Charvi and Varun are partners in a firm sharing profits in the ratio of 4:1. They admitted Bhumika as a new partner for 1/4 share in the profits, which is acquired wholly from Charvi. Determine the new profit sharing ratio of the partners.

Which statement among the following is NOT true about Goodwill?

In the case of guarantee of profit the Sequence of steps to be Followed are.

(A) divide the profit in the given ratio.

(B) prepare profit and loss appropriation account as usual.

(C) deduct the deficiency from the guaranteeing partner and add the same to guaranteed partner.

(D) find the deficiency.

Choose the correct answer from the options given below:

Extract of Balance Sheet of a Partnership firm is given below :-

Provision for bad debts is to be made equal to 5% of debtors, for this adjustment what journal entry will be recorded related to Revaluation A/c?

Goodwill can also be ascertained by capitalising the super profit directly under which method?

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?

Ram and Balram are partners in a firm sharing profit and losses in the ratio of 2:1.

An extract of Balance Sheet as of 31st March 2022

If the value of above furniture is overvalued by $33\frac{1}{3}\%$, choose the value of furniture to be shown in the new Balance Sheet out of the following: