Class XII

Why executor’s account is prepared
  1. As deceased partner not want to take
  2. As deceased partner is not directly entitled to it
  3. As deceased partner can’t receive his share
  4. Both As deceased partner is not directly entitled to it and As deceased partner not want to take
S, R and T are partners in a firm sharing profits in the ratio 3:2:1.Goodwill has been valued at ₹60000 on R’s retirement S and T decided to share profit and losses equally .What should the amount of R’s share of goodwill
  1. ₹20000
  2. ₹25000
  3. ₹30000
  4. ₹15000
A retiring partner has the right of getting back his share in the firm’s property , so there are some problems mainly
  1. Payment of retirement due to him
  2. Computation of retiring partner’s interest in the firm
  3. Any asset of the firm
  4. Both Computation of retiring partner’s interest in the firm and Payment of retirement due to him
If any asset is taken over by a partner at the time of his retirement, how will you record it?
  1. Revaluation Account
  2. Balance Sheet
  3. Cr. Side of his capital account
  4. Dr. side of his capital account
In what situation we make the following journal entry? Old Partners Capital A/c Dr. To Goodwill A/c
  1. To Find out the amount due to outgoing partner
  2. To Debit the Gainer partners
  3. To write off the existing book value of Goodwill
  4. To Calculate the retiring partner’s share of Goodwill
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LKG - 12th

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