Class XII

The reserves and accumulated profits and losses are transferred to Partner’s capital account in their _____ ratio
  1. New
  2. Old
  3. Sacrificing
  4. Gaining
L, M and N are sharing profits and losses in the ratio of 5:3:2. If they all decide to share equally. Then who will sacrifice his share
  1. No one will sacrifice
  2. B
  3. C
  4. A
Where will you record the net affect of revaluation account when capitals of the partners are fixed?
  1. Profit and Loss Account
  2. Partners Current Accounts
  3. Partners Capital Accounts
  4. Balance Sheet only
For calculating the Proportional Amount of Net Effect of Revaluation for Sacrificing Partner is
  1. Sacrificing Partner = Share Sacrificed × Gross Effect of Revaluation
  2. Sacrificing Partner = Share Gained × Net Effect of Revaluation
  3. Sacrificing Partner = Share Sacrificed × Net Effect of Revaluation
  4. Gaining Partner = Share Sacrificed × Net Effect of Revaluation
Which of the following is transferred to the partners capital account?
  1. Creditors
  2. General Reserve
  3. Loan (short term)
  4. Land and Building
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