Category Change in Profit Sharing Ratio Change in Profit Sharing Ratio 74 Questions 2 Sub CategoriesAssertion Reason (PSR)(7)MCQs (PSR)(29) Ask question Search Order By: ActiveClear Filter 0 Votes 1 Ans Assets are revalued and liabilities are reassessed at the time of change in profit sharing ratio so that 1.68K viewsAnurag Pathak Changed status to publish May 5, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans Increase and decrease in the value of assets and liabilities are recorded through 983 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 1.40K viewsAnurag Pathak Changed status to publish May 5, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans 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 1.52K 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 2.28K viewsAnurag Pathak Changed status to publish May 5, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans 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. 3.36K viewsAnurag Pathak Changed status to publish May 5, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans 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: 2.96K 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: 2.99K 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 2.31K 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: 3.42K 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 1.62K 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 2.17K viewsAnurag Pathak Changed status to publish May 5, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans 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 1.91K 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 2.37K 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 1.98K 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. 2.12K viewsAnurag Pathak Changed status to publish May 5, 2023Accountancy Class 12thAssertion Reason (PSR)Change in Profit Sharing Ratio 0 Votes 1 Ans Assertion (A): Change in Profit sharing ratio means one or more partners have forgone their profit share in favour of one or more partners. 1.42K 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. 981 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? 1.10K 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. 915 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? 1.01K 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. 2.71K 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. 1.94K 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: 5.42K 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: 6.27K viewsAnurag Pathak Changed status to publish May 2, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio « Previous 1 2 3 Next » Question and answer is powered by anspress.net
