Accounting for Partnership Firms-Goodwill (CBSE Class-12 Accountancy): Questions 1 - 9 of 12

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Question number: 1

» Accounting for Partnership Firms » Goodwill

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The capital of A and B are Rs. 50, 000 and Rs. 40, 000. To Increase the Capital base of the firm to Rs. 1, 50, 000, they admit C To join the firm, C is required to Pay a sum of Rs. 70, 000, what is the amount of premium of goodwill?

Question number: 2

» Accounting for Partnership Firms » Goodwill

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State the amount of goodwill, if goodwill is to be valued on the basis of 2 years’ purchase of last year’s profit. Profit of the last year was Rs. 20, 000.

Question number: 3

» Accounting for Partnership Firms » Goodwill

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Name any two factors affecting goodwill of a partnership firm.

Question number: 4

» Accounting for Partnership Firms » Goodwill

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Explain the treatment of goodwill in the books of a firm on the admission of a new Partner when goodwill already appears in the Balance sheet at its full value and the new partner brings his share of good will in cash.

Question number: 5

» Accounting for Partnership Firms » Goodwill

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What is hidden goodwill?

Question number: 6

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How should the goodwill of the firm be distributed when the sacrificing ratio of any of the existing partner is negative (i. e. he is gaining)

Question number: 7

» Accounting for Partnership Firms » Goodwill

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Defined goodwill.

Question number: 8

» Accounting for Partnership Firms » Goodwill

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Under what circumstances the premium for goodwill paid by the incoming Partner will not recorded in the book of A/C?

Question number: 9

» Accounting for Partnership Firms » Goodwill

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Give formula for calculating goodwill under ‘super profit method’.

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