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Published on: 27/08/2019
Goodwill In Partnership Accounts
Download Tamil Nadu 12th Standard Accountancy question papers, model tests, one-mark questions, important questions, and public exam papers in PDF format. Free study materials and answer keys for TN State Board students.
Questions + Answers key
Take MCQ Accountancy Test
1.
Which of the following method, goodwill is calculated by multiplying the weighted average profit?
Super profit method
Annuity
Weighted average profit method
All of these
2.
Goodwill acquired by making payment in cash or kind is called __________
Purchased goodwill
Self-generated goodwill
Average goodwill
'a' and 'b'
3.
The profit earning capacity of the firm determines the value of its _____________
balance sheet
goodwill
profit and loss account
all of these
4.
Goodwill helps in earning more profit and attracts more _________
customers
producers
competitors
suppliers
5.
The monetary value of such advantage is termed as ____________
Goodwill
Bank overdraft
Capital
Cash
6.
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
Rs. 40,000
Rs. 70,000
Rs. 1,00,000
Rs. 30,000
7.
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 __________
Rs. 36,000
Rs. 35,000
Rs. 38,000
Rs. 34,000
8.
When the average profit is Rs. 25,000 and the normal profit is Rs. 15,000, super profit is __________
Rs. 25,000
Rs. 5,000
Rs. 10,000
Rs. 15,000
9.
Super profit is the difference between
Capital employed and average profit
Assets and liabilities
Average profit and normal profit
Current year’s profit and average profit
10.
Which of the following statements is true?
Goodwill is an intangible asset
Goodwill is a current asset
Goodwill is a fictitious asset
Goodwill cannot be acquired
1.
(c)
Weighted average profit method
2.
(a)
Purchased goodwill
3.
(b)
goodwill
4.
(a)
customers
5.
(a)
Goodwill
6.
(d)
Rs. 30,000
7.
(a)
Rs. 36,000
8.
(c)
Rs. 10,000
9.
(c)
Average profit and normal profit
10.
(a)
Goodwill is an intangible asset
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