Class XII

AK, BK and CK are sharing profits in the ratio of 2:1:1. They have decided to share future profits in the ratio of 3:2:1. Find out the gainer partner.
  1. BK is the gainer partner
  2. CK is the gainer partner
  3. AK is the gainer partner
  4. Both AK is the gainer partner and CK is the gainer partner
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
Which of the following is written off by the old partners?
  1. Preliminary Expenes
  2. Advertisement Suspense
  3. Only Preliminary Expenes and Advertisement Suspense
  4. Patents
On the reconstitution of a firm change in the value of assets is called _
  1. Reassessment of assets
  2. Revaluation of assets
  3. Devaluation of assets
  4. Reassessment of liabilities
What is the meaning of change in the profit sharing ratio:
  1. In which all partner including the retired partner share future profit and loss
  2. Purchase of shares of profit by one partner form another partner
  3. In which all partner including the deceased partner executor partner share future profit and loss
  4. In which all partner including the new partner share future profit and loss
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