The capital of the firm of M and N is Rs. 1,00,000 and the market rate of interest is 15%. The annual salary to partners is Rs. 6,000 each. The profits for the last 3 years were Rs. 30,000 (for 2022); Rs. 36,000 (for 2023) and Rs. 42,000 (for 2024). Goodwill is to be valued at 2 years' purchase of the last 3 years' average super profits or 3 years' purchase of the last 2 years' average super profits, whichever is less. Calculate the goodwill of the firm.

If partnership deed is silent about the interest on capital contributed by the partners in the firm, then ......... on the contributed capital will be paid.

Varun, Vansh and Vinay are partners sharing profits in the ratio of 5:3:2. They decided to share future profits in the ratio of 2:3:5. What will be the accounting treatment of Workmen Compensation Reserve existing in the balance sheet on that date when further information is not available?

Partnership comes into existence as a result of an agreement among the partners, that agreement is called......

Identify which of the following is not related to the concept of "MUTUAL AGENCY"?

Correct Journal entry for transferring interest on capital to Profit and Loss Appropriation Account is-

Out of the following, which one is not a mode of reconstitution of a partnership firm?