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12th Class Accountancy Admission of a Partner Question Bank MCQs - Reconstitution Of a Partnership Firm : Admission of a Partner

  • question_answer
    A and B are partners sharing profits in the ratio of 3 : 2. C is admitted and new profit sharing ratio is agreed at 2 : 2 : 1. At the time of revaluation, it was found that, Stock was overvalued at Rs. 20,000 and salary outstanding was Rs. 5000. Revaluation Profit/ loss distributed to the partner:

    A) Revaluation Gain A = 15000; B = 10000

    B) Revaluation Gain A = 10000; B = 10000; C = 5000

    C) Revaluation loss A = 15000; B = 10000

    D) Revaluation Loss A =10000; B = 10000; C = 5000

    Correct Answer: C

    Solution :

    Revaluation loss A = 15000; B = 10000


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