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 5:3:2, they decided to share profits and losses in the ratio of 1:1:1 w.e.f. 01.04.2021. Investment fluctuation reserve as on that date was Rs. 30,000 and the current investment is Rs. 2,00,000.

(i) No other information is given (Cost and market value are same) (a) A = 5,000 (Cr.); B = 3,000 (Cr.); C = 2,000 (Cr.)

(ii) Investment revalued at Rs. 1,80,000 (b) A = 10,000 (Dr.); B = 6,000 (Dr.); C = 4,000 (Dr.)

(iii) Investment revalued at Rs. 1,60,000 (c) A = 5,000 (Dr.); B = 3,000 (Dr.); C = 2,000 (Dr.)

(iv) Investment revalued at Rs. 1,50,000 (d) A = 15,000 (Cr.); B = 9,000 (Cr.); C = 6,000 (Cr.)

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: C

Solution :

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