L-3 » Reconstitution of Partnership-Change in Profit Sharing among the Existing Partner- MCQs (12th) | Accountancy | Objective Questions- 12th

Multiple Choice

VVI

Verified

ID- 4436

1. Change in profit-sharing ratio of existing partners results in:

(A) Revaluation of firm
(B) Reconstitution of firm
(C) Dissolution of firm
(D) None of these

Aug 26, 2022 at 10:22 AM

Multiple Choice

Verified

ID- 4437

2. A and B where are partners in a firm sharing profit and losses in the ratio of 2:1 with effect from 1st January 2017 they agreed to share profits and losses equally. Individual partner's gain or sacrifice due to change in the ratio will be:

(A) (A gain 1/6), (B sacrifice) 1/6
(B) (A sacrifice 1/6), (B gain )1/6
(C) (A gain) 1/2, (B sacrifice ) 1/2
(D) (A sacrifice) 1/2, (B gain) 1/2

Aug 26, 2022 at 10:22 AM

Multiple Choice

Verified

ID- 4438

BSEB, 2010, 11

3. At the time of admission of a new partner, general reserve appearing in the old balance sheet is transferred to:

(A) All Partner's Capital Accounts
(B) New Partner's Capital Accounts
(C) Old Partner's Capital Accounts
(D) None of these

Aug 26, 2022 at 10:23 AM

Multiple Choice

Verified

ID- 4439

BSEB, 2010

4. On reconstitution of a partnership firm, recording of an unrecorded liability will result in:

(A) Gain to the existing partners
(B) Loss to the existing partners
(C) Neither gain nor loss to the existing partners
(D) None of these

Aug 26, 2022 at 10:23 AM

Multiple Choice

VVI

Verified

ID- 4440

BSEB, 2016

5. Revaluation Account aur Profit and Loss Adjustment Account is a:

(A) Personal Account
(B) Real Account
(C) Nominal Account
(D) None of these

Aug 26, 2022 at 10:23 AM

Multiple Choice

VVI

Verified

ID- 4441

BSEB, 2017, 19

6. Excess of credit side over the debit side in revelation account is:

(A) Profit
(B) Loss
(C) Receipt
(D) Expense

Aug 26, 2022 at 10:23 AM

Multiple Choice

Verified

ID- 4442

CPT June, 2008

7. A, B, C and D partners sharing their profits and losses equally, They change their profit sharing ratio to 2:2:1:1 . How much will C sacrifice?

(A) 1 / 6
(B) 1 / 12
(C) 1 / 24
(D) None of these

Aug 26, 2022 at 10:23 AM

Multiple Choice

VVI

Verified

ID- 4443

BSEB, 2016, 17

8. Sacrificing Ratio:

(A) New Ratio - Old Ratio
(B) Old Ratio - New Ratio
(C) Gaining Ratio - Old Ratio
(D) Old Ratio - Gaining Ratio

Aug 26, 2022 at 10:24 AM

Multiple Choice

VVI

Verified

ID- 4444

9. Gaining Ratio:

(A) New Ratio - Old Ratio
(B) Old Ratio - Sacrificing Ratio
(C) New Ratio - Sacrificing Ratio
(D) Old Ratio - New Ratio

Aug 26, 2022 at 10:24 AM

Multiple Choice

VVI

Verified

ID- 4445

BSEB, 2010, 18

10. Recording of an unrecorded asset on the reconstitution of a partnership firm will be:

(A) A gain to the existing partners
(B) A lost to the existing partners
(C) Neither A gain nor a loss to the existing partners
(D) None of these

Aug 26, 2022 at 10:24 AM

Multiple Choice

VVI

Verified

ID- 4446

BSEB, 2010, 11

11. Increase in the value of assets on reconstitution of the partnership firm results into:

(A) Gain to the existing partners
(B) Loss to the existing partnership
(C) Neither gain nor loss to the existing partners
(D) None of these

Aug 26, 2022 at 10:21 AM

Multiple Choice

VVI

Verified

ID- 4447

BSEB, 2011, 16

12. The balance of Revaluation Account is transferred to old partners' Capital Account in there:

(A) Old Profit-sharing ratio
(B) New Profit-sharing ratio
(C) Equal Ratio
(D) None of this

Aug 26, 2022 at 10:21 AM

Multiple Choice

Verified

ID- 4448

BSEB, 2010,

13. X and Y share profits in their ratio of 2:3. In future they have decided to share profits in equal ratio. Which partners will sacrifice in which ratio?

