Beena and Deepa are two partners sharing profit in the ratio of 4:3. They admit Ceena for 1/3rd share of profit. Goodwill a/c stood in their book @ Rs. 60000 and it was on the date of the admission valued at Rs. 30000. What is the Journal entry for goodwill adjustment ?
Goodwill a/c Dr 60000
To Beena's capital a/c 20000
To Deepa's capital a/c 20000
To Ceena's capital a/c 20000
Goodwill a/c Dr 30000
To Beena's capital a/c 17143
To Deepa's capital a/c 12857
Beena's capital a/c Dr 17143
Deepa's capital a/c Dr 12857
To Goodwill a/c 30000
Beena's capital a/c Dr 34286
Deepa's capital a/c Dr 25714
To Goodwill a/c 60000
Which of the following is not correct in the adjustment of goodwill according to the point of view of accounting ?
Memorandum Revaluvation Method
Reserve Revaluvation Method
Premium Method
Revaluvation Method
Revaluation a/c is credited with
Decrease in the value of assets
Creation of new liability
Increase in the value of assets
Increase in the value of liability
In what ratio the goodwill is to be shared to the old partners ?
New ratio
Old ratio
Sacrificing ratio
Gaining ratio
From the following which is not needed at the time of admission of a new partner ?
Revaluvation of assets and liabilities
Distribution of undistributed profits and accumulated reserves to the old partner.
Calculation of gaining ratio
Treatment of goodwill
Right acquired by new partner at the time of admission ?
Right to get a share of Accumulated reserves and Undistributed profit.
Right to share the assets and future profits of the partnership firm.
Right to get the share of goodwill of the partnership firm.
Right to get equal share of assets and liabilities and profit and loss of the existing partnership firm.
What is the name of consideration paid by new partner to the old partner for the right to participate in the division of future profits ?
Good will
Capital
Capital reserve
None of these
Goodwill does not appear as an asset in the balance sheet means it is not yet recorded in the books and remains as
liability
cash
silent asset
reserve
X and Y were partners for 6:4. They admitted Z and their ratio is 3:2:1. They are revaluvating the firm. Find revaluvation profit or loss according to the following adjustments.
Loss Rs. 500/-
Loss Rs. 1500/-
Profit Rs. 500/-
Profit Rs. 1500/-
A and B are partners sharing profits in the ratio of 3:2. They admit C for 1/6th share as new partner. Calculate sacrificing ratio of old partners ?
1:6
6:1
3:2
2:3
