Admission Questions

Which among the following is NOT true for the New Profit Sharing Ratio?

Ranjan and Anjan were partners in a firm sharing profits and losses in $3:2$. They admitted Sanjan for $\frac{1}{4}$ share of profit on 1 Jan 2024. Goodwill of the firm will be valued at 3 years' purchase of the average profit of the last 4 years, which were:2024: $\text{Rs. }80,000$ 2023: $\text{Rs. }1,40,000$ 2022: $\text{Rs. }2,00,000$ 2021: $\text{Rs. }1,60,000$ The goodwill of the reconstituted firm will be:

Which statement among the following is NOT true about Goodwill?

At the time of admission of a new partner, in case there is no workmen's compensation claim, the total amount of workmen's compensation fund will be:

At the time of admission of a new partner, under the fixed capital method, if the sacrificing partners withdraw their amounts of goodwill (in full or in part), which of the following journal entries will be recorded?

Hem and Nem are partners in a firm sharing profits in the ratio of $3:2$. Their capitals were $\text{Rs. }80,000$ and $\text{Rs. }50,000$ respectively. They admitted Sam on Jan. 1, 2017 as a new partner for $\frac{1}{5}$ share in the future profits. Sam brought $\text{Rs. }60,000$ as his capital. Calculate the value of the goodwill of the firm:

Das and Sinha are partners in a firm sharing profits in a $4:1$ ratio. They admitted Pal as a new partner for $\frac{1}{4}$ share in the profits, which he acquired wholly from Das. Determine the new profit sharing ratio among Das, Sinha, and Pal.

Vijay and Manohar share profits and losses in the ratio of $2:1$. They admit Prakash as a partner with $\frac{1}{4}$ share in profits with a guarantee that his share of profit will be at least $\text{Rs. }50,000$. The net profit of the firm for the year ending March 31, 2015, was $\text{Rs. }1,60,000$. Calculate the amount of profit Vijay will get.