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 4:3:3 w.e.f. 01.04.2021.

(i) Revaluation Profit = 10000 (a) A = 5,000 (Dr.); B = 3,000 (Dr.); C = 2,000 (Dr.)

(ii) Revaluation Loss = 10000 (b) A = 10000 (Dr.); B = 6000 (Dr.); C = 4000 (Dr)

(iii) Goodwill appeared in the book = 20000 (c) A = 5000 (Cr.); B = 3000 (Cr.); C = 2000 (Cr.)

(iv) Goodwill valued = 20000 (d) A = 2000 (Cr.); B = Nil; C = 2000 (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: D

Solution :

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