Ask question Search Order By: ActiveCategoryClear Filter 0 Votes 1 Ans Amar and Karam are partners sharing profits in the ratio of 3 : 2 before they changed the profit sharing ratio to equal. The Balance Sheet as on the date of change in profit sharing ratio showed debit balance in Profit & Loss Account of ₹ 50,000. The balance of ₹ 50,000 should 1.50K viewsAnurag Pathak Changed status to publish May 5, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans Aman and Akbar are partners sharing profits in the ratio of 3 : 2. They changed their profit sharing ratio to 2 : 3 w.e.f 1st April, 2023. The Balance Sheet as on the date of change in profit sharing ratio showed credit balance in Profit & Loss Account of ₹ 1,00,000, which the partners decide to carry forward and not distribute. The balance of ₹ 1,00,000 will be adjusted by 2.01K viewsAnurag Pathak Changed status to publish May 5, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans Nasim and Parvez are partners sharing profits equally. They changed their profit sharing ratio to 2 : 3 w.e.f 1st April 2023. The assets were revalued, and liabilities were reassessed on that date which resulted in a loss of ₹ 80,000. It will be transferred to their capital account by 1.82K viewsAnurag Pathak Changed status to publish May 5, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans Bimal and Lalit are partners sharing profits and losses in the ratio of 3 : 2. They changed their profit sharing ratio to 2 : 3 w.e.f 1st April 2023. The assets were revalued, and liabilities were reassessed on the date which resulted in a loss of ₹ 80,000. It was decided that the changed values will not be shown in the books of accounts. It will be adjusted in their capital accounts as by 2.25K viewsAnurag Pathak Changed status to publish May 5, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans Assertion (A): Change in Profit sharing ratio is not a reconstitution of partnership 1.84K viewsAnurag Pathak Changed status to publish May 5, 2023Accountancy Class 12thAssertion Reason (PSR)Change in Profit Sharing Ratio 0 Votes 1 Ans Assertion (A): When the partners change their profit-sharing ratio, it leads to dissolution of old firm and new firm comes into existence. 1.99K viewsAnurag Pathak Changed status to publish May 5, 2023Accountancy Class 12thAssertion Reason (PSR)Change in Profit Sharing Ratio 0 Votes 1 Ans Assertion (A): Change in Profit sharing ratio means one or more partners have forgone their profit share in favour of one or more partners. 1.33K viewsAnurag Pathak Changed status to publish May 5, 2023Accountancy Class 12thAssertion Reason (PSR)Change in Profit Sharing Ratio 0 Votes 1 Ans State the ratio in which the partners share accumulated profits when there is a change in the profit sharing ratio among existing partners. 887 viewsAnurag Pathak Changed status to publish May 5, 2023Accountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans Why is revaluation of assets on reconstitution of partnership necessary? 1.01K viewsAnurag Pathak Changed status to publish May 5, 2023Accountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans State any two occasions on which a firm can be reconstituted. 823 viewsAnurag Pathak Changed status to publish May 5, 2023Accountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans What is meant by Reconstitution of a Partnership Firm? 945 viewsAnurag Pathak Changed status to publish May 5, 2023Accountancy Class 12thAssertion Reason (PSR)Change in Profit Sharing Ratio 0 Votes 1 Ans Assertion (A): At the time of Change in Profit-Sharing Ratio, Gaining Partner brings his share of Goodwill to compensate the Sacrificing Parnter. 2.56K viewsAnurag Pathak Changed status to publish May 5, 2023Accountancy Class 12thAssertion Reason (PSR)Change in Profit Sharing Ratio 0 Votes 1 Ans Assertion (A): At the time of change in Profit sharing Ratio. Goodwill of the firm is not valued because no partner is compensated. 