Questions Ask question Search Order By: ActiveCategoryClear Filter 0 Votes 1 Ans Assertion (A): Change in Profit sharing ratio is not a reconstitution of partnership 5.15K 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. 5.03K 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. 4.28K 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. 3.90K 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? 3.87K 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. 3.78K 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? 3.96K 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. 6.79K 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. 5.71K viewsAnurag Pathak Changed status to publish May 5, 2023Accountancy Class 12thAssertion Reason (PSR)Change 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: 12.72K 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: 11.28K 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: 8.04K 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: 9.51K 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: 10.89K 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: 8.67K 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 11.00K 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. 12.13K viewsAnurag Pathak Changed status to publish April 30, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans Amar and Akbar are partners sharing profits in the ratio of 2 : 1. On 31st March 2023, their Balance Sheet showed General Reserve of ₹ 60,000. It was decided that in future they will share profits and losses in the ratio of 3 : 2. Pass necessary Journal entry in each of the following alternative cases: 8.98K viewsAnurag Pathak Changed status to publish April 30, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans Nitin, Tarun and Amar are partners sharing profits equally and decide to share profits in the ratio of 2 : 2 : 1 w.e.f 1st April, 2023. The extract of their Balance Sheet as at 31st March, 2023 is as follows: 8.98K viewsAnurag Pathak Changed status to publish April 29, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans A, B and C who are sharing profits and losses in the ratio of 5 : 3 : 2 decide to share future profits in the ratio of 2 : 3 : 5. Give the Journal entry to distribute ‘Investments Fluctuation Reserve’ of ₹ 20,000 at the time of change in profit sharing ratio, when investment (market value ₹ 95,000) appears in the books at ₹ 1,00,000. 7.77K viewsAnurag Pathak Changed status to publish April 29, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans X, Y and Z who were sharing profits and losses in the ratio of 5 : 3 : 2 decided to share future profits in the ratio of 2 : 3 : 5. Given the Journal entry to distribute ‘Workmen Compensation Reserve’ of ₹ 1,20,000 at the time of change in profit sharing ratio, when there is a claim of ₹ 80,000 against it. 8.31K viewsAnurag Pathak Changed status to publish April 29, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans A, B and C who are presently sharing profits and losses in the ratio of 5 : 3 : 2 decide to share future profits and losses in the ratio of 2 : 3 : 5. Give the Journal entry to distribute ‘Workmen Compensation Reserve’ of ₹ 1,20,000 at the time of change in profit sharing ratio, when: i) No other information is given ii) there is no claim against it. 7.65K viewsAnurag Pathak Changed status to publish April 29, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans Om and Shiv are partners in a firm sharing profits in the ratio of 4 : 1. They decided to share future profits in the ratio of 3 : 2 w.e.f 1st April, 2023. On that day, the Profit and Loss Account showed a debit balance of ₹ 1,00,000. Pass Journal entry to give effect to the above. [Ans.: Dr. Om’s Capital A/c by ₹ 80,000 and Shiv’s Capital A/c by ₹ 20,000; Cr. Profit and Loss A/c by ₹ 1,00,000.] 9.22K viewsAnurag Pathak Changed status to publish April 29, 2023[CBSE] TS Grewal SolutionsChange in Profit Sharing Ratio 0 Votes 1 Ans Nitya and Anand are partners in a firm sharing profits and losses equally. With effect from 1st April 2023, they decided to share future profits in the ratio of 3 : 2. On the date of the change in the profit sharing ratio, the Profit & Loss Account had a credit balance of ₹ 1,50,000. Pass the necessary Journal entry for the distribution of the balance in the Profit & Loss Account before the change in the profit-sharing ratio. 10.77K viewsAnurag Pathak Changed status to publish April 29, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans Naman, Aman and Raman are partners sharing profits and losses in the ratio of 2 : 2 : 1. From 1st April 2023, they decide to change the profit-sharing ratio. They pass the following adjustments entry for goodwill in the books: 9.10K viewsAnurag Pathak Changed status to publish April 29, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio « Previous 1 2 … 176 177 178 179 180 … 188 189 Next » Search questions Search Questions Sahaj and Nimish entered into partnership on 1st April, 2025 without a partnership deed. They introduced capital of 5,00,000 and 3,00,000 respectively 1 Answer | 0 Votes Taran and Deep are partners sharing the profits and losses in the ratio of 2 : 3 with capitals of ₹ 3,00,000 and ₹ 2,00,000 respectively 1 Answer | 0 Votes Puneet and Sahil are partners sharing profits and losses equally. They had opening credit balance in their Loan Accounts of ₹ 9,00,000 each 1 Answer | 0 Votes Raman and Pawan are partners sharing profits and losses in the ratio of 3 : 2. Raman being a non-working partner contributes ₹ 50,00,000 as capital 1 Answer | 0 Votes Raman and Pawan are partners sharing profits and losses in the ratio of 2 : 3. They had opening credit balance in their Loan Accounts of ₹ 5,00,000 and ₹ 4,00,000 respectively 1 Answer | 0 Votes Bani, Rani, and Mani are partners sharing profits and losses in the ratio of 3 : 2 : 1. Bani and Mani granted loans to the firm on 1st October 2022 of ₹ 2,00,000 and ₹ 3,00,000 respectively 1 Answer | 0 Votes Nirmal and Pawan are partners sharing profits in the ratio of 3 : 2. The firm had given a loan to Pawan of ₹ 5,00,000 on 1st April 1 Answer | 0 Votes Akhil, Sunil, and Parvesh are partners sharing profits in the ratio of 3 : 2 : 1. Sunil had given a loan to the firm on 1st November 2022 of ₹ 4,00,000 1 Answer | 0 Votes Bat and Ball are partners sharing the profits in the ratio of 2 : 3 with capitals of ₹ 1,20,000 and ₹ 60,000 respectively 1 Answer | 0 Votes Akhil and Bimal are partners sharing profits in the ratio of 3 : 2. Akhil gave a loan to the firm of ₹ 1,00,000 on 1st October 2022 1 Answer | 0 Votes Question and answer is powered by anspress.net
