Smartindia Classroom
CONTENTS
English
Accountancy
Business Studies
Computer Science
Economics
Back to home
Start Practice
Question-1
In which situation the partners of an existing firm may decide to change their profit sharing ratio?
(A)
Old age of partner
(B)
Partner go to foreign trip
(C)
All of these
(D)
None of these
Question-2
Identify the journal entry. If capital of partner is fluctuating?
(A)
Sacrificing partner's capital account Dr
To gaining partners capital account
(B)
Gaining partners capital account Dr
To sacrificing partners capital account
(C)
Gaining partners current account Dr
To sacrificing partners capital account
(D)
Sacrificing partners capital account Dr
To gaining partner current account.
Question-3
V, K and R are partner sharing profit in the ration 4:3:2. They agreed to share future profits in the ratio of 2:2;1. Calculate who is get a gain due to change in ratio.
(A)
V
(B)
K
(C)
R
(D)
None of these
Question-4
With the change in the profit sharing ratio, one or more partner will gain their existing profit it is called_______________ share.
(A)
Losing share
(B)
Sacrificing share
(C)
Gaining share
(D)
New share
Question-5
Sacrifice made by partners will be adjusted through their capital account by making single journal entry. It is called ___________ by a single journal entry.
(A)
Sacrificing adjustment
(B)
Single adjustment
(C)
Nominal adjustment
(D)
Capital adjustment.
Question-6
A, B and C are partners in a firm sharing profits and losses in the ratio 4:5. The partners decided to share future profit and losses in the ratio 2:2:1.Calculate 'A's gain or sacrifice due to the change in ratio.
(A)
-3/45
(B)
1/45
(C)
2/45
(D)
3/45
Question-7
Cancel full value of goodwill among partners in their new profit sharing ratio. What will be the entry?
(A)
All partner capital account Dr
To goodwill account.
(B)
Gaining partner current account Dr
To sacrificing partner account
(C)
Goodwill account Dr
To all partners capital account.
(D)
Gaining partner capital account Dr
To sacrificing partners account.
Question-8
The partner whose share of profit has increased due to change in the profit ratio are called_______________ partners.
(A)
Gaining partner
(B)
Nominal partner
(C)
Losing partner
(D)
Sleeping partner
Question-9
Gain received by partners will be adjusted through their capital accounts by making a ___________ entry.
(A)
Double journal entry
(B)
Triple journal entry
(C)
Single journal entry
(D)
No entry
Question-10
A, B and C are partners sharing profits in the ratio of 4:3:2. They decide to share profits equally. Calculate the gain share of the partners
(A)
A gained
(B)
B gained
(C)
A & B gained
(D)
C gained
Your Score 0/10
Click
here
to see your answersheet and detailed track records.
Plus 2 Commerce
ICSE/ISC
Practice in Related Chapters
Partnership Accounts : Distribution of Profits
Goodwill - Concept and Mode its Valuation
Partnership Accounts : Admission of Partner
Capital Adjustment of Change of Profit Sharing Ratio
Admission of a Partner
Final Accounts of Companies
Joint Stock Company Accounts: Issue of Debentures
Cost Accounting An Introduction
Joint Venture Account
Sectional Balancing and Self Balancing System
Ratio Analysis
Cost Accounting Inventory Valuation
Cash Flow Statement
Cost Accounting Cost Sheet
Cash Flow Statement
Powered By
