Question 1 :
P, Q and R were partners in the ratio of 1/5, 1/3 and 7/15 respectively. R retires and his share was taken up by P and Q in the ratio of 3 : 2. The new ratio of P and Q will be:<span><br/></span>
Question 2 :
A, B and C share profits in the ratio of $4/9, 1/3$ and $2/9$. B retires. The new ratio, if A purchases B's share, will be __________. 
Question 3 :
A, B and C take a Joint Life Policy. After five years, B retires from the firm. Old profit sharing ratio is 2 :2 :1. After retirement A and C decide to share profits equally. They had taken a Joint Life Policy of Rs. 2,00,000 with the surrender value Rs. 30,000 What will be the treatment in the partners capital account on receiving the JLP amount if joint life policy A/C is maintained at the surrender value?
Question 4 :
A and B share profits and losses equally. They admit C as an equal partner and goodwill was valued as Rs.30,000. C is to bring in <span>30,000 as his capital and necessary cash towards his share of Goodwill. What will be the final effect of goodwill in the partners capital account?</span><br/>
Question 5 : The following particulars are available in respect of the business carried on by a partnership firm:<br>Trading Results:<table class="wysiwyg-table"><tbody><tr><td>$2011$ Loss Rs. $5,000$</td></tr><tr><td>$2012$ Loss Rs. $10,000$</td></tr><tr><td>$2013$ Profit Rs. $75,000$</td></tr><tr><td>$2014$ Profit Rs. $60,000$</td></tr></tbody></table>You are required to compute the value of goodwill on the basis of $5$ years purchase of average profit.
Question 6 :
A,B, and C are three partners sharing profit and loss in the ratio of 4:3:2. A retires and B and C decides to share future profit in the ratio of 2:1. Find the gaining ratio.
Question 7 :
A and B are partners with capitals of Rs. $10,000$ and Rs. $20,000$ respectively and sharing profits equally. They admitted C as their third partner with one-fourth profits of the firm on the payment of Rs. $12,000$. The amount of hidden goodwill is __________.
Question 8 :
X and Y are partners in a firm with the capital of Rs. 18,000 and Rs. 20,000. Z was admitted with 1/3rd share of profit and brings Rs. 24,000 as capital, calculate the amount of goodwill.
Question 9 :
A, B, and C share profit and losses in the ratio of 3: 2: 1. D is admitted with 1/6 share which he gets entirely from A. New ratio will be ___________.
Question 10 :
<span>X and Y are sharing profits and losses in the ratio of 3 :2. Z is admitted with 1/5th share in profits of the firm which he gets from X. Now the new profit sharing ratio among X, Y and Z will be _________.</span>
Question 11 :
Deepak, Farukh and Lilly were partners in a firm sharing profits in the ratio of $3 : 2 : 1$. On $28.2.2015$ Farukh retired from the firm. On Farukh's retirement there was a balance of $Rs 12,000$ in Workmen's Compensation Reserve which was no more required. On Farukh's retirement this amount will be:
Question 12 :
R,S,G are three partners sharing profit and loss in the ration of 8:7:5,S retires and his share of profit is taken by R,G in the ratio of 1:2. Find the new profit sharing ratio.
Question 13 :
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 15 :
<span>A and B are partners sharing profits in the ratio 5 : 3. They admitted C giving him 3/10 share of profit. If C acquires 1/5th share from A and 1/10th from B, the new profit sharing ratio will be _________. </span>
Question 16 :
A and B are partners with capitals of Rs 14,000 and Rs 28,000 respectively and sharing profits equally. They admitted C as their third partner with 1/4 profits of the firm on the payment of Rs 16,800. The amount of hidden goodwill is ____________.<br>
Question 17 :
At the time of entry of a new partner, no money is paid towards goodwill by the new partner. It is __________.<br/><br/>
Question 18 :
A, B & C partners sharing profits & losses in the ratio of 4:3:2. B decided to retire from the firm. Calculate the new profit sharing ratio of A & C if B gives his share to A & C in equal proportion.
Question 20 :
X and Y are sharing profits in the ratio of $3 : 1$. Z joined the firm by taking $1/3^{rd}$ share. The new profit sharing ratio is ___________. 
Question 21 :
A and B are partners, sharing profits in the ratio of 5:3 ,they admitted C , who acquires 1/10th equally from the both. What will be the new profit sharing ratio?
Question 22 :
A,B & C Care sharing profits in $4:3:2$ ratio. B retires. In A & C shares profits of B in $5:3$, then find the new profit sharing ratio.
Question 23 :
A, B and C are partners sharing profits in the ratio of $4 : 3: 2$. B retires. A and C decide to share profits in the future in the ratio of $5 : 3$. The gaining ratio will be _______. 
Question 25 :
A, B, C are partners sharing profits and losses in the ratio of $4/9:1/3:2/9$. B retires and surrenders $1/9$th of his share in favour of A and remaining in support of C. The new profit sharing ratio will be ______. 
