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

Match the followings:

A, B and C are partners in a firm sharing Profits and loss in the ratio of 3:2:1, they decided to share profits and losses in the ratio of 4:3:2 w.e.f. 01.04.2021. Workmen compensation reserve on that date is Rs. 90,000

(i) There is no claim against Workmen Compensation Reserve (a) A = 30,000 ; B = 20,000 ; C = 10,000

(ii) Claim for workmen compensation is estimated at Rs. 30,000 (b) Nil

(iii) Claim for workmen compensation is estimated at Rs. 84,000 (c) A=45,000; B=30,000; C= 15,000

(iv) Claim for workmen compensation is estimated at Rs. 90,000 (d) A=3,000; B=2,000; C= 1,000

A) (i)-c; (ii)-a; (iii)-d; (iv)-b

B) (i)-b; (ii)-c; (iii)-d; (iv)-a

C) (i)-d, (ii)-a, (iii)-c, (iv)-b

D) (i)-c; (ii)-a; (iii)-b; (iv)-d

Correct Answer: A

Solution :

(i)-c; (ii)-a; (iii)-d; (iv)-b