is not given). Arrange the following steps in a correct sequence.

(A) Ascertain combined capital of old partners after all adjustments like interest on capital, salary etc.

(B) Ascertain new capital of all partners

(C) Ascertain necessary amount to cover the shortage and withdraw the excess amount of capital of partners

(D) Ascertain total capital of the firm on the basis of combined capital of old partners

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Match List - I with List - II.

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Revaluation Account is :-

"Goodwill is the value of the reputation of a firm in respect of the profits expected in future over and above the normal profits." Which of the following statements are incorrect in the context of goodwill?

A. It is tangible asset.

B. Goodwill exists only when the firm earns super profits.

C. It is intangible asset.

D. Goodwill tends to be low if the business is centrally located or is at a place having heavy customer traffic,

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Aman and Vimal are partners in a firm sharing profits and losses in the ratio of 3:2. They admitted Kamal into partnership for 1/4 share in profits. Kamal brings in Rs. 50,000 for capital and the requisite amount of premium in cash. The goodwill of the firm is valued at Rs. 30,000. The new profit sharing ratio is 2:1:1. The premium brought in by Kamal will be shared between Aman and Vimal in following.

Arrange the following steps in the correct accounting sequence when hidden goodwill is adjusted through capital accounts:

A. Calculate the actual total capital of all the partners including the new partner.

B. Calculate the firm's total capital on the basis of new partners share

C. Determine the difference between the two capitals.

D. Determine new profit sharing ratio

Choose the correct answer from the options given below: