Category [CBSE] TS Grewal Solutions [CBSE] TS Grewal Solutions 805 Questions 11 Sub Categories[CBSE] Admission of Partner(141)[CBSE] Comparative and Common Size Statement(27)[CBSE] Death of Partner(41)[CBSE] Dissolution of Partner(55)[CBSE] Fundamentals of Partnership Firm(234)[CBSE] Issue of Debenture(58) Ask question Search Order By: ActiveClear Filter 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: 1.37K viewsAnurag Pathak Changed status to publish May 5, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans 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. 2.60K 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 1.83K 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 1.12K 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 1.55K viewsAnurag Pathak Changed status to publish May 5, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 0 Votes 1 Ans 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 1.72K 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 2.47K 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. 3.75K 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: 3.20K 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: 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 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 2.51K 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: 3.69K 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 1.81K 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 2.51K 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 2.11K 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 2.59K viewsAnurag Pathak Changed status to publish May 5, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing RatioMCQs (PSR) 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: 5.99K 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: 6.88K viewsAnurag Pathak Changed status to publish May 2, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans Balance Sheet of X and Y, who share profits and losses as 5 : 3, as at 1st April, 2022 is: 5.89K viewsAnurag Pathak Changed status to publish May 2, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans Rajesh and Mahesh are partners in a firm sharing profit in the ratio of 3 : 2. Their Balance Sheet as at 31st March 2023 was as follows: 4.85K viewsAnurag Pathak Changed status to publish May 2, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans A, B and C are sharing profits and losses in the ratio of 2 : 2 : 1. They decided to share profit w.e.f 1st April, 2023 in the ratio of 5 ; 3 : 2. They also decided not to change the values of assets and liabilities in the books of account. The book values and revised values of asset and liabilities as on the date of change were as follows: 4.67K viewsAnurag Pathak Changed status to publish May 2, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans Ashish, Aakash, and Amit are partners sharing profits and losses equally. The Balance Sheet as at 31st March 2023 was as follows: 6.12K viewsAnurag Pathak Changed status to publish April 30, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans Bhavya and Sakshi are partners in a firm, sharing profits and losses in the ratio of 3 : 2. On 31st March 2018, their Balance Sheet was as under: 4.63K viewsAnurag Pathak Changed status to publish April 30, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans X, Y, and Z are sharing profits and losses in the ratio of 5 : 3 : 2. They decide to share future profits and losses in the ratio of 2 : 3 : 5 with effect from 1st April, 2023. They also decide to record the effect of the following accumulated profits, losses, and reserves without affecting their book values by passing a single entry. Pass an Adjustment Entry 5.71K viewsAnurag Pathak Changed status to publish April 30, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans Mita, Gopal and Farhan were partners sharing profits and losses in the ratio 3 : 2 : 1. On 31st March 2018 they decided to change the profit sharing ratio to 5 : 3 : 2. On this date, the Balance Sheet showed Deferred Advertisement Expenditure ₹ 30,000 and Contingency Reserve ₹ 9,000. Goodwill was valued at ₹ 4,80,000. Pass the necessary Journal entries for the above transactions in the books of the firm on its reconstitution. 6.71K viewsAnurag Pathak Changed status to publish April 30, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio « Previous 1 2 … 31 32 33 34 35 … 41 42 Next » Question and answer is powered by anspress.net
