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Class 12 Accountancy
Reconstitution Of Partnership Firm: Admission Of A Partner
Quiz 4
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An asset which is not ficitious but intangible in nature, having realisable value is :
0%
Machinery
0%
Building
0%
Furniture
0%
Goodwill
Explanation
Goodwill
Which of the following is not a method of valuation of Goodwill:
0%
Revaluation Method
0%
Average Profit Method
0%
Super Profit Method
0%
Capitalisation Method
Explanation
Revaluation Method
The excess of average profits over the normal profits are called :
0%
Super Profits
0%
Fixed Profits
0%
Abnormal Profits
0%
Normal Profits
Explanation
Super Profits
Goodwill is a…………….asset
0%
Useless
0%
Tangible
0%
Worthless
0%
Valuable
Explanation
Worthless
Under super profit basis goodwill is calculated by :
0%
No. of years’ purchased x Average Profit
0%
No. of years’ purchased x Super profit
0%
Super profit -r Expected rate of return
0%
None of these
Explanation
No. of years’ purchased x Super profit
Profits of the last three years were ₹ 6,000, ₹ 13,000 and ₹ 8,000 respectively. Goodwill at two years purchase of the average net profit will be :
0%
₹ 81,000
0%
₹ 27,0000
0%
₹ 9,000
0%
₹ 18,000
Explanation
₹ 18,000
What do you mean by Super Profit ?
0%
Total Profit/No. of Years
0%
Average Profit – Normal Profit
0%
Weighted Profit/No. of Years’ Purchase
0%
None of these
Explanation
Average Profit – Normal Profit
Capital employed in a business is ₹ 1,50,Profits are ₹ 50,000 and the normal rate of profit is 20%. The amount of goodwill as per capitalisation method will be:
0%
₹ 2,00,000
0%
₹ 1,50,000
0%
₹ 3,00,000
0%
₹ 1,00,000
Explanation
₹ 1,00,000
Weighted average method of calculating goodwill is used when:
0%
Profits are equal
0%
Profit has increasing trend
0%
Profit has decreasing trend
0%
Either (b) or (c)
Explanation
Either (b) or (c)
The monetary value of reputation of the business is called:
0%
Goodwill
0%
Super Profit
0%
Surplus
0%
Abnormal Profit
Explanation
Goodwill
A firm has an average profit of ₹ 60,000 Rate of return on capital employed is 12.5% p.a. Total capital employed in the firm was ₹ 4,00,Goodwill on the basis of two years purchase of super profit is :
0%
₹ 20,000
0%
₹ 15,000
0%
₹ 10,000
0%
None of these
Explanation
₹ 20,000
Under capitalisation method, goodwill is calculated by :
0%
Average Profit x No. of Years’ Purchase
0%
Super Profit x No. of Years’ Purchase
0%
Total of the discounted value of expected future benefits
0%
Super Profit -r Expected Rate of Return
Explanation
Super Profit -r Expected Rate of Return
“Goodwill is nothing more than probability that the old customer will resort to the old place.” This definition of goodwill was given by :
0%
Spicer and Pegler
0%
ICAI
0%
Lord Eldon
0%
AICPA
Explanation
Lord Eldon
What will be the value of goodwill at twice the average of last three years profit if the profits of the last three years were ₹ 4,000, ₹ 5,000 and ₹ 6,000 ?
0%
₹ 5,000
0%
₹ 10,000
0%
₹ 8,000
0%
None of these
Explanation
₹ 10,000
The Valuation of Goodwill is not necessary in Sole Trading:
0%
On selling the Firm
0%
On making a partner
0%
On estimation of Assets
0%
On Closing the Firm
Explanation
On Closing the Firm
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