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Ans – a) Solution:- Old Profit sharing ratio of A, B and C is 3 : 2 : 1 C’s share 1/6 taken over by A and B equally A takes 1/6 × 1/2 = 1/12 B takes 1/6 ×…
Ans – a) Solution:- Old Profit sharing ratio of A, B and C 3 : 2 : 1 New Profit sharing ratio of A and B is 3 : 2 Gaining Ratio = New Profit share – Old Profit share…
Ans – b) Solution:- In the absence of any further information, the remaining partners new profit sharing ratio will be ratio of profit in which they share the profit.
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.