Bissoy.com
Doctors Medicines MCQs Q&A

Govind, Hari and Pratap are partners. On the retirement of Govind, the goodwill already appears in the balance sheet at Rs. 24,000. The goodwill will be written off by

Govind, Hari and Pratap are partners. On the retirement of Govind, the goodwill already appears in the balance sheet at Rs. 24,000. The goodwill will be written off by Correct Answer Debiting all partner's capital accounts in their old profit-sharing ratio

Related Questions

Paddy transplantation in Punjab is a very hard labor-intensive back-breaking job. In the transplant season, teams of special people swarm the entire rural landscape employed by the farmers and can be seen laboring away in the fields under the hot sweltering sun. Farmer Jagtar Singh has a full-time help at his sprawling farm who goes by the name of Hari, and who hails from Allahabad, UP. During the paddy transplant season, it is up to Hari to rope in his brothers, sons, and cousins from his native village to complete the task well in time. All his people are skillful and masters of the trade and equally efficient at their jobs. So, this past season, this is how the work went. Hari started the work and after 't' hours was joined in by his brother Jaggi. After another 't' hours, Neelu, their cousin, also jumped into the fray. So, after every 't' hours, 1 person kept on joining the team of already working men, and this process kept on continuing till the completion of the work. The last person worked for 't' hours. In the last season, the very same men had completed the same work working 2 shifts of 12 hours all of them working simultaneously owing to some peculiar weather conditions and time constraints. Jagtar Singh is a fair and just paymaster which is why he faces no labor shortage at this crucial time and which is why the whole 'Hari clan' are more than happy to work for him and are at his beck and call. He pays each of them individually proportional to the work done by them. This time around, Hari received 11 times as much as Surinder, his eldest son, who was the last person to join in. In how much time was the work completed?
Which of the following events after the balance sheet date would normally qualify as adjusting events according to AS-4 (Events after balance sheet date)? (A) The insolvency of a customer on the balance sheet date (B) A decline in the market value of investments (C) The declaration of an ordinary dividend (D) The determination of the cost of assets purchased before the balance sheet date Choose the most appropriate answer from the options given below:
The monthly income of Hari and Krishna together is Rs. 28,000. The income of Hari and Krishna is increased by 25% and 12.5% respectively. The new income of Krishna becomes 120% of the new salary of Hari. What is the new income of Hari? 
A partnership firm consists of three partners 'A', 'B' & 'C', and owes 'R' sum of Rs. 15,000. 'A' wants to retire and it is agreed amongst all the three partners and 'R' that after retirement of 'A', 'B' & 'C' as continuing partners shall be liable for the dues of 'R'. After the retirement of 'A', 'R' sues 'A' for recovery of Rs. 15,000.
X and Y are partners in the firm. Their profit sharing ratio is 2 : 3. Rs. 10,000 goodwill is appearing in the books. Z becomes new partner in the firm for $${\frac{1}{5}^{{\text{th}}}}$$ share. His share of goodwill is calculated as Rs. 15,000. Amount of goodwill credited to old partners capital account will be
A and B are partners sharing profits in the firm in the ratio of 2 : 3. Goodwill appears in the books of firm at Rs. 10,000. C joins the firm for $$\frac{1}{5}$$ share of profits. His share of Goodwill is estimated to be Rs. 15,000. The old partner's account will be credited with Goodwill by
Assertion (A): In preparing final accounts, if closing stock is given in the trial balance, it is shown only in the Balance Sheet.
Reason (R): Any item appearing in the trial balance is treated only at one place i.e. either in the trading and profit & loss a/c or in the balance sheet.
Now, select the correct answer:
In a certain code language, O is written as R, R is written as A, A is written as I, I is written as N, N is written as E, E is written as P, P is written as T, C is written as M and L is written as L. How will PORCELAIN be written as in that language?
Identify the true statement of the following.
1. Balance sheet is always prepared from the point of view of the business, but not from, that of the owners.
2. The financial relationship of the business to its owners is shown in the balance sheet.
3. Balance sheet is always related to a period of time.
Which of the following is true?
i. Balance sheet is alway sprepared from the point of view of the business, but not from the point of view of the owners.
ii. The financial relationship of the business to its owners is shown in the balance sheet.
iii. Balance sheet is always related to a period of time.