Ask question Search Order By: ActiveCategoryClear Filter 0 Votes 1 Ans Raju and Gaurav were partners in a firm sharing profits and losses in the ratio of 2 : 1. With effect from 1st January, 2023, they decided to share profits and losses equally. Individual partner’s gain or sacrifice due to change in the ratio will be 1.64K viewsAnurag Pathak Changed status to publish May 5, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans Raman and Rajan were partners in a firm sharing profits or losses in the ratio of 3 : 1. With effect from 1st January, 2023, they agreed to share profits in the ratio of 2 : 1. Due to change in profit sharing ratio, Rajan’s gain or sacrifice will be 2.38K viewsAnurag Pathak Changed status to publish May 5, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans 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. Their Balance Sheet as on that date showed a balance of ₹ 45,000 in Advertisement Suspense Account. 3.59K viewsAnurag Pathak Changed status to publish May 5, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans Due to change in the profit sharing ratio, Shiv’s gain is 1/6, while Om’s sacrifice is 1/6. They decide to record the effect of the following revaluation without affecting the book values of the assets and liabilities, by passing a single adjusting entry: 3.11K viewsAnurag Pathak Changed status to publish May 5, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans Due to change in profit sharing ratio, X’s sacrifice is 3/10, while z’s gain is 3/10. They decide to record the effect of the following without affecting the book figures. by passing an adjusting entry: 3.18K viewsAnurag Pathak Changed status to publish May 5, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans Pawan, Raman and Shravan are partners. Before changing their profit-sharing ratio to 5 : 3 : 2, they were sharing profits equally. Workmen Compensation Reserve existed at ₹ 1,00,000 against which a claim existed at ₹ 20,000. The amount that will be credited to their Capital Accounts in their old profit-sharing ratio will be 2.43K viewsAnurag Pathak Changed status to publish May 5, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans Hari, Sunil and Anil are partners sharing profits equally which they changed to 2 : 2 : 1 w.e.f 1st April, 2023. Their capitals on that date were ₹ 5,00,000 each and the balance in Current Accounts ₹ 40,000 (Cr.); ₹ 30,000 (Cr.) and ₹ 20,000 (Dr.) respectively. On that date, balances also existed in the books as follows: 3.58K viewsAnurag Pathak Changed status to publish May 5, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 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 1.72K 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 2.40K 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 2.03K 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 2.50K viewsAnurag Pathak Changed status to publish May 5, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans Assertion (A): Change in Profit sharing ratio is not a reconstitution of partnership 2.12K 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. 2.24K 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. 1.52K 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. 1.07K 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? 1.17K 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. 987 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? 1.09K 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. 2.93K 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. 2.49K 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: 5.80K 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: 6.66K 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: 5.72K 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: 4.73K 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: 4.56K viewsAnurag Pathak Changed status to publish May 2, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio « Previous 1 2 … 156 157 158 159 160 … 169 170 Next » Question and answer is powered by anspress.net
