Asked/Added Questions From NCERT:

Question 1. Asked on :17 August 2020:10:31:52 AM

What is Dissolution of a firm?

-Added by nisha sheikh Accountancy » Partnership Accounts

Answer:

Shruti Srivastva
Dissolution of a firm a means putting an and to the partnership i.e., closing down the firm as a whole.

-Answered by Shruti Srivastva On 29 August 2020:05:40:00 PM

Question 2. Asked on :17 August 2020:10:28:24 AM

What is admission of a partner?

-Added by nisha sheikh Accountancy » Partnership Accounts

Answer:

Shruti Srivastva
Admission means when a new partner enters into the buisness.

-Answered by Shruti Srivastva On 29 August 2020:05:41:12 PM

Question 3. Asked on :17 August 2020:10:25:51 AM

Write the name of methods of calculation of goodwill?

-Added by nisha sheikh Accountancy » Partnership Accounts

Answer:

Shruti Srivastva
(i) Average profit method

(ii) Super profit method

-Answered by Shruti Srivastva On 17 August 2020:05:11:47 PM

Question 4. Asked on :17 August 2020:10:22:08 AM

Write the factors affecting goodwill of a firm?

-Added by nisha sheikh Accountancy » Partnership Accounts

Answer:

nisha sheikh
1. Location of business

2. Quality of goods sold/ services given

3. Reputation of owners of the firm

4. Risk involved in business

5. Trends of profits etc.

-Answered by nisha sheikh On 17 August 2020:10:23:30 AM

Question 5. Asked on :17 August 2020:10:14:30 AM

Write the need for valuation of goodwill?

-Added by nisha sheikh Accountancy » Partnership Accounts

Answer:

nisha sheikh

1. On admission of new partner.

2. On retirement or death of a partner.

3. When there is a change in profit sharing ratio.

4. When the business is sold.

5. When a firm is amalgamated with another firm.

-Answered by nisha sheikh On 17 August 2020:10:18:18 AM

Question 6. Asked on :17 August 2020:10:09:48 AM

Write the features of Goodwill?

-Added by nisha sheikh Accountancy » Partnership Accounts

Answer:

nisha sheikh

1. It is an intangible asset.

2. The value of Goodwill fluctuates from time to time.

3. It is a valuable asset and placed on the asset side of Balance sheet.

-Answered by nisha sheikh On 17 August 2020:10:11:06 AM

Question 7. Asked on :17 August 2020:10:02:13 AM

What do you mean by goodwill?

-Added by nisha sheikh Accountancy » Partnership Accounts

Answer:

Shruti Srivastva
Goodwill means the reputation of the firm.

-Answered by Shruti Srivastva On 29 August 2020:05:42:07 PM

Question 8. Asked on :17 August 2020:09:57:22 AM

Write the name of partnership accounts.

-Added by nisha sheikh Accountancy » Partnership Accounts

Answer:

nisha sheikh

Partnership Accounts:

1. Partner's capital accounts

2. Partner's loan account

3. Profit and loss appropriation

-Answered by nisha sheikh On 17 August 2020:09:59:50 AM

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