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

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:

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

\(A\) 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.

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…

Oversubscription is a situation where the:

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:

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…

Balance of share forfeiture account is shown in the balance sheet under the sub-head-