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  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
    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                               

    B) Rs. 6,000   

    C) Rs. 7,000                                 

    D) Rs. 5,000

    Correct Answer: B

    Solution :

    [b] Rs. 6,000
    Hint:
      Particulars L.F. Amt. Rs. Amt. Rs.
      Milan's Capital A/c     (15,000 \[\times \] 2/5)         Dr.   6,000  
      Khilan's Capital A/c (15,000 x 2/5)          Dr.   6,000  
      Silam's Capital A/c (15,000 x 1/5)        Dr   3,000  
          To Profit & Loss A/c     15,000
             


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