Bissoy
Login
Get Advice on Live Video Call
Earn $ Cash $ with
consultations on Bissoy App
X and Y are partners in the firm. Their profit sharing ratio is 2 : 3. Rs. 10,000 goodwill is appearing in the books. Z becomes new partner in the firm for $${\frac{1}{5}^{{\text{th}}}}$$ share. His share of goodwill is calculated as Rs. 15,000. Amount of goodwill credited to old partners capital account will be
A
Rs. 50,000
B
Rs. 40,000
C
Rs. 75,000
D
Rs. 65,000
Correct Answer:
Rs. 65,000
A and B are partners sharing profits in the firm in the ratio of 2 : 3. Goodwill appears in the books of firm at Rs. 10,000. C joins the firm for $$\frac{1}{5}$$ share of profits. His share of Goodwill is estimated to be Rs. 15,000. The old partner's account will be credited with Goodwill by
A
Rs. 50,000
B
Rs. 40,000
C
Rs. 75,000
D
Rs. 65,000
Arrange the following steps of 'adjustment of old partners' capital on the basis of incoming partner's capital in a correct order.
1. Ascertain the present capital of the old partners.
2. Calculation of total capital of firm on the basis of new partner's capital.
3. Finding the surplus/deficit capital.
4. Determining the new capital of each partner.
Select the correct answer:
A
2, 4, 1, 3
B
3, 2, 1, 4
C
4, 3, 2, 1
D
1, 4, 2, 3
X and Y are partners sharing the profit in the ratio of 3 : 2. They take Z as the new partner who is supposed to bring Rs. 25,000 against capital and Rs. 10,000 against goodwill, New profit sharing ratio is 1 : 1 : 1. Z is able to bring only his share of capital. How this will be treated in the books of the firm?
A
X and Y will share goodwill bought by Z as Rs. 4,000 : Rs. 1,000
B
Goodwill be raised to Rs. 30,000 in old profit sharing ratio
C
Both A and B
D
No treatment in the books of the firm
A and B are partners sharing profit and loss in 2 : 1 ratio. They admitted C who agreed to contribute Rs. 50,000 towards his capital. The future profit sharing ratio of A, B and C is 2 : 3 : 3 respectively. C agreed to transfer Rs. 15,000 for Goodwill from his capital account. A's capital account will be credited by
A
Rs. 15,000
B
Rs. 16,333
C
Rs. 16,667
D
Rs. 17,333
Which of the following are correct regarding rights of partners?
1. A partner has the right to allow the admission of a new partner.
2. Every partner has a right to take part in the management of business.
3. Every partner has a joint ownership of partnership property.
4. Every partner has a right to share the profit not the losses with other partners.
5. Every partner has a right to inspect the books of account and have a copy of the same.
6. In case of emergency, a partner has a right to act as a man of prudence.
Select the correct answer:
A
1, 2, 3, 4
B
2, 3, 4, 6
C
3, 4, 5, 6
D
2, 3, 5, 6
The profit – sharing ratio of two partners is 2 : 3 if another partner is added with 40% of the profit – sharing ratio and the profit – sharing ratio of the initial two partners remains the same. Find the new profit – sharing ratio.
A
5 : 7 : 9
B
6 : 7 : 9
C
6 : 8 : 9
D
6 : 9 : 10
A and B are partners sharing profits in the ratio of 2 : 1 They admit C who agrees that his share of goodwill Rs. 15,000 be debited to his capital he is required to bring in. The future profit sharing ratio of A, B and C will be 2 : 3 : 3 respectively.
A's Capital account in lieu of goodwill will be credited by:
A
Rs. 10,000
B
Rs. 15,000
C
Rs. 16,533
D
Rs. 16,667
X and Y are partners in a firm sharing profits in the ratio of 3 : 1. They admit Z as a partner with new profit sharing ratio of 2 : 1 : 1. The amount of goodwill brought in by new partner will be credited to
A
X and Y equally
B
Only X
C
Only Y
D
None of these
R and S are partners sharing profits in the ratio of 5 : 3. T joins the firm as a new partner. R given $${\frac{1}{4}^{{\text{th}}}}$$ of his share and S given $${\frac{2}{5}^{{\text{th}}}}$$ of his share to new partner. New profit sharing ratio of R, S and T will be
A
15 : 01 : 26
B
75 : 36 : 49
C
25 : 15 : 26
D
20 : 9 : 11
X and Y are partners Sharing profits in the ratio of 3 : 1. They admit Z as a partner who pays Rs. 4,000 as Goodwill. If the new profit sharing ratio is 2 : 1 : 1 among X, Y and Z respectively, the Goodwill amount will be credited to:
A
X and Y as Rs. 3,000 and Rs. 1,000 respectively
B
X and Y as Rs. 2,000 each
C
X only
D
Y only