Question 16 Not yet answered Marked out of 1.00 P Flag question Goodwill already appearing in the balance sheet at the time of admission of a partner is transferred to: O a. Capital account of old partners O b. Capital account of new partner O c. None of these. O d. Revolgution account Question 17 Not yet answered Marked out of 1.00 Flag question Which of the following given below is the suitable meaning of goodwill, the intangible asset? O a. The properties which has no physical structure of size o b. The capitalized value attached to the differential profit capacity of the business O c. Present value of a firms anticipated earnings O d. All of these are correct. Varma and Sharma are partners in a firm sharing profits and losses in the ratio 5:3. They admitted Ghazi as a new partner for 1/5th share of profits. Ghazi is to bring OMR 20,000 as capital and OMR 4,000 as his share of goodwill premium. What will be the appropriate journal entry if 50% of the amount of goodwill is withdrawn: A. Verma's capital a/c Dr.1,250 Sharma's capital alc Dr. 750 To Cash alc 2,000 B. Cash a/c Dr. 24,000 To Ghazi's capital a/c 20,000 To Premium for goodwill a/c 4,000 OC. Verma's capital alc Dr. 2,500 Sharma's capital a/c Dr. 1,500 To Cash a/c 4,000 D. Goodwill was not brought in to firm so no entry will be passed Question 19 Not yet answered Marked out of 1.00 P Flag question In normal trading circumstances, which of the following would not be found in partners current account? O a. Drawings O b. Salaries. O c. Goodwill O d. Interest on drawings Question 20 Not yet answered Marked out of 1.00 Flag question New partners share of goodwill is taken by old partners in their: a. Old profit sharing ratio O b. Sacrificing ratio O c. New profit sharing ratio O d. Gaining ratio