Financial Accounting MTE 2 (BBA)

QuestionSectionMarks
What do you mean by Partnership? Explain the features of partnership.A1.5
Explain the Sacrificing Ratio and Gaining Ratio with formula.A1.5
What do you mean by Partnership Deed? Explain the features & contents of partnership deed.B4
On 1st April 2009, a company purchase a machine costing RS 60000. It is estimated that its working life is 10 years, at the end of which it will fetch Rs 8000. Additions are made on 1st April 2010, to the value of Rs 40000 (Residual value Rs 4000). More additions are made on Oct 1, 2011 to the value of Rs 9800 (Break up value Rs 800). The working life of both the additional Machinery is 20 years. Show the Machinery Account for the first four years, if depreciation is written off according to Straight Line Method. The account are closed on 31st March every Year.B4
Define Goodwill. Explain the factor affecting the goodwill of the firm.C3
A firm earns profit of Rs 500000. Normal Rate of Return in a similar type of business is 10%. The value of total assets (excluding goodwill) and total outsider’s liabilities as on the date of goodwill are Rs 55,00,000 and Rs 14,00,000 respectively. Calculate value of goodwill according to Capitalization of Super Prof Method as well as Capitalization of Average Profit MethodC3

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