1.80K viewsAnurag Pathak Changed status to publish May 5, 2023Accountancy Class 12thAssertion Reason (PSR)Change in Profit Sharing Ratio 0 Votes 1 Ans Suresh, Ramesh, Mahesh and Ganesh were partners in a firm sharing profits in the ratio of 2 : 2 : 3 : 3. On 1st April, 2016, their Balance Sheet was as follows: 5.04K viewsAnurag Pathak Changed status to publish May 2, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans Ram, Mohan, Sohan and Hari were partners in a firm sharing profits in the ratio of 4 : 3 : 2 : 1. On 1st April, 2016, their Balance Sheet was as follows: 5.91K viewsAnurag Pathak Changed status to publish May 2, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans Balance Sheet of X and Y, who share profits and losses as 5 : 3, as at 1st April, 2022 is: 5.15K viewsAnurag Pathak Changed status to publish May 2, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans Rajesh and Mahesh are partners in a firm sharing profit in the ratio of 3 : 2. Their Balance Sheet as at 31st March 2023 was as follows: 4.45K viewsAnurag Pathak Changed status to publish May 2, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans A, B and C are sharing profits and losses in the ratio of 2 : 2 : 1. They decided to share profit w.e.f 1st April, 2023 in the ratio of 5 ; 3 : 2. They also decided not to change the values of assets and liabilities in the books of account. The book values and revised values of asset and liabilities as on the date of change were as follows: 4.18K viewsAnurag Pathak Changed status to publish May 2, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans Ashish, Aakash, and Amit are partners sharing profits and losses equally. The Balance Sheet as at 31st March 2023 was as follows: 5.38K viewsAnurag Pathak Changed status to publish April 30, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans Bhavya and Sakshi are partners in a firm, sharing profits and losses in the ratio of 3 : 2. On 31st March 2018, their Balance Sheet was as under: 3.99K viewsAnurag Pathak Changed status to publish April 30, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans X, Y, and Z are sharing profits and losses in the ratio of 5 : 3 : 2. They decide to share future profits and losses in the ratio of 2 : 3 : 5 with effect from 1st April, 2023. They also decide to record the effect of the following accumulated profits, losses, and reserves without affecting their book values by passing a single entry. Pass an Adjustment Entry 4.99K viewsAnurag Pathak Changed status to publish April 30, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans Mita, Gopal and Farhan were partners sharing profits and losses in the ratio 3 : 2 : 1. On 31st March 2018 they decided to change the profit sharing ratio to 5 : 3 : 2. On this date, the Balance Sheet showed Deferred Advertisement Expenditure ₹ 30,000 and Contingency Reserve ₹ 9,000. Goodwill was valued at ₹ 4,80,000. Pass the necessary Journal entries for the above transactions in the books of the firm on its reconstitution. 5.82K viewsAnurag Pathak Changed status to publish April 30, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans Amar and Akbar are partners sharing profits in the ratio of 2 : 1. On 31st March 2023, their Balance Sheet showed General Reserve of ₹ 60,000. It was decided that in future they will share profits and losses in the ratio of 3 : 2. Pass necessary Journal entry in each of the following alternative cases: 4.62K viewsAnurag Pathak Changed status to publish April 30, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans Nitin, Tarun and Amar are partners sharing profits equally and decide to share profits in the ratio of 2 : 2 : 1 w.e.f 1st April, 2023. The extract of their Balance Sheet as at 31st March, 2023 is as follows: 3.98K viewsAnurag Pathak Changed status to publish April 29, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans A, B and C who are sharing profits and losses in the ratio of 5 : 3 : 2 decide to share future profits in the ratio of 2 : 3 : 5. Give the Journal entry to distribute ‘Investments Fluctuation Reserve’ of ₹ 20,000 at the time of change in profit sharing ratio, when investment (market value ₹ 95,000) appears in the books at ₹ 1,00,000. 2.89K viewsAnurag Pathak Changed status to publish April 29, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio « Previous 1 2 … 148 149 150 151 152 … 161 162 Next » Question and answer is powered by anspress.net
