Admission Questions

Vijay and Sanjay are partners in a firm sharing profits and losses in the ratio of $3:2$. They admitted Ajay into partnership with $\frac{1}{4}\text{th}$ share in profits. Ajay brings in $\text{Rs. }30,000$ for capital and the requisite amount of premium in cash for goodwill. The goodwill of the firm is valued at $\text{Rs. }20,000$. The new profit sharing ratio is $2:1:1$. The sacrificing ratio of Vijay and Sanjay is:

Select the factors affecting the value of goodwill-(A) Nature of business.(B) Efficiency of management.(C) Location.(D) Prices.Choose the correct answer from the options given below:

A business has earned average profits of $\text{Rs. }1,00,000$ during the last few years and the normal rate of return in a similar business is $10\%$. Ascertain the value of goodwill by capitalisation of average profits method, given that the value of net assets of the business is $\text{Rs. }8,20,000$.

Rohit and Mohit are partners in a firm sharing profits in the ratio of $5:3$. They admit Bijoy as a new partner for $\frac{1}{7}\text{th}$ share in the profits. The new profit sharing ratio will be $4:2:1$. The sacrificing ratio of Rohit and Mohit is-

Match List-I with List-II
$$\begin{array}{ll}\text{List-I (Method of Valuation)}& \text{List-II (Formula)}\\ \text{(A) Average profit method}& \text{(I) Goodwill = Super profit }\times \text{ No. of years purchased}\\ \text{(B) Super Profit Method}& \text{(II) Goodwill = Capitalized value of average profit - Actual firm’s capital.}\\ \text{(C) Capitalization of super profit method}& \text{(III) Goodwill = Average Profits }\times \text{ No. of years purchased}\\ \text{(D) Capitalization of average profit method}& \text{(IV) Goodwill = }\left(\frac{\text{Super profit}}{\text{Normal Rate of Return}}\right)\times 100\end{array}$$
Choose the correct answer from the options given below:

A, B and C are partners in a firm sharing profits in the ratio of $3:2:1$. D is admitted into the firm for $\frac{1}{4}\text{th}$ share in profits, which he gets $\frac{1}{8}\text{th}$ from B. The total capital of the firm is agreed upon as $\text{Rs. }1,20,000$ and D is to bring in cash equivalent to $\frac{1}{4}\text{th}$ of this amount as his capital. The capitals of other partners are also to be adjusted in the ratio of their respective shares in profits. The capitals of A, B and C after all adjustments, are $\text{Rs. }40,000$, $\text{Rs. }35,000$ and $\text{Rs. }30,000$ respectively. Calculate the new capital of A

A and B are partners in a firm sharing profits in the ratio $2:1$. C is admitted into the firm with $\frac{1}{4}\text{th}$ share in profits and he brings $\text{Rs. }30,000$ as his capital. If the capitals of A and B are to be adjusted in their profit sharing ratio then the capital of A will be-

Anshu and Nitu are partners sharing profits in the ratio of $3:2$. They admitted Jyoti as a new partner for $\frac{3}{10}$ share which she acquired $\frac{2}{10}$ from Anshu and $\frac{1}{10}$ from Nitu. The new profit sharing ratio of Anshu, Nitu and Jyoti.