(A) ( X sacrifice ) 1 / 10
(B) ( Y sacrifice ) 1 / 5
(C) (Y sacrifice ) 1 / 10
(D) None of these

Aug 26, 2022 at 10:21 AM

Multiple Choice

VVI

Verified

ID- 4449

BSEB, 2010, 19

14. A, B and C are partners in a firm if D is admitted as a new partner:

(A) Old firm is dissolved
(B) Old firm and old partnership are dissolved
(C) Old partnership is reconstituted
(D) None of these

Aug 26, 2022 at 10:21 AM

Multiple Choice

VVI

Verified

ID- 4450

15. Change in the partnership agreement:

(A) Change the relationship among the partners
(B) Results in end of partnership business
(C) Dissolves the partnership firm
(D) None of these

Aug 26, 2022 at 10:20 AM

Multiple Choice

Verified

ID- 4451

16. X, Y and Z are partners in a firm, they divided profit and loss in the ratio of 4:3:1. They decided to share profit in the ratio of 5:4:3. X's and Y's sacrifices are:

(A) 2 / 24: 1 / 24
(B) 1 / 24: 3 / 24
(C) 2 / 24: 3 / 24
(D) None of these

Aug 26, 2022 at 10:20 AM

Multiple Choice

VVI

Verified

ID- 4452

17. Change in the partnership agreement results in:

(A) Reconstitution of Firm
(B) Dissolution of Firm
(C) Amalgamation of Firm
(D) None of these

Aug 26, 2022 at 10:20 AM

Multiple Choice

Verified

ID- 4453

18. X and Y share profits and losses in the ratio of 3:2. With effect from 1st January 2018, they agreed to share profits equally. The sacrifice ratio will be:

(A) sacrifice by X 1 / 5
(B) sacrifice by Y 1 / 5
(C) sacrifice by X 1 / 10
(D) sacrifice by Y 1 / 10

Aug 26, 2022 at 10:19 AM

Multiple Choice

Verified

ID- 4454

19. X and Y share profit and losses in 3:2. From 1st January 2017 the agreed to share profit equally. Their sacrifice or gain will be:

(A) sacrifice by X 1 / 10
(B) Gain to Y 1 / 10
(C) (A) and (B)
(D) None of these

Aug 26, 2022 at 10:18 AM

Multiple Choice

VVI

Verified

ID- 4455

20. General Reserve Account always shows ....................

(A) Debit Balance
(B) Credit Balance
(C) Debit or Credit balance
(D) None of these

Aug 26, 2022 at 10:18 AM

Reconstitution of Partnership-Change in Profit Sharing among the Existing Partner

Board » Bihar Board » Class 12th » English Medium » Commerce » Accountancy » L-3: Reconstitution of Partnership-Change in Profit Sharing among the Existing Partner

Objective Questions (MCQs)

1. Change in profit-sharing ratio of existing partners results in:

2. A and B where are partners in a firm sharing profit and losses in the ratio of 2:1 with effect from 1st January 2017 they agreed to share profits and losses equally. Individual partner's gain or sacrifice due to change in the ratio will be:

3. At the time of admission of a new partner, general reserve appearing in the old balance sheet is transferred to:

4. On reconstitution of a partnership firm, recording of an unrecorded liability will result in:

5. Revaluation Account aur Profit and Loss Adjustment Account is a:

6. Excess of credit side over the debit side in revelation account is:

7. A, B, C and D partners sharing their profits and losses equally, They change their profit sharing ratio to 2:2:1:1 . How much will C sacrifice?

8. Sacrificing Ratio:

9. Gaining Ratio:

10. Recording of an unrecorded asset on the reconstitution of a partnership firm will be:

11. Increase in the value of assets on reconstitution of the partnership firm results into:

12. The balance of Revaluation Account is transferred to old partners' Capital Account in there:

13. X and Y share profits in their ratio of 2:3. In future they have decided to share profits in equal ratio. Which partners will sacrifice in which ratio?

14. A, B and C are partners in a firm if D is admitted as a new partner:

15. Change in the partnership agreement:

16. X, Y and Z are partners in a firm, they divided profit and loss in the ratio of 4:3:1. They decided to share profit in the ratio of 5:4:3. X's and Y's sacrifices are:

17. Change in the partnership agreement results in:

18. X and Y share profits and losses in the ratio of 3:2. With effect from 1st January 2018, they agreed to share profits equally. The sacrifice ratio will be:

19. X and Y share profit and losses in 3:2. From 1st January 2017 the agreed to share profit equally. Their sacrifice or gain will be:

20. General Reserve Account always shows ....................