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12th Standard English Medium Accountancy Subject Goodwill In Partnership Accounts Book Back 1 Mark Questions with Solution Part - I

12th Standard

    Reg.No. :
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Accountancy

Time : 00:30:00 Hrs
Total Marks : 5

    Part I

    5 x 1 = 5
  1. Which of the following statements is true?

    (a)

    Goodwill is an intangible asset

    (b)

    Goodwill is a current asset

    (c)

    Goodwill is a fictitious asset

    (d)

    Goodwill cannot be acquired

  2. Super profit is the difference between

    (a)

    Capital employed and average profit

    (b)

    Assets and liabilities

    (c)

    Average profit and normal profit

    (d)

    Current year’s profit and average profit

  3. When the average profit is Rs. 25,000 and the normal profit is Rs. 15,000, super profit is __________

    (a)

    Rs. 25,000

    (b)

    Rs. 5,000

    (c)

    Rs. 10,000

    (d)

    Rs. 15,000

  4. Book profit of 2017 is Rs. 35,000; non-recurring income included in the profit is Rs. 1,000 and abnormal loss charged in the year 2017 was Rs. 2,000, then the adjusted profit is __________

    (a)

    Rs. 36,000

    (b)

    Rs. 35,000

    (c)

    Rs. 38,000

    (d)

    Rs. 34,000

  5. The total capitalised value of a business is Rs. 1,00,000; assets are Rs. 1,50,000 and liabilities are Rs. 80,000. The value of goodwill as per the capitalisation method will be

    (a)

    Rs. 40,000

    (b)

    Rs. 70,000

    (c)

    Rs. 1,00,000

    (d)

    Rs. 30,000

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