BVM GLOBAL @ PRN.SR.SEC.

SCHOOL
WEEKLY TEST 2 – 2024-2025
DATE: 24.06.2024 SUBJECT: Accountancy
Class : 12 TOTAL MARKS & DURATION : 20 & 40mins
SECTION A (5*1=5 MARKS)
1. A & B are partners sharing profits and losses in the ratio of 3:2. C is admitted for ¼ for which
`30,000 and `10,000 are credited as a premium for goodwill to A and B respectively. The new
profit-sharing ratio of A:B: C will be:
(A) 3:2:1 (B) 12:8:5 (C ) 9:6:5 (D) 33:27:20.
2. Anita, Asha, and Bashir are partners sharing profits and losses in the ratio of 3: 2: 1
respectively. On 1st April 2016, they decided to change their profit-sharing ratio. Their
partnership deed provides that in the event of any change in the profit sharing ratio, the
goodwill of the firm should be valued at two years' purchase of the average super profits for
the past three years: 2015-16 Profit ` 40,000 2014-15 Profit ` 30,000 2013-14 loss ` 10,000
The average capital employed in the business was ` 1,10,000; the rate of interest expected
from capital invested was 10%.
The Super Profit of the firm is ________.
(A) `10,000 (B) `20,000 (C) `9,000 (D) `18,000
3. Bishan and Sudha were partners in a firm sharing profits and losses in a ratio of 5: 3. Alena
was admitted as a new partner. It was decided that the new profit-sharing ratio of Bishan,
Sudha and Alena will be 10: 6: 5. The sacrificing ratio of Bishan and Sudha will be:
(A) 5: 3 (B) 25: 78 (C) 6: 5 (D) 2: 1.
4. Ram and Shyam were equal partners in a partnership. They admitted Mohan for a 1/4th share.
He acquired his share equally from Ram and Shyam. Consider the statements below:
(i) Ram and Shyam both will sacrifice equally to Mohan.
(ii) Ram’s sacrificing ratio is more than that of Shyam.
(iii) The new profit-sharing ratio of Ram, Shyam, and Mohan will be 11: 6: 5.
Choose the correction option:
(A) Only (i) is correct (B) Only (ii) is correct
(C) Only (iii) is correct (D) All of the above
5. Navya and Radhey were partners sharing profits and losses in the ratio of 3: 1. Shreya was
admitted for 1/5th share in the profits. Shreya was unable to bring her share of the goodwill
premium in cash. The journal entry recorded for goodwill premium is given below:
Shreya’s Current A/c Dr. 24,000
To Navya’s Capital A/c 8,000
To radhey's Capital A/c 16,000
(Being adjustment of goodwill premium on Shreya’s Admission)
The New Profit-Sharing Ratio Of Navya, Radhey And Shreya will be:
(A) 41: 7: 12 (B) 13: 12: 10 (C) 3: 1: 1 (D) 5: 3: 2
 BVM GLOBAL @ PRN.SR.SEC.SCHOOL
WEEKLY TEST 2 – 2024-2025
DATE: 24.06.2024 SUBJECT : Accountancy
Class : 12 TOTAL MARKS & DURATION : 20 & 40mins
SECTION B (5*2=10 MARKS)
6. Why is goodwill considered to be an intangible asset and not a fictitious asset?
7. Anita and Sunita are partners in a firm sharing profits in the ratio 3: 2 respectively. They
admitted Vinita as a new partner for 1 4 the share. The new profit-sharing ratio between Anita
and Sunita will be 2: 1. Calculate their sacrificing ratio.
8. The average profit earned by a firm is ` 80,000 which includes the undervaluation of stock of
` 8,000 on an average basis. The capital invested in the business is ` 8,00,000 and the normal
rate of return is 8% calculate the goodwill of the firm based on 7 times the super profit.
9. A and B are partners in a firm sharing profits in the ratio of 3: 2. C is admitted as a partner. A
and B surrender 1/2 of their respective share in favor of C. Find the new profit-sharing ratio
and sacrificing ratio.
10. Veena and Soma are partners in a firm. They admit Sara on 1st April 2022, for 1/4 share in the
firm's profits. On average, the profits earned by Veena and Soma are ` 21,000. The average
capital employed by the firm is ` 1,50,000. The normal rate of return in the industry is 10%.
It is decided to value goodwill based on four years’ purchase of profits over profits @ 10% on
the money invested. You must calculate the goodwill of the firm and Sara’s share of goodwill.
SECTION C (1*5=5 MARKS)
11. A and B are partners in a firm sharing profit and loss in the ratio of 3: 2. They admit C as a
new partner for 1/5 the share. As agreed between themselves, A, B, and C decide to share
future profits in the ratio of 13: 7: 5. The goodwill of the firm is valued at 5 years’ purchase of
super profit based on the average profit of the last three years. The average profit and normal
profit are ` 1,05,000 and ` 90,000 respectively. Goodwill already appears in the books at `
50,000. C brings in 60% of his share of goodwill and ` 2,50,000 as his capital. The amount of
goodwill is withdrawn by the concerned partners to the extent of 50% of what is credited to
them. The profit for the first year of the new partnership amounts to ` 2,50,000. Pass the
necessary Journal Entries to adjust Goodwill and distribute profit.