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Ankita and Anjali share profits in the ratio of 3:2. Anshu is admitted into partnership for 1/4 share. The new profit sharing ratio is 9:6:5. What will be the sacrificing ratio of Ankita and Anjali?

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?

Match the LIST-I with LIST-II

Choose the correct answer from the options given below:

What is the correct sequence for calculating goodwill by Capitalisation of Average Profit Method?

A. Compute the value of goodwill

B. Find Capitalized value of the average profits

C. Ascertain the average profits

D. Ascertain the actual firm's capital

Choose the correct answer from the options given below:

Match the LIST-I with LIST-II

Choose the correct answer from the options given below:

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.

Goodwill already exist in the books is written off by:

If the furniture is shown as Rs. 15,000 in the balance sheet and is revalued at Rs. 12,000, then the journal entry for the same will be:

Gaurav and Rana are partners in a firm sharing profits in the ratio of 3:2. Their capitals were Rs. 90,000 and Rs. 60,000 respectively. They admitted Rajiv on April 1, 2025 as a new partner for 1/4 share in the future profits. Rajiv brought Rs. 80,000 as his capital. Calculate the value of goodwill of the firm.

For transferring the revaluation loss, which of the following is correct ?

Reconstitution of a partnership firm usually does not take place at the time of :

Find out gain or loss of Revaluation A/c from the given information:

1. The fixed assets should be valued at Rs. 3,31,000 (book value Rs. 2,80,000).
2. A provision of 5% on sundry debtors be made doubtful debts (Debtors amounted to Rs. 90,000).
3. The value of stock be reduced to Rs. 1,12,000 (book value 1,90,000).

A business has earned average profits of Rs. 50,000 during the last few years and the normal rate of return in a similar business is 10%. Ascertain the value of goodwill by capitalisation of average profits method, given that the value of net assets of the business is Rs. 4,10,000.

At the time of admission of a partner, assets are revalued and assessment of the liabilities is also done so that these are brought in the books at their correct values. For this purpose:

Various methods are used for the valuation of goodwill of a partnership firm. Which of the following is not the method of valuation of goodwill?

The steps involved under calculation of goodwill using Super Profit method are following. Arrange them in the correct order.

A. Calculate the normal profit on the firm's capital on the basis of the normal rate of return.

B. Calculate the super profits by deducting normal profit from the average profits.

C. Calculate goodwill by multiplying the super profits by the given number of years' purchase.

D. Calculate the average profit.

Choose the correct answer from the options given below.

"Sometimes a partner is admitted into the firm with a guarantee of a certain minimum amount by way of their share in the profits of the firm." Identify which of the following is incorrect about such assurance.

In case of admission of a new partner, Match the LIST-I with LIST-II.

Choose the correct answer from the options given below.

Sometimes, at the time of admission, the old partners agree that their capital should also be adjusted to be proportionate to their profit sharing ratio on the basis of the new partner's capital. Identify the correct sequence to be followed:

A. Ascertain the total capital of the firm on the basis of the new partner's capital.

B. Compare old partners' capital with adjusted capital of old partners.

C. Ascertain capital of old partners after all adjustments like interest on capital, salary, etc.

D. Ascertain deficiency or surplus capital of partners.

Choose the correct answer from the options given below:

If the partners decide to withdraw the amount of premium for goodwill credited to their capital account, the following entry will be passed:

Which of the following needs no adjustments in the books of firm at the time of admission of a new partner?

Any gain or loss arising from Adjustments for Revaluation of Assets and Reassessment of Liabilities shall be distributed among:

Rajinder and Binod are partners in a firm sharing profits in the ratio of 3:2. They admitted Gaurav as a new partner for 1/4 share. The new profit sharing ratio between Rajinder and Binod will be 1:2. The new profit sharing ratio between Rajinder, Binod and Gaurav will be:

Priya, Rama and Sona are partners in a firm sharing profits and losses equally. They decided to share the profits 3:3:2 w.e.f. April 1, 2025. Calculate gain or sacrifice of partners.

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.

The purpose of preparing the Revaluation Account is:

Goodwill, if existing in the books of the firm, is written off at the time of admission of a partner, and is:

Identify the factor affecting value of goodwill highlighted in the following statement

"The monopoly condition or limited competition enables the concern to earn high profits which leads to higher value of goodwill."

The following steps are followed to ascertain average profit when goodwill is determined on the basis of super profit method. Arrange them in proper sequence.

(A) Ascertain super profit of the firm.

(B) Calculate goodwill of the firm on the basis of super profit.

(C) Ascertain average profit of the firm.

(D) Find out normal profit of the firm.

Choose the correct answer from the options given below:

Sudip and Sudipth are partners in a firm sharing profits in the ratio 2:1. Subhodh is admitted into the firm with 1/5 share in profits. He brings in Rs. 3,60,000 as capital and capitals of Sudip and Sudipth are to be adjusted in the profit sharing ratio. New capital of Sudip and Sudipth will be: