Rohan, Bharti and Leela are partners. On the retirement of Rohan, the goodwill already appears in the balance sheet at Rs. 24,000. The goodwill will be written-off:

\(A\) and \(B\) are partners in a firm sharing profits in the ratio of 3: 2. They admitted \(M\) as a new partner for 1/4 share. The new profit sharing ratio between \(A\) and \(B\) will be 2: 1. Calculate their sacrificing ratio.

A correct journal entry for Transfer of the balance of Profit and Loss Account (a credit balance) to Profit and Loss Appropriation Account is-

Oversubscription is a situation where the:

Which of the following is not a method of valuation of goodwill?

The adjustment required for overvaluation of closing stock, while calculating adjusted profit for calculating goodwill is: (A) reduction from concerned year's profit. (B) reduction from next year's profit. (C) addition to next year's profit. (D) addition to previous year's profit…

Which of the following statements results in the reconstitution of a partnership firm :- (A) Change in profit sharing ratio among partners. (B) Admission of a new partner. (C) Dissolution of a partnership firm. (D) Dissolution of a partnership. Choose the correct answer from the…

Arrange the following in proper sequence while preparing Cash Flow Statements: (A) Net cash flow from operating activities (B) Cash flow from financing activities (C) Cash flow from investing activities (D) Calculate net profit before tax and extraordinary items in working note C…

Sindhu, Neha and Priya are partners, sharing profits in the ratio of 5:3:2. Calculate the new profit sharing ratio and gaining ratio if Neha retires: