CBSE (Central Board of Secondary Education) Class-12 Accountancy: Questions 134 - 138 of 216

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Question 134

Write in Brief One Liner▾

At the time of retirement of a partner give journal entry for writing off the existing goodwill.

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Question 135

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What are the objectives of accounting for NPO?

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Question 136

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X, Y and Z are partners sharing profits and losses in the ratio of 3: 2: 1. Z retires and the following Journal entry is passed in respect of Goodwill:

Entry is for the Distribution of Goodwill
No.ParticularsL. F.Dr. ₹Cr. ₹
1Y՚s Capital A/c … Dr.-20,000
To X՚s Capital A/c10,000
To Z՚s Capital A/c10,000

The value of goodwill is ₹ 60,000. What is the new profit-sharing ratio between X and Y?

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Question 137

Write in Brief One Liner▾

Give the name of the compensation which is paid by a new Partner to sacrificing Partners for sacrificing their share of profits.

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Question 138

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Journalise the following transactions in the books of sum ltd.

  1. 100,12% debentures of ₹ 100 each issued at a discount of 10% were converted into 10% preference shares of ₹ 100 each issued at a premium of 25% . The debentures were converted at the option of the debenture holders before the date of redemption.
  2. 100,10% debentures of ₹ 500 each were converted into debentures of ₹ 100 each. The new debentures were issued at a discount of 20% .
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