Question 26 :
A, B & C share profits and losses in the ratio of $1:1:1$. B retired from business and his share is purchased by A & C in $40:60$ ratio. New profit sharing ratio between A & C would be ________.
Question 27 :
The profits of last three years are $Rs.42,000$; $Rs.39,000$ and $Rs.45,000$. Find the goodwill of $2$ years purchase.
Question 28 :
A and B are partners sharing profits and losses in the ratio 5 : 3. They admitted C and agreed to give him 3/10th of the profit. What is the new ratio after C's admission?
Question 29 :
A, B and C are partners in the ratio of $3: 2: 1$. W is admitted with a $1/6$th share in profits. C would retain his original share. The new profit sharing ratio will be ______. 
Question 30 :
C, M and Y are partners in the ratio of $1/2 : 2/5 : 1/10$. What will be new ratio of the remaining partners if C retires?<span><br/></span>
Question 31 :
A and B are partners sharing profits and losses in the ratio of $3: 2$. They admit C into the partnership for one-fourth share of the profits while A and B as between themselves are sharing profits & losses equally. The new profit sharing ratio will be _______. 
Question 33 :
X, Y and Z are partners sharing profits & losses in the ratio of $4/9$: $1/3$: $2/9$ respectively. Y retires, and his share is taken up by X and Z in the ratio of $13:11$. The new profit sharing ratio will be _________. 
Question 34 :
$A$ and $B$ sharing profits and losses in the ratio of $2/3^{rd}$ and $1/3^{rd}, admit $ C as a partner giving him $1/4^{th}$ share. The new profit-sharing ratio will be :
Question 35 :
Which of these is not found in case of retirement/death of partner?
Question 36 :
A and B are partners sharing profits and losses in the ratio of $3: 2$. They admit C into the partnership for $1/4$th share. C brings in $Rs.6,000$ for capital and the requisite amount of premium in cash. The goodwill of the firm is valued at $Rs.9,600$. Partners withdrew their share of goodwill in cash. A and B withdrew  ________. 
Question 37 :
X, Y and Z are partners sharing profits & losses in the ratio of $4/8:1/3:2/9$ respectively. Y retires. The gaining ratio and the new profit sharing ratio will be _________. 
Question 38 :
A partnership firm can be formed with a minimum share capital of Rs. ____________.
Question 39 :
To ascertain profit or loss on retirement / death of  a partner _____________ is prepared.
Question 40 :
X, Y and Z share in the ratio of $9:6:4$. Y retires. X and Z decide to share the future profits in the same ratio in which Y and Z shared. The gaining ratio will be _______. 
Question 41 :
A, B and C were partners sharing profits and losses in the ratio of 3 :2 :1. A retired and Goodwill of the firm is to be valued at Rs. 48,000 and Goodwill Account is to be raised which is not appearing in the balance sheet. What will be the treatment for Goodwill?
Question 42 :
P, Q and R are three partners in a partnership firm X retirement stock, Sunday debtors and provision for bad debts stand in the books of A/c at Rs. 50,000,Rs.45000 and Rs.4500 respectively. The partners decided to revalue assets as under. Stock-in-trade to be reduced to 90%, provision for bad debts to be brought to  15% of Sundry debtors. The entry for revaluation of stock-in-trade will be ________.
Question 43 :
A and B are partners sharing profits in the ratio of $3 : 2$. C is admitted paying a premium with $1/4$th share of profit of which he acquires $1/6$th from A and $1/12$th from B. The goodwill of the firm is valued at $Rs.20,160$. One half of goodwill is withdrawn by the partners. A and B withdrew _________. 
Question 46 :
X, Y and Z are partners sharing profits & losses in the ratio of 4/9:1/3:2/9 respectively. Y retires and surrenders 13/72nd from his share in favour of X and the remaining In support of Z. The gaining ratio will be ______. 
Question 47 :
If goodwill is to be created and then immediately written off, the correct method of entering this in the accounts would be _________________.
Question 48 :
If A and B share profit in the ratio of $3 : 1$ and if C is admitted as a new partner who purchases $1/4$ share of profit from A, the new ratio of A, B and C will be________. 
Question 49 :
A & B are partner sharing profits and losses in the ratio of $3:2$. C is coming as a new partner for $1/3$rd share. Calculate new profit sharing ratio among A, B & C.
Question 50 : Calculate the goodwill for 3 years of purchase on the average profit basis.<br/><table class="wysiwyg-table"><tbody><tr><td>year<br/></td><td>2014<br/></td><td>2015<br/></td><td>2016<br/></td><td>2017<br/></td></tr><tr><td>profit<br/></td><td>50000<br/></td><td>60000<br/></td><td>80000<br/></td><td>30000<br/></td></tr></tbody></table><br/>
