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  5. Change in Profit Sharing Ratio Among Existing Partner

12th Class Accountancy Change in Profit Sharing Ratio Among Existing Partner Question Bank MCQs - Change in Profit-Sharing Ratio Among Existing Partners

  • question_answer
    AK, GK and KK were partners in a firm sharing profits in the ratio of 5:3:2. From 1st April, 2021 they decided to share the profits equally. For this purpose, the goodwill of the firm was valued at Rs.2,40,000. With what amount partners are to be debited or credited at the time of change in profit sharing ratio?

    A) GK Dr. 8,000; KK Dr. 32,000 and AK Cr. 40,000

    B) GK Cr. 8,000; KK Cr. 32,000 and AK Dr. 40,000

    C) GK Dr. 32,000; KK Dr. 8.000 and AK Cr. 40,000 

    D) GK Cr. 32,000; KK Cr. 8,000 and AK Dr. 40,000

    Correct Answer: A

    Solution :

    GK Dr. 8,000; KK Dr. 32,000 and AK Cr. 40,000


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