Name two methods for valuation of goodwill in case of partnership firm.

Name two methods for valuation of goodwill in case of partnership firm.

Give formula for calculating goodwill under ‘super profit method’.

Pass the journal entry for increase in the value of assets or decrease in the value of liabilities in the Revaluation A/c?

P,Q and R are partners in a firm sharing profits in the ratio of 2:2:1 on 1.4.2007 the partners decided to share future profits in the ratio of 3:2:1 on that day balance sheet of the firm shows General Reserve of Rs 50,000. Pass entry for distribution of reserve.

“The gaining partner’s should compensate to sacrificing partner’s with the amount of gain.” Journalize this statement.

What are the two main rights acquired by the incoming new partner in a partnership firm?

A and B are partners, sharing profits in the ratio of 3:2. C admits for 1/5 share . State the sacrificing ratio.

How should the goodwill of the firm be distributed when the sacrificing ratio of any of the existing partner is negative (i.e. he is gaining)

In case of admission of a partner, in which ratio profits or loss on revaluation of assets and reassessment of liabilities shall be divided?

Give journal entry for distribution of ‘Accumulated Profits* in case of admission of a partner.

At the time of admission of partner where will you record ‘unrecorded investment’?

The goodwill of a partnership is valued at Rs.20,000. State the amount required by a new partner, if he is coming for 1/5 share in profits.

What journal entries should be passed when the new partner brings his share of goodwill in kind?

What journal entries will be passed when the new partner is unable to bring his share of goodwill in cash?