Change in Profi...

Vinod and Pandey are partners sharing profits in the ratio of 7:3 respectively. On 1.4.2015 they have decided to change their profit sharing ratio to 6:4. Calculate sacrifice/gain of Vinod.

AK, BK and CK are sharing profits in the ratio of 2:1:1. They have decided to share future profits in the ratio of 3:2:1. Find out the gainer partner.

Geeta and Sita are partners in a firm sharing-profits in the ratio of 3 : 2. They decide to share future profits equally. For this purpose the goodwill of the firm has been valued at Rs. 50,000. Record necessary adjustment entry for the same.

P, Q and R are partners sharing profits and losses in the ratio of 5:3:2 decide to share future profits and losses equally with effect from 1st April 2012. The goodwill of the firm has been valued at ` 180000.Which is the entry to be passed among the following when no goodwill appears in the book

What is the meaning of change in the profit sharing ratio:

VK, MK and JK are partners sharing profits equally. Now they have decided to share future profits in their capital ratio i.e. 5:3:2. Idenfity who two partners are sacrificing.

P, Q and R are partners sharing profits equally. They decided that in future R will get 1/5 share in profits and remaining profit will be shared by P and Q equally. On the day of change, firm’s goodwill is valued at ` 60,000. Identify the gain or sacrifice of the partners.

______ is a kind of reserve created for payment of compensation in case of accident.

In case of change in profit sharing ratio among the existing partners who will compensate the existing partners:

X, Y and Z are partners sharing profits in the ratio of 4:3:2. They admit a new partner M in the partnership firm for 1/3rd share in future profit. What will be the new ratio of all the partners?