A and B share profits 3:2. They admit C with 1/5th share. C brings ₹30,000 as capital and ₹10,000 as goodwill. The total goodwill of the firm is: MCQ with Answer and Explanation

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A and B share profits 3:2. They admit C with 1/5th share. C brings ₹30,000 as capital and ₹10,000 as goodwill. The total goodwill of the firm is:

A. ₹50,000

B. ₹10,000

C. Cannot determine

D. ₹2,00,000

Answer: Option A

Solution (By JKSSB Mock Tests)

C's share of goodwill = 1/5 = ₹10,000. So total goodwill = 10,000 × 5/1 = ₹50,000.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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The 'Threshold Limit' for mandatory e-invoicing under GST for B2B transactions is aggregate turnover exceeding:

A. ₹10 crore

B. ₹20 crore

C. ₹5 crore

D. ₹1 crore

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Correct Answer: Option C

Explanation:
As of recent updates, e-invoicing is mandatory for aggregate turnover above ₹5 crore.

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Question #2

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The 'Impersonal Accounts' are:

A. Real and nominal accounts

B. Only real accounts

C. Personal accounts only

D. Only nominal accounts

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Correct Answer: Option A

Explanation:
Impersonal accounts include real accounts (assets) and nominal accounts (expenses, losses, incomes, gains).

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Question #3

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A flexible budget is designed to change in relation to:

A. Fixed expenses

B. Management decision

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D. Time period

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Correct Answer: Option C

Explanation:
Flexible budget adjusts budgeted figures based on actual level of activity.

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