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question_answer1)
Meera, Myra and Neera were partners sharing profits in the ratio of 2 : 2 :1. They decided to share future profits in the ratio of 7 : 5 : 3 with effect from 1st April, 2019-The balance sheet as on that date showed a balance of Rs. 45,000 in advertisement suspense account. The amount to be debited respectively to the capital accounts of Meera, Myra and Neera for writing-off the amount in advertisement suspense account will:
(CBSE2020)
A)
Rs. 18,000, Rs. 18,000 and Rs. 9,000 done
clear
B)
Rs. 15,000, Rs. 15,000 and Rs. 15,000 done
clear
C)
Rs. 21,000, Rs. 15,000 and Rs. 9,000 done
clear
D)
Rs. 22,000, Rs. 22,500 and Nil done
clear
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question_answer2)
Red, Blue and White were partners in a firm sharing profits in the ratio of 1 : 2 : 2. They decided to share future profits in the ratio of 7 : 5 : 3 with effect from 1st April, 2019. Their balance sheet as on that date showed a balance of Rs. 22,500 in deferred revenue expenditure account. The amount to be debited respectively to the capital accounts of Red, Blue and White for writing-off deferred revenue expenditure will be:
(CBSE 2020)
A)
Rs. 7,500, Rs. 7,500 and Rs. 7,500 done
clear
B)
Rs. 4,500, Rs. 9,000 and Rs. 9,000 done
clear
C)
Rs. 10,500, Rs. 7,500 and Rs. 4,500 done
clear
D)
Rs. 11,250, Nil and Rs. 11,250 done
clear
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question_answer3)
Milan, Khilan and Silam were partners sharing profits in the ratio of 2 : 2 :1. They decided to share future profits in the ratio of 7 : 5 : 3 with effect from 1st April, 2019. After the revaluation of assets and re-assessment of liabilities, revaluation account showed a loss of Rs. 15,000. The amount to be debited in the capital account of Milan because of loss on revaluation will be: (CBSE 2020)
A)
Rs. 15,000 done
clear
B)
Rs. 6,000 done
clear
C)
Rs. 7,000 done
clear
D)
Rs. 5,000 done
clear
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question_answer4)
Any change in the relationship of existing partners which result in an end of the existing agreement and enforces making of a new agreement is called:
A)
Revaluation of Partnership done
clear
B)
Reconstitution of Partnership done
clear
C)
Realisation of Partnership done
clear
D)
None of the above done
clear
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question_answer5)
In the event of change in profit sharing ratio, general reserve existing in the balance sheet is transferred to capital accounts of partners in their:
A)
sacrificing ratio done
clear
B)
gaining ratio done
clear
C)
old profit sharing ratio done
clear
D)
new profit sharing ratio done
clear
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question_answer6)
If the existing profit sharing ratio among A, B and C of 3 : 2 :1 is changed to 1 : 2 : 3, then the partners whose share will be unaffected is/are:
A)
A done
clear
B)
B done
clear
C)
C done
clear
D)
All of these done
clear
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question_answer7)
The ratio in which one or more partners of the firm forgoes i.e., sacrifice their share of profit in favour of one or more partners of the firm is known:
A)
sacrificing ratio done
clear
B)
gaining ratio done
clear
C)
no change in ratio done
clear
D)
Either a. or b. done
clear
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question_answer8)
Out of the following which is not a part of change in profit sharing ratio.
