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Ans – c) Solution:- The old Profit sharing ratio of Srishti, Nitya and Anand is 3 : 2 : 1 Srishti retired his share taken by Nitya and Anand in 2 : 1 Nitya takes 3/6 × 2/3 = 6/18…
Ans – c) Solution:- Gaining Ratio of Amla and Kavita is 3,600 : 3,000 6 : 5
Ans – b) Explanation:- All accumulated losses are debited to all the partners in their old profit sharing ratio as is the part of the past profits.
Ans – d) Explanation:- Gaining Ratio = New Profit share – Old Profit share
Ans – a) Explanation:- Retiring Partner’s Loan A/c = Partner’s opening capital A/c – Investments took over – took over 20% of the debtors 1,23,000 = 2,01,000 – 58,000 – 20/100 of Debtors 20% of Debtors = 2,01,000 – 1,23,000…
Ans – d) Solution:- Amay’s share in General Reserve = 7,500 × 1/3 = ₹ 2,500 Amay’s share in Goodwill = 30,000 × 1/3 = ₹ 10,000 Amay’s share in gain on revaluation = 24,000 × 1/3 = ₹ 8,000…
Ans – b) Explanation:- An increase in assets is recorded on the credit side of the Revaluation Account.
Ans – b) Explanation:- The increase and decrease in the value of assets and liabilities belong to the old partners in their old profit-sharing ratio. Thus loss on revaluation is debited to all the partners in their old profit sharing…
Ans – b) Explanation:- If no further information is given, the increase and decrease in the value of all assets and liabilities belong to the old partners in their old profit-sharing ratio. Thus gain on revaluation is credited to all…
Ans – a) Explanation:- Increases in assets are recorded at the credit side at the time of reconstitution of the partnership firm.