Question 1 :
Profit or loss on revaluation of assets and liabilities is transferred to __________.
Question 2 :
'Samta Limited invited applications for issuing $6,750$ equity shares of $Rs 10$ each. The amount was payable as follows : On application - $Rs 3$ per share <br>On allotment - $Rs 5$ per share <br>On first and final call - $Rs 2$ per share <br>The issue was fully subscribed. Subhash applied for $250$ shares and paid his entire share money with application. Moti applied for $175$ shares and paid allotment money also with application. The amount received with applications was :<br>
Question 3 :
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 4 :
The business of partnership firm must be carried on by all the partners.
Question 5 :
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 6 :
Which of the following assumes paramount importance for investing surplus cash by a firm?
Question 7 :
On the admission of a new partner, the decrease in the value of assets is debited to:<br/>
Question 9 :
When the incoming partner brings in his share of premium for goodwill in cash, it is adjusted by crediting to ____________ .
Question 12 : On $1$st April, $2014$ on the admission of a new partner, it is agreed that goodwill of the firm is valued at $2$ years purchase of weighted average profits for the last three years. The profits for last $3$ years have been as follows:<br/><table class="wysiwyg-table"><tbody><tr><td><b>Year ended</b></td><td><b>Profits</b></td><td><b>Weight</b></td></tr><tr><td>31st March 2011</td><td>45,000</td><td>1</td></tr><tr><td>31st March 2012</td><td>52,500</td><td>2</td></tr><tr><td>31st March 2013</td><td>72,000</td><td>3</td></tr></tbody></table>Value of goodwill will be ___________.
Question 13 :
A, B & C are partners sharing profits & losses in the ratio of 3:2:1.B retired from the firm. Partners A & C decided to take his share in 3:1 ratio. What is the new ratio of the partners A & C?
Question 14 :
According to the value of goodwill, the type of customers may be divided into ________________.
Question 15 :
The profits of last five years are $Rs.85,000$, $Rs.90,000$; $Rs.70,000$; $Rs.1,00,000$ and $Rs.80,000$. Find the value of goodwill, if it is calculated on average profits of last five years on the basis of $3$ years of purchase.
Question 16 :
When the purchasing company decides to compensate the selling company on the basis of the agreed value of assets and liabilities, the method of calculating purchase consideration is _______________.
Question 17 :
A, B & C are partners sharing profits in the ratio 2:2:1. On retirement of B, goodwill was valued as $Rs.60,000$. Find the contribution of A and C to compensate B. <br/>
Question 18 :
Balance of A,B & C sharing profits & losses in proportionate to their capitals, stood as:<br>A = 2,00,000<br>B = 3,00,000<br>C = 2,00,000<br>A desired to retire from the firm, B and C share the future profits equally, Goodwill of the entire firm be valued at 1,40,000 and no Goodwill account being raised.
Question 19 :
On retirement /death of a partner new Profit sharing ratio of remaining partner _________.
Question 20 : On 1st April, 2011 on the admission of a new partner, it is agreed that goodwill of the firm is valued at 3 years purchase of average profits for the last five years. The profits for last 5 years have been as follows:<br/><table class="wysiwyg-table"><tbody><tr><td><b>Year ended</b></td><td><b>Profit / (loss)</b></td></tr><tr><td>31st March 2011</td><td>16,110</td></tr><tr><td>31st March 2012</td><td>11,850</td></tr><tr><td>31st March 2013</td><td>8,145</td></tr><tr><td>31st March 2014</td><td>(600)</td></tr><tr><td>31st March 2015</td><td>12,750</td></tr></tbody></table>Value of goodwill will be _____________.
Question 21 :
A, B & C are equal partners. C wanted to retire for which value of goodwill is considered as $Rs.90,000$.<br/>The necessary journal entry will be:   
Question 22 :
Increase in assets at the time of retirement of partner is _______.
Question 23 :
A,B & Care partners sharing profits losses in the ration of $4:3:2$. B decided to retire form the firm. Calculate the new profit sharing ratio of A & C if gives his share to A & C in ratio of $3:1$.
