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 3:2:3, they decided to share profits and losses in the ratio of 2:5:1 w.e.f. 01.04.2021.

(i) General reserve Rs. 8000 (Distribute) (a) A = 1500 (Dr.); B = 1000 (Dr); C = 1500 (Dr.)

(ii) General reserve Rs. 8000 (Not distribute) (b) A = 3000 (Cr.); B = 2000 (Cr); C = 3000 (Cr.)

(iii) Advertisement Suspense Rs. 8000 (to be written off) (c) A = 1000 (Cr.); B = 3000 (Dr); C = 2000 (Cr.)

(iv) Profit and Loss Account (Dr. Balance) Rs. 4000 (d) A = 3000 (Dr.); B = 2000 (Dr); C = 3000 (Dr.)

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: B

Solution :

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