Class XII

Why do existing partners change their profit sharing ratio:
  1. Due active participation in management by a partner
  2. Both Due to change in capital contribution and Due active participation in management by a partner
  3. Due to change in capital contribution
  4. Due to Tax Policy of Government
Suman and Poonam were partners in a firm sharing profits in the ratio of 3:2. From 1st March 2015 they decided to change it to the 3:1. Find out the gainer partner and sacrificing partner?
  1. No one is gainer
  2. Both partners are gainer
  3. Poonam is gainer
  4. Suman is gainer
Which of the following is not transferred to partners capital account?
  1. Contingency Reserve
  2. Employees Provident Fund
  3. Retained Earnings
  4. General Reserve
X, Y and Z are sharing profits and losses in the ratio of 5:3:2. Who will be debited and who will be credited, when they have decided to share profits equally in future?
  1. B Debit and A & C Cr.
  2. B and C Dr. and A Cr.
  3. B and A Dr. and C Cr.
  4. A and C Dr. and B Cr.
Vinod and Pandey are partners sharing profits in the ratio of 7:3 respectively. On 1.4.2015 they have decided to change their profit sharing ratio to 6:4. Calculate sacrifice/gain of Vinod.
  1. Vinod’s Gain 2/10
  2. Vinod’s Gain 1/10
  3. Vinod’s Sacrifice 2/10
  4. Vinod’s Sacrifice 1/10
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