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Question-1
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-2
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-3
Which situation the partners of an existing firm may decide to change their profit sharing ratio?
(A)
Old age of Partner
(B)
Take leave one partner
(C)
Partner go to foreign trip
(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
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-6
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
Question-7
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-8
Under which circumstance the partners of an existing firm may decide to change their profit sharing ratio.
(A)
Increasing efficiency
(B)
Increasing managerial ability
(C)
Due to ill health
(D)
Increase in capital
Question-9
The share of surrender of profit is called
(A)
Equity shares
(B)
Preference share
(C)
New share
(D)
Sacrificing share
Question-10
C, D and E are partners in a firm sharing profits and losses in the ratio of 4:3:2. The partners decided to share future profit and losses in the ratio 2:2:1. Calculate 'E's gain or sacrifice due to change in ratio.
(A)
-1/45
(B)
3/45
(C)
1/45
(D)
-3/45
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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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