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Question 1 of 15

Persons entering in a partnership individually are known as?





Interest on Capital is?





Partners' Current Accounts are opened when their Capital Accounts are





Balance Sheet shows the financial position of the enterprise -----





A company's Balance sheet is prepared in the order of





Super profit is?





Goodwill is a capitalised value of





Profit of last 4 years is 20,000; 30,000; 40,000 and 50,000. Number of years purchase is 2 years. Goodwill= ?





Negative Super Profit indicates that there is no goodwill of business concerned -





In absense of a partnership deed, interest on Loan is?





When a new partner gives cash for goodwill, the amount is credited to?





When the incoming partner brings in his share of premium for goodwill in cash, it is adjusted by crediting





The balance in the Investments Fluctuation Fund, after meeting the loss on revaluation of investments at the time of admission of a partner will be transferred to





X and Y are partners sharing profits in the ratio of 2:1. They admit Z into the partnership for 1/4th share in profit for which he brings in Rs. 20000 as his share of capital. Hence, the adjusted capital of X and Y will be





A and B sharing profits and losses in the ratio of 2/3rd and 1/3rd, admit C as a partner giving him 1/4th share of profits. The new profit sharing ratio will be: