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Question-1
Goodwill is raised with full value among partner in old profit sharing ratio. What will be the entry?
(A)
All partners capital account Dr
To goodwill
(B)
Gaining partners current account Dr.
To sacrificing partners account
(C)
Goodwill account Dr
To all partner capital account
(D)
Gaining partners capital account Dr.
To sacrificing account.
Question-2
A and B are partner in a firm sharing profit in the ratio of 4:1. They now decide to share the profits in the ratio 3:2 in future. Calculate sacrifice/gain share of partner due to change in profit sharing ratio.
(A)
1/5
(B)
1/4
(C)
1/3
(D)
1/6
Question-3
X,Y And Z sharing profit & losses in the ratio of 5:3:2. They decide to share future profit & losses in the ratio of 2:3:5 with effect from 1
st
April 2007. The following, without affecting their book value
i)Profit & loss A/c Cr balance Rs12,000
ii) Advertising suspense A/c Rs 24,000
Calculate of effective profit or loss to be adjusted.
(A)
Effective Loss 24,000
(B)
Effective 30,000
(C)
Effective Loss 12,000
(D)
Effective profit 13,000
Question-4
Identify the calculation of sacrifice gain of partners
(A)
Sacrifice share= old share+ new share
(B)
Sacrifice share= Old
(C)
Sacrifice share= old share- new share
(D)
Sacrifice share= old share x new share
Question-5
The partners whose share of profit has increased due to change in the profit ratio, are called __________?
(A)
Old partners
(B)
New Partners
(C)
Gaining partners
(D)
Sacrificing partners
Question-6
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-7
Gain received by a partner is computed by ___________ the new share and partner from the old share of partner.
(A)
Adding
(B)
Deducting
(C)
Multiplying
(D)
Dividing
Question-8
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-9
V, K and R are partner sharing profit in the ration 4:3:2.They agreed to share future profits in the ratio 2:2;1. Calculate who is get gain due to change in ratio.
(A)
V
(B)
K
(C)
R
(D)
None of these
Question-10
Ram, Govind and Gopal are partners sharing profits in the ratio of 5:3:2. They agreed to share future profits in the ratio of 2:3:5. Calculate sacrifice or gain of partner due to change in profit sharing ratio
(A)
Ram gained
(B)
Ram & Govind gained
(C)
Gopal sacrifice
(D)
Gopal gain
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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
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