Change In Profit Sharing Ratio Of Existing Partners CBSE Questions & Answers

Change In Profit Sharing Ratio Of Existing Partners

This is Accountancy Class 12 Change in Profit sharing ratio of existing Partners CBSE Questions & Answers. There are 15 questions in this test with each question having around four answer choices.

Questions & Answers

1
Revaluation of assets on the reconstitution of partnership firm becomes necessary because their present values may be _______ from their book values
  • A
    Different
    Correct
  • B
    Same
  • C
    Equal
  • D
    No related
2
A, B and C are partners their profit sharing ratio (old 5:3:2 and new 2:3:5).Their capital after adjustments are Rs.59000, Rs.30000, Rs.11000. Who will bought the amount of actual cash for their adjustment
  • A
    No one
  • B
    A
  • C
    C
    Correct
  • D
    B
3
A, B and C are partners their profit sharing ratio (old 5:3:2 and new 2:3:5).Their capital after adjustments are 45000,25000,6000. Who will pay off the amount of actual cash for their adjustment
  • A
    A
    Correct
  • B
    C
  • C
    No one
  • D
    B
4
Decrease in the value of assets on reconstitution of the firm result into :
  • A
    Loss to the existing partners
    Correct
  • B
    No effect on the existing partners
  • C
    None of these
  • D
    Gain to the existing partners
5
A, B and C are sharing profits and losses in the ratio 5:3:2 with effect from 01/04/2013 they decide to share profit and losses equally. Which partner has to sacrifice
  • A
    All
  • B
    B
  • C
    C
  • D
    A
    Correct
6
A, B and C are sharing profits and losses in the ratio of 3:3:4. Calculate new profit sharing ratio if A acquires 1/5 th share from C
  • A
    It is 7:3:3
  • B
    It is 7:2:1
  • C
    It is 3:2:5
  • D
    It is 5:3:2
    Correct
7
A,B and C are sharing profits and losses in the ratio of 3:3:4. Calculate new profit sharing ratio if C acquire 1/5th share from A and B
  • A
    It is 3:2:5
  • B
    It is 1:2:3
  • C
    It is 7:1:2
    Correct
  • D
    It is 3:2:7
8
A,B and C are sharing profits and losses in the ratio of 3:3:4. Calculate new profits sharing ratio if they all decide to share equally
  • A
    It is 1:1:1
    Correct
  • B
    It is 2:3:1
  • C
    It is 3:3:4
  • D
    It is 7:1:2
9
L, M and N are sharing profits and losses in the ratio of 5:3:2. Calculate new profits sharing ratio if they all decide to share equally. Find the gaining ratio between M and N
  • A
    It is 1:3
  • B
    It is 3:1
  • C
    It is 1:4
    Correct
  • D
    It is 4:1
10
L, M and N are sharing profits and losses in the ratio of 5:3:2. Calculate new profits sharing ratio if they all decide to share equally. Find the share sacrifice by L
  • A
    1/4th
  • B
    1/6th
    Correct
  • C
    1/7th
  • D
    1/5th
11
L, M and N are sharing profits and losses in the ratio of 5:3:2, if they all decide to share future profit and loss in the ratio of 2:3:5. Calculate Sacrificing and Gaining ratio
  • A
    N sacrifices by 2/10th share, L sacrifices 1/10th share and M sacrifices 1/10th share
  • B
    M gain by 2/10th share, N sacrifices 1/10th share and L sacrifices 1/10th share
  • C
    N gain by 2/10th share, L sacrifices 1/10th share and M sacrifices 1/10th share
    Correct
  • D
    L gain by 2/10th share, M sacrifices 1/10th share and N sacrifices 1/10th share
12
A,B and C are partners in a firm sharing profits in 1:2:3 ratio. Their Balance sheet showed a balance of Rs.180000 in General Reserve. The proportionate share of General Reserve to be adjusted be
  • A
    Rs.40000
  • B
    Rs.20000
  • C
    Rs.10000
  • D
    Rs.30000
    Correct
13
P and Q are sharing profit and losses equally .With effects from current year they decided to share profits in the ratio of 4:3.Calculate individual partner’s gain and Sacrifice
  • A
    P gains 1/15th share and Q sacrifices 1/4 th share
  • B
    P gains 1/10 th share and Q sacrifices 1/4 th share
  • C
    P gains 1/14 th share and Q sacrifices 1/4 th share
    Correct
  • D
    P gains 1/12 th share and Q sacrifices 1/4 th share
14
X,Y and Z shared profits and losses in the ratio of 3:2:1 respectively. With effect from 1st April 2012 they agreed to share profits equally. The goodwill of the firm was valued at Rs.18000.What will be the entry when goodwill A/c are passed:
  • A
    Option A
  • B
    Option B
    Correct
  • C
    Option C
  • D
    Option D
15
P, Q and R are partners sharing profits and losses in the ratio of 5:3:2 decide to share future profits and losses equally with effect from 1st April 2012. The goodwill of the firm has been valued at Rs.180000.Which is the entry to be passed among the following when no goodwill appears in the book
  • A
    Option A
  • B
    Option B
  • C
    Option C
    Correct
  • D
    Option D