G, S and T were partners sharing profits in the ratio 3:2:1. G retired and his dues towards the firm including Capital balance, Accumulated profits and losses share, Revaluation Gain amounted to ₹ 5,80,000. G was being paid ₹ 7,00,000 in full settlement. For giving that additional amount of ₹ 1,20,000, S was debited for ₹ 40,000. Determine goodwill of the firm.

a). ₹ 1,20,000
b). ₹80,000
c). ₹2,40,000
d). ₹ 3,60,000

OR

Annu, Banu and Chanu are partners, Chanu has been given a guarantee of minimum profit of ₹8,000 by the firm. Firm suffered a loss of ₹5,000 during the year. Capital account ofBanu will be ________ by₹_________.

a) Credited, ₹6,500.
b) Debited, ₹6,500.
c) Credited, ₹1,500.
d) Debited, ₹1,500.

Solution

c) ₹ 2,40,000

or

b) Debited, ₹6,500.