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Accounting For Partnership Firms Goodwill (MCQs)
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Accounting For Partnership Firms Goodwill (MCQs)
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25 Questions

1. In which ratio the profit or loss on revaluation is shared by the old partners
2. Which Methods of valuation of goodwill
3. Which goodwill is recorded in books of accounts ?
4. The profit of the last three years are 42000, 39000, 45000 Rs., Value of goodwill at two years purchase of the average profit will be
5. The monetary value of reputation of the business is called
6. Old profit sharing ratio- new profit sharing ratio is equal to
7. Goodwill can be classified into which categories
8. The balance of revaluation A/c is transferred to old partners capital account in their
9. Account is prepared only one time in during the life of firm
10. Goodwill can be classified into which categories
11. The valuation of goodwill is not necessary in sole trading
12. When partners decide to show assets and liabilities at old value, Which accounts is opened
13. When does need valuation of goodwill
14. find the goodwill of firm using capitalisation method, the total capital employed in the firm 80000 Rs., reasonable rate of return 15%, Profit for the year 120000 Rs.
15. Why new partner needs to bring goodwill?
16. When a partner does bring cash for goodwill, an account is raised at
17. Interest on partners capital is calculated on
18. The excess of average profit over the normal profit is called
19. Revaluation account is prepared on
20. If the amount of super profit is negative , what does it indicate?
21. A new Partner can be admitted in the firm, When
22. Super profit method is for goodwill valuation
23. When sacrificing ratio is used
24. When the value of goodwill is not given at the time of admission of a new partner, it IS inferred from the capital of the new firm and profit sharing ratio. This concept is called
25. Weighted Average method of calculating goodwill is used when

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