Ask question Search Order By: ActiveCategoryClear Filter 0 Votes 1 Ans Girija, Yatin, and Zubin are partners sharing profits and losses in the ratio of 5 : 3 : 2. They admit Suresh into the partnership and give him 1/5th share of profits. Find the new profit-sharing ratio. 10.82K viewsAnurag Pathak Changed status to publish May 14, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Janak, Chaman, and Anmol are partners sharing profits and losses in the ratio of 3 : 2 : 1. They decide to change their profit sharing ratio to 2 : 2 : 1. To give effect to this new profit sharing ratio, they decided to value goodwill at ₹ 60,000. 4.65K viewsAnurag Pathak Changed status to publish May 12, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans X, Y and Z who are presently sharing profits and losses in the ratio of 5 : 3 : 2 decide to share future profits & losses equally with effect from 1st April, 2023. 4.95K viewsAnurag Pathak Changed status to publish May 12, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans Sonu, Sumit and Sahil are partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. They decide to share profits and losses in the ratio of 2 : 5 : 3 with effect from 1st April, 2023. Land (having book value of ₹ 1,00,000) was found undervalued by ₹ 5,00,000. 5.62K viewsAnurag Pathak Changed status to publish May 7, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans Arrange the following steps in their ascending order in the context of the reconstitution of the partnership: 3.70K viewsAnurag Pathak Changed status to publish May 7, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans Atul, Madan and Mohan sharing profits and Losses in the ratio of 3 : 2 : 1 decide to share profits and losses equally w.e.f 1st April, 2023. Their Balance Sheet shows investment (at cost) at ₹ 3,50,000 and Investment Fluctuation Reserve at ₹ 60,000. 4.46K viewsAnurag Pathak Changed status to publish May 7, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans P, Q, and R who are presently sharing profits and losses in the ratio of 5 : 4 : 1, decide to share future profits & Losses equally. The Balance Sheet shows the General Reserve of ₹ 80,000 and the Profit and Loss Account (Dr. Balance) of ₹ 20,000. The adjustment entry to give effect to the above without disturbing balances of General Reserve and Profit & Loss A/c is: 4.34K viewsAnurag Pathak Changed status to publish May 7, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans Assertion (A): Change in the profit sharing ratio among the existing partners results in a change in their existing agreement. 3.96K viewsAnurag Pathak Changed status to publish May 7, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thAssertion Reason (PSR)Change in Profit Sharing Ratio 0 Votes 1 Ans A change in the relationship of existing partners which results in an end of the existing agreement and formation of new one is 2.84K viewsAnurag Pathak Changed status to publish May 5, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans Any change in the relationship of existing partners which results in an end of the existing agreement and enforces making of a new agreement is called 3.01K viewsAnurag Pathak Changed status to publish May 5, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans If the existing profit sharing ratio among a, B and C of 3 : 2 : 1 is changed to 1 : 2 : 3, then the partner (s) whose share will be unaffected is/are 3.25K viewsAnurag Pathak Changed status to publish May 5, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans The adjustment required at the time of reconstitution of a partnership firm is/are 3.08K viewsAnurag Pathak Changed status to publish May 5, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans Which of the following does not result into the reconstitution of a firm? 3.27K viewsAnurag Pathak Changed status to publish May 5, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans The ratio in which one or more partners of the firm forego, i.e., sacrifice their share of profits in favour of one or more partners of the firm is known as: 2.85K viewsAnurag Pathak Changed status to publish May 5, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans Increase and decrease in the value of assets and liabilities are recorded through 2.63K viewsAnurag Pathak Changed status to publish May 5, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans X and Y shared profits and losses in the ratio of 3 : 2. With effect from 1st April 2023, they decided to share profits equally. The goodwill of the firm was valued at ₹ 60,000. The adjustment entry will be: 4.17K viewsAnurag Pathak Changed status to publish May 5, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans A, B and C are partners sharing profits in the ratio of 5 : 3 : 2. They decided to share future profits in the ratio of 2 : 3 : 5. What will be the accounting treatment of the Workmen Compensation Reserve appearing in the Balance Sheet on that date when no other information is available for the same? 3.93K viewsAnurag Pathak Changed status to publish May 5, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans Avya, Divya and Kavya were equal partners. They decided to change the profit sharing ratio to 4 : 3 : 2. For this purpose, the goodwill of the firm was valued at ₹ 90,000. 4.77K viewsAnurag Pathak Changed status to publish May 5, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans Assets are revalued and liabilities are reassessed at the time of change in profit sharing ratio so that 3.27K viewsAnurag Pathak Changed status to publish May 5, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans At the time of reconstitution of the firm (by way of change in profit sharing ratio/admission/retirement or death of a partner), gaining partner compensates the sacrificing partner by paying proportionate amount of 3.09K viewsAnurag Pathak Changed status to publish May 5, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 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 3.32K 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 4.19K 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. 5.89K 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: 5.13K 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: 5.19K viewsAnurag Pathak Changed status to publish May 5, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) « Previous 1 2 … 162 163 164 165 166 … 175 176 Next » Question and answer is powered by anspress.net
