1 out of 10
Meera, Myra and Neera were partners sharing profits in the ratio of 2 : 2 : 1. They decided to share future profits in the ratio of 7 : 5 : 3 with effect from 1st April, 2019. Their Balance Sheet as on that date showed a balance of Rs. 45,000 in Advertisement Suspense Account. The amount to be debited respectively to the capital accounts of Meera, Myra and Neera for writing off the amount in Advertisement Suspense Account will be:
2 out of 10
Change in relationship among partners is called
3 out of 10
Which of the following is used to find out sacrificing ratio?
4 out of 10
X, Y and Z are partners sharing profits and losses in the ratio of 5: 4:1. Calculate sacrificing or gaining share for each if Z acquires 1/10th share of X and ½ share of Y.
5 out of 10
P, Q and R are partners sharing profits and losses in the ratio of 5:3:2. Their new profit sharing ratio will be equal. Which partner has sacrificed and by how much?
6 out of 10
Reserves are distributed in old partners in ….. ratio
7 out of 10
The entry to be passed for adjustment of goodwill when there is a change in profit (loss) sharing ratio of partners, without opening goodwill account is
8 out of 10
When a firm is reconstituted, reserves and accumulated profits are distributed among partners by passing the following journal entry.
9 out of 10
If there is a change in profit sharing ratio of existing partners and the question is silent about investment fluctuation reserve, then it is distributed among partners in
10 out of 10
Revaluation account is ..... account in nature.