Inter PN-6 Financial Accounting Quiz 4

1. A, B and C are partners sharing profits in the ratio of 2;2:1, on retirement of B, goodwill was valued as Rs.30,000. Find the contribution of A and C to compensate B.

2. A, B and C are Partners with Capitals of ₹1,00,000, ₹75,000 and ₹50,000. On C’s retirement his share is acquired by A and B in the ratio of 6:4 respectively.Calculate gaining ratio.

3. A, B and C are Partners sharing profits equally. A retires and Goodwill appearing in the books at ₹3,000 is valued at ₹6,000. A will get credit of -

4. X and Y are partners in a Firm with Capital of ₹18,000 and ₹20,000. Z was admitted for 1/3rd share in profits and brings ₹24,000 as Capital, calculate the amount goodwill:

5. A,B,C and D are partners sharing their profits and losses equally. They change their profit sharing to 2:2:1:1. How much will C sacrifice?

6. X and Y share profits and losses in the ratio of 4:3. They admit Z in the Firm with 3/7th share which he gets 2/7th from X and 1/7th from Y. the new profit sharing ratio will be -

7. Which of the following should be valued compulsory at the time of admission of a partner             .

8. Excess of average profit earned by the Firm over and above its normal profit -

9. The Profits of last 3 years are ₹42,000, ₹39,000 and ₹45,000. Find out the Goodwill of 2 years purchase.

10. Average Profit = ₹3,72,000

Normal rate of return = 12%

Total Assets = ₹68,00,000

Outside liabilities = ₹42,00,000

Calculate the value of goodwill under capitalization method.

11. In absence of specific provision in the Partnership deed at what rate of interest on Capital of the Partners would be allowed?

12. The share of Profits or Losses of Partners in absence of oral or written agreement will be         .

13. A and B are currently partners in a firm sharing Profit/Loss in the ratio of 4 : 3. A new partner C is admitted and after his admission new profit sharing ratio between A, B and C becomes 5: 3 : 2. What will be the sacrifice ratio of A and B after admission of C?

14. X, Y and Z are partners in the ratio of 3 : 2:1. W is admitted with 1/6 th share in future profits. Z would retain his original shares. Find out the new profit sharing ratios of the partners.

15. X and Y are partners with the capital of ₹50,000 and ₹30,000 respectively. Interest Payable on Capital is 10% p.a. If the profits earned by the firm is ₹4,800, what will be the Interest on Capital for X and Y?

16. Which of the following account is mainly prepared at the time of dissolution of the firm

17. Donation received for a specific purpose is a/an     

18. In case of a Club, the excess of expenditure over income is called as

19. The closing capital of Mr. X as on 31.03.2023 was ₹4,00,000.On 01.04.2022 his capital was Rs. ₹3,50,000. His net profit for the year ended 31.03.2023 was ₹1,00,000. He introduced ₹30,000 as additional capital in February,2023. Find out th amount drawn by Mr.B for his personal expenses?

20. A Trial balance as at 31st December contains the following information: 12% Bank loan ₹50,000, Interest paid ₹3,800, Interestdebited to the Profit and Loss Account is:

21. Which of the following is fixed asset?

22. A firm had a Capital Balance of ₹ 1,00,000 at the beginning of a year. At the end of the year, the firm has total assets of ₹1,50,000 and total liabilities of ₹70,000. If the total withdrawals during the period were ₹30,000, what was the amount of net profit/net loss for the year?

23. If a trader's net sales amount to ₹18,000 and his gross profit is 60% of sales and his net profit is 40% of sales, his expenses are           .

24. Opening and Closing balance of Debtors are ₹30,000 and ₹40,000 respectively. Cash collected from debtors ₹2,40,000. Discount allowed is ₹15,000 for prompt payment. Bad Debts ₹10,000. The total goods sold on credit are              .

25. Opening Stock ₹1,50,000, Cash Sales ₹1,20,000,Credit Sales ₹2,30,000,Closing Stock is Nil. Selling Price is 125% on Cost. Compute Purchases.