A)
Determination of sacrificing ratio and gaining ratio done
clear
B)
Accounting of goodwill done
clear
C)
Accounting of reserves, accumulated profits and losses done
clear
D)
Dissolution of partnership firm done
clear
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question_answer9)
A and B were partners in a firm sharing profits or losses in the ratio of 3 : 1. With effect from 1st January, 2021, they agreed to share profits in the ratio of 2 :1. Due to change in profit sharing ratio, B's gain or sacrifice will be:
A)
Gain 1/12 done
clear
B)
Sacrifice 1/12 done
clear
C)
Gain 2/60 done
clear
D)
Sacrifice 3/60 done
clear
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question_answer10)
A, B and C are partners in a firm sharing profits and losses in 5:3:2 ratio. They decided to share future profits and losses in 3 : 2 :1. Each partner's gain/sacrifice due to change in the ratio will be:
A)
A Sacrifice-1/30, B Gain-1/30, C-Nil done
clear
B)
A Gain-1/30, B-Nil, C Sacrifice-1/30 done
clear
C)
A-Nil, B Sacrifice-1/30, C Gain-1/30 done
clear
D)
A-Nil, B Gain-1/30, C Sacrifice-1/30 done
clear
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question_answer11)
Neha, Nisha and Yamini are partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. They decided to share future profits and losses in the ratio of 3 :2 :1. Each partner' gain or sacrifice due to change in the ratio will be:
A)
Neha Sacrifice-1/30, Nisha Gain-1/30, Yamini-Nil done
clear
B)
Neha Gain-1/30, Nisha-Nil, Yamini Sacrifice-1/30 done
clear
C)
Neha-Nil, Nisha Sacrifice-1/30, Yamini Gain-1/30 done
clear
D)
Neha-Nil, Nisha Gain-1/30, Yamini Sacrifice-1/30 done
clear
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question_answer12)
Assets are revalued and liabilities are reassessed at the time of change in profit sharing ratio so that:
A)
assets and liabilities are shown at their present values. done
clear
B)
gaining partner is not put to an advantage and sacrificing partner is not put to disadvantage and vice versa. done
clear
C)
Both a and b done
clear
D)
assets and liabilities are shown at their market values. done
clear
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question_answer13)
A, B and C are partners sharing profits in the ratio of 5:3:2. They decided to share future profits in the ratio of 2:3:5. What will be the accounting treatment of Workmen Compensation Reserve appearing in the balance sheet on that date when no other information is available for the same?
A)
Distributed among partners in their capital ratio done
clear
B)
Distributed among partners in their new profit sharing ratio done
clear
C)
Distributed among partners in their old profit sharing ratio done
clear
D)
Carried forward to new balance sheet done
clear
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question_answer14)
Raju and Gaurav were partners in a firm sharing profits and losses in the ratio of 2 : 1. With effect from 1st January, 2020, they decided to share profits and losses equally. Individual partner's gain or sacrifice due to change in the ratio will be:
A)
Gain by Raju 1/6, Sacrifice by Gaurav 1/6 done
clear
B)
Sacrifice by Raju 1/6, Gain by Gaurav 1/6 done
clear
C)
Gain by by Raju 1/2, Sacrifice by Gaurav 1/2 done
clear
D)
Sacrifice by Raju 1/2, Gain by Gaurav 1/2 done
clear
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question_answer15)
X and Y shared profits and losses in the ratio of 3 : 2. With effect from 1st April, 2020, they agreed to share profits equally. Goodwill of the firm was valued at Rs. 60,000. The adjustment entry will be:
A)
Y's Capital A/c Dr. 6,000 To X's Capital A/c 6,000 done
clear
B)
X's Capital A/c Dr. 6,000 To Y's Capital A/c 6,000 done
clear
C)
X's Capital A/c Dr. 600 To Y's Capital A/c 600 done
clear
D)
Y's Capital A/c Dr. 600 To X's Capital A/c 600 done
clear
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question_answer16)
The ratio in which one or more partners of the firm forego, i.e., sacrifice their share of profits in favour of one or more partners of the firm is known as:
A)
Sacrificing ratio done
clear
B)
Gaining ratio done
clear
C)
No change in ratio done
clear
D)
Either a. or b. done
clear
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question_answer17)
At the time of change in profit sharing ratio, sacrificing ratio is determined so that:
A)
assets and liabilities are shown at their present values. done
clear
B)
gaining partner is not put to an advantage and sacrificing partner is not put to disadvantage and vice versa. done
clear
C)
gaining partner can compensate the sacrificing partner for the sacrifice of profit share. done
clear
D)
assets and liabilities are shown at their current estimated values. done
clear
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question_answer18)
Sacrificing Ratio:
A)
New Ratio - Old ratio done
clear
B)
Old Ratio - New Ratio done
clear
C)
Old Ratio - Gaining ratio done
clear
D)
Gaining Ratio - Old Ratio done
clear
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question_answer19)
A and B were partners in a firm sharing profits equally. With effect from 1st April, 2020, they decided to share profits in the ratio of 4 : 3. Due to change in profit-sharing ratio, A's gain or sacrifice will be:
A)
gain 1/14 done
clear
B)
sacrifice 1/14 done
clear
C)
gain 3/4 done
clear
D)
sacrifice 3/7 done
clear
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question_answer20)
Gaining Ratio:
A)
New Ratio - Sacrificing Ratio done
clear
B)
Old Ratio - Sacrificing Ratio done
clear
C)
New Ratio - Old Ratio done
clear
D)
Old Ratio - New Ratio done
clear
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