Class XII

Anu and Babita are partners in a firm sharing profits and losses in the ratio of 3:2. On April 1, 2003 they admit Deepak as a new partner for 3/13 share in the profits. Deepak contributed the following assets towards his capital and for his share of goodwill: Land ₹90,000, machinery ₹70,000, stock ₹60,000 and debtors ₹40,000. On the date of admission of Deepak, the goodwill of the firm was valued at ₹5,20,000, which is not appear in the books. Calculate amount of goodwill brought in by new partner
  1. ₹115000
  2. ₹100000
  3. ₹110000
  4. ₹120000
Revaluation Account is also known as ________
  1. Asset Account
  2. Profit and Loss Adjustment Account
  3. Profit and Loss Account
  4. Profit and Loss Appropriation Account
Revaluation account is A
  1. Personal Account
  2. Real Account
  3. Asset Account
  4. Nominal Account
Admission of a partner is one of the mode of reconstituting the firm under which
  1. Old partnership ended and new one between all partner(excluding old partner) comes into existence
  2. Old partnership ended and new one between all partner(excluding new partner) comes into existence
  3. Old partnership ended and new one between all partner(including new partner) comes into existence
  4. New partnership ended and old one between all partner(including new partner) comes into existence
Which of following account is prepared at the time of admission of a new partner?
  1. Revaluation Account
  2. Fictitious Assets Account
  3. Realisation Account
  4. Goodwill Account
Time Elapsed

HR : MIN : SEC
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