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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
    X and Y are partners sharing profits and losses in the ratio of 3:2. With effect from 1st January 2020 they agreed to share future profits equally. The goodwill of the firm was valued at Rs.30,000. How much amount is debited or credited to X? 

    A) Debit X's Capital Account by Rs. 2,000

    B) Debit X's Capital Account by Rs. 3,000

    C) Credit X's Capital Account by Rs. 2,000 

    D) Credit X's Capital Account by Rs.3,000

    Correct Answer: D

    Solution :

    Credit X's Capital Account by Rs.3,000


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