Question 1 :
State whether the following statements are True and False.<br>When goodwill is paid privately, its entry in the books of accounts is not required.

Question 2 :
If the incoming partner is to bring in premium for goodwill in cash and also balance exist, in the goodwill Account, then this Goodwill Account is written off among the old partners in _________ .

Question 3 :
When the incoming partner brings in his share of premium for goodwill in cash, it is adjusted by crediting to ____________ .

Question 4 :
On the admission of a new partner, the decrease in the value of assets is debited to:<br/>

Question 5 :
Which of the following assumes paramount importance for investing surplus cash by a firm?

Question 6 :
The business of partnership firm must be carried on by all the partners.

Question 7 :
R, J and D are the partners, sharing profits in the ration 7 : 5 : 4. D died on 30th June 2006. It was decided to value the goodwill on the basis of three years purchase of last five years average profits. It the profits are 29,600; 28,700; 28,900; 24,000 and&#160;26,800, what will be D's share of goodwill?

Question 8 :
Sometime the value of goodwill has to be inferred from the agreement of capitals and profit sharing ratio among the partners, it known as ___________.

Question 9 :
A, B, C and D are partners in a firm, sharing profits in the ratio of $$2 : 1 : 2 : 1$$. On the retirement of C the Goodwill was valued at $$Rs, 72,000$$. A, B and D decided to share future profits equally. The necessary journal entry without opening goodwill account will be:

Question 10 :
At the time of retirement of a partner full goodwill is credited to the accounts of ________.<br/>

Question 11 :
Freight paid on purchases of goods is added to the amount of purchases.

Question 12 :
Increase in liability at the time of retirement of partner is _______.

Question 13 :
The profits of last $$5$$ years are $$Rs.60,000$$; $$Rs.67,500$$; $$Rs.52,500$$; $$Rs.75,000$$ &amp; $$Rs.60,000$$. Find the value of goodwill, if it is calculated on average profits of last $$5$$ years on the basis of $$3$$ years of purchase.