Question

Ultiple Choice Questions (MCQs)
Bleer de correct alternative:
(a) sacrificing ratio
1. In the event of change in profit-sharing ratio, General Reserve existing in the Balance Sheet is
transferred to Capital Accounts of partners in their
(b) gaining ratio.
c) old profit-sharing ratio.
(d) new profit-sharing ratio.
2. If the existing profit-sharing ratio among A, B and C of 3:2:1 is changed to 1:2:3, then the
partner(s) whose share will be unaffected is/are
(b) B.
(d) A and C.
3.X and Y shared profits and losses in the ratio of 3 : 2. With effect from 1st April, 2020, they agreed
to share profits equally. Goodwill of the firm was valued at 60,000. The adjustment entry will be
(a) Dr. Y's Capital A/c and Cr.X's Capital A/c by 6,000.
(b) Dr. X's Capital A/c and Cr. Y's Capital A/c by6,000.
d Dr. X's Capital A/c and Cr. Y's Capital A/c by 600.
(d) Dr. Y's Capital A/c and Cr.X's Capital A/c by 600.
(a) A
(cc

Answer 1

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