Ranjan and Anjan were Partners in a firm sharing profits and losses in 3:2. they admitted Sanjan for 1/4 share of profit on 1 Jan 2024.
Goodwill of the firm will be valued at 3 years purchase of average profit of last 4 years which were
2024: Rs. 80,000
2023: Rs. 1,40,000.
2022: Rs. 2,00,000
2021: Rs. 1,60,000
The goodwill of the reconstituted firm will be
Held on 3 Jun 2025 · Verified 13 Jul 2026.
Rs. 1,45,000
Rs. 4,33,000
Rs. 4,35,000
Rs. 1,35,000
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An unrecorded asset is taken over by a creditor in full settlement in such a case
The liability of partners is
As per AS-26 Intangible assets like goodwill should be written off.
Identify the correct statement from the given below :-
By virtue of which section of the Indian Partnership Act 1932, partnership is defined as 'the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all'.
Work through every CUET UG Partnership PYQ, year by year.