27th aug 24 accountancy

Meera, Myra and Neera were partners sharing profits in the ratio of 2 : 2 : 1. They decided to share future profits in the ratio of 7 : 5 : 3 with effect from 1st April, 2019. Their Balance Sheet as on that date showed a balance of ₹ 45,000 in Advertisement Suspense Account. The amount to be debited respectively to the capital accounts of Meera, Myra and Neera for writing off the amount in Advertisement Suspense Account will be :

• ₹ 18,000, ₹18,000 and ₹9,000

• ₹ 15,000, ₹ 15,000 and ₹ 15,000

• ₹ 21,000, ₹ 15,000 and ₹ 9,000

• ₹ 22,500, ₹ 22,500 and Nil

Mona and Tina were partners in a firm sharing profits in the ratio of 3 : 2. Naina was admitted with 16th share in the profits of the firm. At the time of admission, Workmen’s Compensation Reserve appeared in the Balance Sheet of the firm at ₹ 32,000. The claim on account of workmen’s compensation was determined at ₹ 40,000. Excess of claim over the reserve will be :

• Credited to Revaluation Account

• Debited to Revaluation Account

• Credited to Old partners capital account

• Debited to old Partners capital account

A, B and C were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. C retired and his capital balance after adjustments regarding reserves, accumulated profits/losses and his share of gain on revaluation was ₹ 2,50,000. C was paid ₹ 3,22,000 including his share of goodwill. The amount credited to C’s capital account, on his retirement, for goodwill will be :

• ₹ 72,000

• ₹ 7,200

• ₹ 24,000

• ₹ 36,000

Sun and Star were partners in a firm sharing profits in the ratio of 2 : 1. Moon was admitted as a new partner in the firm. New profit sharing ratio was 3 : 3 : 2. Moon brought the following assets towards his share of goodwill and his capital :

Machinery ₹ 2,00,000

Furniture ₹ 1,20,000

Stock ₹ 80,000

Cash. ₹ 50,000

If his capital is considered as ₹ 3,80,000, the goodwill of the firm will be :

• ₹70,000

• ₹ 2,80,000

• ₹ 4,50,000

• ₹ 1,40,000