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Accountancy Chapter 5-Retirement & Death of A Partner: Kvs Ziet Bhubaneswar 12/10/2021
Accountancy Chapter 5-Retirement & Death of A Partner: Kvs Ziet Bhubaneswar 12/10/2021
Accountancy Chapter 5-Retirement & Death of A Partner: Kvs Ziet Bhubaneswar 12/10/2021
Q9 How much will be transferred to K’s Capital Account of the existing goodwill?
(A) Rs 18,000
(B) Rs30,000
(C) Rs 12,000
(D) Rs 72,000
Q 10
What is A’s gaining or sacrificing ratio:
CASE 4 Analyse the case given below and answer the questions that follow:
Rohit, Karan and Karim are partners sharing profits and losses in the ratio of 14 : 5 : 6
respectively. Karan retires and surrenders his entire 5/25th share in favour of Rohit. The
goodwill of the firm is valued at 2 years’ purchase of Super Profit based on average profits
of last three years. The profits for the last three years are Rs50,000, Rs 55,000 and Rs
60,000, respectively. The normal profits for the similar firm are 30,000. Goodwill already
appears in the books of the firm at 75,000.
(A) Rohit
(B) Karim
(C) Both (A) and (B)
(D) Neither (A) nor (B)
(A) 14:5:6
(B) New ratio, after Karan retirement
(C) In gaining ratio
(D) None of these.
ANSWER KEY
Q.1 (A) Debit side of revaluation A/C 8000
Q.2 (A)18,250
Q5 (A) 1/10
Q8 (A) 150,000
Q9 A
Q 10 B
Q 11 B
Q 12 A
Q 13 A
Q 14 A