Change in Profi...

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

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.

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?

Which of the following item is not debited to the partners’ capital account?

A, B and C are sharing profits and losses in the ratio 5:3:2 with effect from 01/04/2013 they decide to share profit and losses equally. Calculate B partner’s gain share

Which of the following is transferred to the partners capital account?

Ram and Rohit shared profit and loss in the ratio of 3:2. With effect from 01/04/2012 they agreed to share profits equally. The goodwill of the firm was valued at 30000. Which partner account should be debited in this case for the adjustment

E, F and G are partners sharing profits in 7 : 6 : 5 ratio. Their fixed capitals are Rs, 70,000, Rs. 40,000 and Rs. 80,000 respectively. It is now decided that the total capital of the firm should be Rs. 3,60,000 and should be in the profit sharing ratio of the partners. Calculate the amount of capital to be contributed by the individual partners.

X, Y and Z are partners sharing profits in the ratio of 8/14; 4/14 and 2/14. Profit and Loss account shows a loss of Rs.2,800. Now partners have decided to share future profits in the ratio of 4:2:2. Who is the gainer and with what amount?

Which of the following is not transferred to partners capital account?

X, Y and Z are sharing profits in the ratio of 50%; 40% and 10% respectively. Now, they have decided to share future profits equally. Identify the gainer partner.

X,Y and Z shared profits and losses in the ratio of 3:2:1 respectively. With effect from 1st April 2012 they agreed to share profits equally. The goodwill of the firm was valued at ₹18000.What will be the entry when goodwill A/c is adjusted

X, Y and Z are partners in a firm sharing profits in 3 : 2 : 1 ratio. They decided to share profits equally with effect from April 1, 2003. For this purpose, the goodwill of the firm has been valued at Rs. 3,00,000. Calculate the amount of gain or sacrifice of each partner.

The reserves and accumulated profits and losses are transferred to Partner’s capital account in their _____ ratio

Investment Fluctuation Reserve is one kind of reserve created for adjustment of

X, Y and Z are partners sharing profits in the ratio of 4:3:2. The partners have decided to share future profits in the ratio of 3:1:1. Find out the gainer partner.

What will you do, when Investment (cost) is given ₹200000 and Investment fluctuation reserves is given ₹18000.

General Reserve cannot be ______

P and Q are sharing profit and losses equally .With effects from current year they decided to share profits in the ratio of 4:3.Calculate individual partner’s gain and Sacrifice

Which of the following is written off by the old partners?

A,B and C who are presently sharing profit and losses in the ratio of 5:3:2, decide to share future profits and losses in the ratio of 2:3:5 with effect from 1st April 2012.Balance sheet shows land and building of 100000.What should be accounting g treatment if it decide it valued at ` 125000.By what amount revolution account should be credited in