Question : Anupma, Pumima and Ruchika are partners in a business. Balances in their Capital and Current Accounts as on 31st March. 2019 were :

                            Capital Account            Current Account

                                  (Rs.)                                (Rs.)

Anupma                6,00,000                         60,000 (Dr.)

Pumima                 5,00,000                        30,000 (Dr.)

Ruchika                  5,00,000                       10,000 (Cr.)

The firm earned an average profit of Rs.2,40,000. If the normal rate of return is 12%, the value of goodwill by Capitalisation of the Average Profit Method will be:

Option 1: 4,80,000

Option 2: 3.80,000

Option 3: 5,60,000

Option 4: Nil 

Question : Bharat and Bhushan are partners in a retail business. Balances in their Capital and Current Accounts as on 31st March, 2020 were:

The firm earned an average profit of Rs. 90,000. If the normal rate of return is 10%, value of goodwill.

Option 1: Rs 4,20,000

Option 2: Rs 4,10,000

Option 3: Rs 13,80,000

Option 4: None of these 

Question : Information:

Capital accounts of partners N and V = Rs  5,00,000 each. Balance in the current account of N and V Rs 50,000 and Rs 40,000 respectively. Bank loan = Rs 10,00,000. Goodwill Rs 50,000 investment Rs 25,000. Advertisement suspense = Rs 15,000. Based on the above information, capital employed for the purpose of valuation of goodwill will be:

Option 1: Rs 10,90,000

Option 2: Rs 10,75,000

Option 3: Rs 10,00,000

Option 4: Rs 10,40,000

Question :  Anil and Sunil are partners sharing profit and losses in the ratio of 3:2. They changed their profit-sharing ratio to 2:5 w.e.f 1st April 2002. The assets were revalued and liabilities were re-assessed on that date which resulted in a gain of Rs 80,000. It will be transferred to their capital account by 

Option 1: Debiting Anil and Sunil's accounts both by Rs 40,000 each 

Option 2: Debiting Anil‘s capital account and Sunil‘s capital account by Rs 80,000 each 

Option 3: Crediting Anil’s capital account by RS 48,000 and Sunil's Capital account by Rs 32,000

Option 4: Crediting Anil’s capital account and Sunil's capital account by Rs 80,000 each

Question : At the time of admission of a partner, what will be the effect of the following information? Balance in Workmen compensation reserve Rs. 28,000. Claim for workmen compensation Rs. 20,000.

Option 1: Rs. 28,000 Debited to the Partner's capital Accounts. 

Option 2: Rs. 2,000 Debited to Revaluation Account.

Option 3: Rs. 8,000 Credited to the Partner's capital Accounts.

Option 4:  Rs. 20,000 to Debited Revaluation Account 

Question : Hari, Mohan and Sohna were partners sharing profit and losses in the ratio of 2:2:1. They decided to share future profit in the ratio of 7:5:3 with effect from 1st April 2021. Their balance sheet as on that date showed a balance of Rs 45,000 in an advertisement suspense account. The amount to be debited respectively to the capital accounts of Hari, Mohan and Sohna for writing off the amount of advertisement suspense account will be.

Option 1: Rs 18,000, Rs 18,000 and Rs 9,000

Option 2: Rs 15,000, Rs 15,000 and Rs 15,000

Option 3: Rs 21,000, Rs 15,000 and Rs 9,000

Option 4: Rs 22,500 and Rs 22,500 and Nil.