Question 24 : The net profits after tax of NZ & Co. for the past $3$ years are as follows.<table class="wysiwyg-table"><tbody><tr><td>Year</td><td>Profit</td></tr><tr><td>$2010-2011$</td><td>$20,000$</td></tr><tr><td>$2011-2012$</td><td>$2,61,000$</td></tr><tr><td>$2012-2013$</td><td>$3,12,000$</td></tr></tbody></table>Closing stock for $2011-2012$ and $2012-2013$ includes the defective items of Rs. $22,000$ and Rs. $62,000$ respectively which were considered as having no market value. Calculate average profit for goodwill.
Question 25 :
A and B are partners with capitals of Rs.20,000 and Rs.40,000 respectively and sharing profits equally. They admitted C as their third partner for one-fourth share for all-purpose on payment of Rs.24,000. The amount of hidden goodwill is ________. 
Question 26 :
The need for valuation of goodwill arises at the time of _______ of a business.
Question 27 : A, B & C are partners sharing profits and loss in the ratio $3:2:1$. They decide to change their profit sharing ratio to $2:2:1$. To gave effect to this new profit sharing ratio they decide to value the goodwill at Rs. $30,000$. Pass the necessary journal entry if Goodwill not appearing in the old balance sheet and should not appear in the new balance sheet.<table class="wysiwyg-table"><tbody><tr><td>B's Capital A/c             Dr.<br/>C's Capital A/c            Dr.<br/>To A's Capital A/c</td><td>$2,000$<br/>$1,000$</td><td>$3,000$</td></tr><tr><td>Goodwill A/c              Dr.<br/>To A's Capital A/c<br/>To B's Capital A/c<br/>To C's Capital A/c</td><td>$30,000$</td><td><br/>$12,000$<br/>$12,000$<br/>$6,000$</td></tr><tr><td>A's Capital A/c             Dr.<br/>B's Capital A/c             Dr.<br/>C's Capital A/c             Dr.<br/>To Goodwill A/c</td><td>$12,000$<br/>$12,000$<br/>$6,000$</td><td>$30,000$</td></tr><tr><td>A's Capital A/c              Dr.<br/>To B's Capital A/c<br/>To C's Capital A/c</td><td>$3,000$</td><td>$2,000$<br/>$1,000$</td></tr></tbody></table>
Question 28 :
A, B & C are sharing profits in 4:3:2 ratio. B retires. If A & C shares profits of B in 5:3, then find the new profit sharing ratio.
Question 29 :
Decrease in assets at the time of retirement of partner is _________.
Question 30 :
Increase in liability at the time of retirement of partner is _______.
Question 31 :
Balances of A, B & C sharing profits & losses in proportionate to their capitals, stood as:<br/>A = $Rs.2,00,000$<br/>B = $Rs.3,00,000$<br/>C = $Rs.2,00,000$<br/>A desired to retire from the firm, B and C share the future profits equally, Goodwill of the entire firm be valued at $Rs.1,40,000$ and no Goodwill account being raised. What entry will be passed for payment of Goodwill?
Question 33 :
The profits of last $5$ years are $Rs.60,000$; $Rs.67,500$; $Rs.52,500$; $Rs.75,000$ & $Rs.60,000$. Find the value of goodwill, if it is calculated on average profits of last $5$ years on the basis of $3$ years of purchase.
Question 34 :
A, B & C sharing profits & losses in the ratio of 3:2:1. A retired and Goodwill of the firm is to be valued at Rs. 24,000. What will be the treatment for goodwill?
Question 35 :
A & B are partners with capitals of Rs.$10,000$ and Rs.$20,000$ respectively and sharing profits eqally. They admitted C as their third partner with $1/4$th profits on the payment of Rs.$12,000$. The amount of hidden goodwill is _______.
Question 36 :
The following is not a mode of reconstitution of a partnership firm.
Question 38 :
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 ratio of 3:1.
Question 39 :
Balances of A Band C sharing profits and losses in proportionate to their capitals, stood as follows: Capital Accounts: A Rs. 4,00,000; B Rs. 6,00,000 and C Rs. 4.00,000. A desired to retire from the firm. B and C decided to share the future profits equally, Goodwill of the entire firm be valued at Rs. 2,80,000 and no Goodwill account being raised. Journal entry for goodwill is _______. 
Question 40 :
Tom and Ban are partners in a Firm for 2 : 1 ratio.<br/>They admitted Jay as new partner for 1/5 share. calculate new ratio ?<br/>
Question 41 :
A, B & C partners in a firm 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 and C if B gives his share to A only.
