Read the following case study and answer the following-
A and B are partners sharing profits in the ratio of 3:2 with effect from 1st April 2021, they decided to share profits equally. Goodwill appeared in the book at ` 25000, As on 1st April, 2021 it was valued at ` 100000 they decided to carry goodwill in the books of the firm.
1.What is the gaining /sacrifcing ratio of A and B?
a) 1:2 (sacrifice and gain)
b) 1:4(gain and sacrifce)
c) 1:1(gain and sacrifice)
d) 2:2(sacrifice and gain)
2. What amount of goodwill will be written off?
a) ` 25000
b) ` 100000
c) ` 125000
d) ` 75000
3. Which partner has to bring a premium for goodwill?
a) A
b) B
c) Both A and B
d) None of the above
4 Which is the self-generated goodwill & purchased goodwill?
a) ` 25000 and ` 75000
b) ` 100000 and ` 25000
c) ` 25000 and ` 100000
d) ` 75000 and ` 125000
Answers
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Answer:
2. d 75000
3. both a and b
4. a
Explanation:
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