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  3. 12th Class
  4. Accountancy
  5. Change in Profit Sharing Ratio Among Existing Partner

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

  • question_answer
    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.

    B) gaining partner is not put to an advantage and sacrificing partner is not put to disadvantage and vice versa.

    C) Both a and b

    D) assets and liabilities are shown at their market values.

    Correct Answer: B

    Solution :

    [b] gaining partner is not put to an advantage and sacrificing partner is not put to disadvantage and vice versa.


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