Hidden goodwill at the time of admission of a partner is calculated by comparing:
A. Average profits of last 5 years
B. Super profit and normal rate of return
C. Assets and outside liabilities
D. Total capital based on new partner's share and actual total capital of all partners
Answer: Option D
Solution (By JKSSB Mock Tests)
Hidden goodwill is the excess of the firm's inferred total capital (based on the new partner's contribution and share) over the actual combined capital balances.
Under the Companies Act 2013, the 'Independent Directors' must hold a special training as per Section 149. Who is exempted from this training requirement?
A.A qualified Chartered Accountant or Company Secretary
B.A person who has been a director for more than 10 years
C.No one is exempted
D.A person who has already undergone the training or is a whole-time director in a listed company
Explanation:
The Companies Act exempts individuals who have already undergone the prescribed independent director training, or those who are already serving as whole-time directors in listed companies, from the mandatory training requirement.
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