Ask question Search Order By: ActiveCategoryClear Filter 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. 4.92K 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. 5.36K 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. 6.00K 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: 3.95K 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. 4.74K 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: 4.64K 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. 4.38K 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 3.07K 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 3.28K 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 3.46K 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 3.32K viewsAnurag Pathak Changed status to publish May 5, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans Which of the following does not result into the reconstitution of a firm? 3.53K 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: 3.04K 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 2.95K 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: 4.63K viewsAnurag Pathak Changed status to publish May 5, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans 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? 4.28K 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. 5.01K viewsAnurag Pathak Changed status to publish May 5, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans Assets are revalued and liabilities are reassessed at the time of change in profit sharing ratio so that 3.55K 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 3.36K 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 3.68K 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 4.41K 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. 6.29K 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: 5.45K 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: 5.49K 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 4.68K viewsAnurag Pathak Changed status to publish May 5, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) « Previous 1 2 … 172 173 174 175 176 … 185 186 Next » Question and answer is powered by anspress.net
