Home
Class 12
ACCOUNTS
X and Y are partners in a firm with capi...

X and Y are partners in a firm with capital of Rs.1,80,000 and Rs.2,00,000. Z was admitted for 1/3rd share in profits and brings Rs.3,40,000 as capital, calculate the amount of goodwill :

A

Rs.2,40,000

B

Rs.1,00,000

C

Rs.1,50,000

D

Rs.3,00,000

Text Solution

Verified by Experts

Promotional Banner

Topper's Solved these Questions

  • ADMISSION OF A PARTNER

    DK GOEL|Exercise MCQ Calculation of Sacrificing Ratio :|8 Videos

  • ACCOUNTING TREATMENT OF GOODWILL

    DK GOEL|Exercise ILLUSTRATION 6.|1 Videos

  • CASH FLOW STATEMENT

    DK GOEL|Exercise MULTIPLE CHOICE QUESTIONS (SELECT THE BEST ALTERNATE):|44 Videos

Similar Questions

Explore conceptually related problems

Vinay and Naman are partenrs sharing profits in the ratio 4 : 1. Their capital were RS.90,000 and RS.70,000 respectively. They admitted Prateek for 1/3 share in the profits. Prateek brought RS.1,00,000 as his capital. Calculate the value of firm's goodwll.

A and B are partners in a firm having a capital of ₹ 54,000 and ₹ 36,000 respectively. They admitted C for 1/3rd share in the profits C brought proportionate amount of capital. The Capital brought in by C would be

Ram and Rahim are partners in a firm sharing profits and losses in the ratio of 3:2. Rahul is admitted into partnership for 1/3 share in profits. He brings in Rs. 10,000 as capital, but is not in a position to bring any amount for his share of goodwill which has been valued at Rs. 30,000. Give necessary journal entries under each of the following situations: (a) When there is no goodwill appearing in the books of the firm, (b) When the goodwill appears at Rs 15,000 in the books of the firm, and (c) When the goodwill appears at Rs. 36,000 in the books of the firm.

A and B are partners in a firm. They admit C as a partner with 1/5th share in the profits of the firm. C brings ₹ 4,00,000 as his share of capital. Calculate the value of C’s share of Goodwill on the basis of his capital, given that the combined capital of A and B after all adjustments is ₹ 10,00,000

Hem and Nem are partners in a firm sharing profits in the ratio of 3:2. Their capitals were Rs. 80,000 and Rs. 50,000 respectively. They admitted Sam on Jan. 1, 2017 as a new partner for 1/5 share in the future profits. Sam brought Rs. 60,000 as his capital. Calculate the value of goodwill of the firm and record necessary journal entries on Sam’s admission.

DK GOEL-ADMISSION OF A PARTNER -MCQ Treatment of Goodwill :
  1. When a new partner brings goodwill in Cash, it is credited to :

    Text Solution

    |

  2. If the incoming partner brings the amount of goodwill in Cash and also...

    Text Solution

    |

  3. If, at the time of admission, the revaluation A/c shows a profit, it s...

    Text Solution

    |

  4. Revaluation Account or Profit and Loss Adjustment A/c is a

    Text Solution

    |

  5. In case of admission of a partner, the entry for unrecorded investment...

    Text Solution

    |

  6. When the balance sheet is prepared after the new partnership agreement...

    Text Solution

    |

  7. Goodwill of a firm of A and B is valued at Rs. 30,000. Goodwill is app...

    Text Solution

    |

  8. A and B are partners of a partnership firm sharing profits in the rati...

    Text Solution

    |

  9. X and Y are partners sharing profits in the ratio 5 : 3. They admitted...

    Text Solution

    |

  10. Ramesh and Suresh are partners sharing profits in the ratio of 2 : 1 r...

    Text Solution

    |

  11. A and B are partners in a firm having a capital of ₹ 54,000 and ₹ 36,0...

    Text Solution

    |

  12. A and B are in partnership sharing profits in the ratio of 3 : 2. They...

    Text Solution

    |

  13. X and Y are partners sharing profits in the ratio of 4 : 3. Z is admit...

    Text Solution

    |

  14. A and B are partners sharing profits in the ratio of 2 : 3. Their Bala...

    Text Solution

    |

  15. A, B and C are partners sharing profits in ratio of 3 : 2 : 1. They ag...

    Text Solution

    |

  16. X and Y are partners sharing profits in the ratio 2 : 3. They admitted...

    Text Solution

    |

  17. A, B, C and D are partners. A and B share 2/3rd of profits equally and...

    Text Solution

    |

  18. Sacrificing ratio is used to distribute ………. In case of admisstion of ...

    Text Solution

    |

  19. X and Y are partners in a firm with capital of Rs.1,80,000 and Rs.2,00...

    Text Solution

    |

  20. A and B are partners profits and losses in the ratio of 5 : 3. On admi...

    Text Solution

    |