Change in Profi...

Which of the following is false regarding the content of revaluation account:

Which of the following can be distirbuted by the partners as a free reserve?

When partners decide to record the net effect of revaluation of assets and liabilities , a single adjusting entry involving the ____________ of gaining partners’ and sacrificing partner is passed

Sudha, Pushpa and Sneh are partners in a firm sharing profit in the ratio of 3:3:2. They decided to share profits equally w.e.f April 1, 2003. On that date, the Profit and Loss account showed the credit balance of Rs. 24,000. Instead of closing the Profit and Loss account, it was decided to record an adjustment entry reflecting the change in the profit sharing ratio. Show that entry.

VN, MN and KN are partners sharing profits in the ratio of 5:3:2 respectively. They have decided to share future profits in the ratio of 3:5:2. Workmen compensation reserve given in the balance sheet is Rs.6,000. How much amount of workmen compensation reserve is to be adjustment in gain or sacrificing ratio?

Where will you record unrecorded liabilities?

The purpose of revaluation account is to ascertain the

Why it is necessary to compare and revalue the assets and liabilities?

Which of the following is shown in the debit side of partners’ capital account?

X, Y and Z are partners sharing profits equally. Credit balance of Profit and Loss account is given in the balance sheet Rs.6,000. Now they have decided to distribute profits in the ratio of 6:3:1. With what amount gainer will be debited for profit and loss account in an adjustment entry based on gain and sacrifice?

Revaluation of assets on the reconstitution of partnership is necessary because their present value may be different from their _____

Re-assessment of liabilities means:

For calculating the Proportional Amount of Net Effect of Revaluation for Sacrificing Partner is

___________on the reconstitution of partnership is necessary because their present value may be different from their book value

The balance of revaluation account is transferred to

X, Y and Z are partners in a firm sharing profits in 1 : 2 : 3 ratio. Their Balance Sheet as at 31.3.2003 showed a balance of Rs. 1,20,000 in General Reserve. From 1.4.2003, they will share profits equally. Give adjustment entry.

On the reconstitution of a firm change in the value of assets is called ___

An account prepared to carry out the scheme of revaluation of assets and reassessment of liabilities :

Revaluation Account will be debited when:

Unless otherwise stated partner’s capital account should be assumed to be