12th Class Accountancy Change in Profit Sharing Ratio Among Existing Partner Question Bank MCQs - Reconstitution Of a Partnership Firm : Change in Profit Sharing Ratio

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

B) Rs. 15,000, Rs. 15,000 and Rs. 15,000

C) Rs. 21,000, Rs. 15,000 and Rs. 9,000

D) Rs. 22,000, Rs. 22,500 and Nil

Correct Answer: A

Solution :

(a) Rs. 18,000, Rs. 18,000 and Rs. 9,000 Hint:

Particulars	L.F.	Amt. Rs.	Amt. Rs.
Meera's Capital A/c (45,000\[\times\] 2/5) Dr.		18,000
Myra's Capital A/c (45,000\[\times\] 2/5) Dr.		18,000
Neera's Capital A/c (45,000\[\times\]1/5) Dr.		9,000
To Advertisement Suspense A/c			45,000