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Directions : In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:
Assertion (A): Norsang and Nyomit share profit and loss in the ratio of 1:2. They decide to change the profit sharing ratio to 2:3. The goodwill of the firm stood at ₹60,000. Norsang gave ₹2,000 to Nyomit as the share of goodwill.
Reason (R): If the partners decide to change their profit sharing ratio, the gaining partner must compensate the sacrificing partner by way of payment to him as goodwill in the gaining ratio.
- a)Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A).
- b)Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A).
- c)Assertion (A) is true, but Reason (R) is false .
- d)Assertion (A) is false, but Reason (R) is true.
Correct answer is option 'A'. Can you explain this answer?
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Directions : In the following questions, a statement of Assertion (A)...
If the partners decide to leave them undisturbed it is necessary to make an adjustment entry in the books of the firm. In that case, the share gained by the gaining partner, he must compensate the sacrificing partner that share of profits and reserves which is proportionate to him.
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Directions : In the following questions, a statement of Assertion (A)...
Explanation:
Assertion (A):
- Norsang and Nyomit initially shared profit and loss in the ratio of 1:2.
- They decided to change the profit sharing ratio to 2:3.
- The goodwill of the firm stood at ₹60,000.
- Norsang gave ₹2,000 to Nyomit as the share of goodwill.
Reason (R):
- When partners decide to change their profit sharing ratio, the gaining partner must compensate the sacrificing partner by way of payment to him as goodwill in the gaining ratio.
Explanation:
- The assertion is true because it states the scenario where the profit-sharing ratio is changed and goodwill is involved.
- The reason is also true as per the accounting principle that when the profit-sharing ratio is changed, the partner gaining more must compensate the partner sacrificing by paying goodwill.
- Therefore, in this case, Norsang compensated Nyomit by paying ₹2,000 as goodwill since Nyomit was sacrificing in the new profit-sharing ratio.
- Hence, both the assertion and reason are true, and the reason correctly explains why Norsang paid ₹2,000 to Nyomit as goodwill.
Assertion (A):
- Norsang and Nyomit initially shared profit and loss in the ratio of 1:2.
- They decided to change the profit sharing ratio to 2:3.
- The goodwill of the firm stood at ₹60,000.
- Norsang gave ₹2,000 to Nyomit as the share of goodwill.
Reason (R):
- When partners decide to change their profit sharing ratio, the gaining partner must compensate the sacrificing partner by way of payment to him as goodwill in the gaining ratio.
Explanation:
- The assertion is true because it states the scenario where the profit-sharing ratio is changed and goodwill is involved.
- The reason is also true as per the accounting principle that when the profit-sharing ratio is changed, the partner gaining more must compensate the partner sacrificing by paying goodwill.
- Therefore, in this case, Norsang compensated Nyomit by paying ₹2,000 as goodwill since Nyomit was sacrificing in the new profit-sharing ratio.
- Hence, both the assertion and reason are true, and the reason correctly explains why Norsang paid ₹2,000 to Nyomit as goodwill.
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Directions : In the following questions, a statement of Assertion (A)...
Correct answer is option B
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Directions : In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:Assertion (A): Norsang and Nyomit share profit and loss in the ratio of 1:2. They decide to change the profit sharing ratio to 2:3. The goodwill of the firm stood at ₹60,000. Norsang gave ₹2,000 to Nyomit as the share of goodwill.Reason (R): If the partners decide to change their profit sharing ratio, the gaining partner must compensate the sacrificing partner by way of payment to him as goodwill in the gaining ratio.a)Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A).b)Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A).c)Assertion (A) is true, but Reason (R) is false .d)Assertion (A) is false, but Reason (R) is true.Correct answer is option 'A'. Can you explain this answer?
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Directions : In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:Assertion (A): Norsang and Nyomit share profit and loss in the ratio of 1:2. They decide to change the profit sharing ratio to 2:3. The goodwill of the firm stood at ₹60,000. Norsang gave ₹2,000 to Nyomit as the share of goodwill.Reason (R): If the partners decide to change their profit sharing ratio, the gaining partner must compensate the sacrificing partner by way of payment to him as goodwill in the gaining ratio.a)Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A).b)Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A).c)Assertion (A) is true, but Reason (R) is false .d)Assertion (A) is false, but Reason (R) is true.Correct answer is option 'A'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Directions : In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:Assertion (A): Norsang and Nyomit share profit and loss in the ratio of 1:2. They decide to change the profit sharing ratio to 2:3. The goodwill of the firm stood at ₹60,000. Norsang gave ₹2,000 to Nyomit as the share of goodwill.Reason (R): If the partners decide to change their profit sharing ratio, the gaining partner must compensate the sacrificing partner by way of payment to him as goodwill in the gaining ratio.a)Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A).b)Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A).c)Assertion (A) is true, but Reason (R) is false .d)Assertion (A) is false, but Reason (R) is true.Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Directions : In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:Assertion (A): Norsang and Nyomit share profit and loss in the ratio of 1:2. They decide to change the profit sharing ratio to 2:3. The goodwill of the firm stood at ₹60,000. Norsang gave ₹2,000 to Nyomit as the share of goodwill.Reason (R): If the partners decide to change their profit sharing ratio, the gaining partner must compensate the sacrificing partner by way of payment to him as goodwill in the gaining ratio.a)Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A).b)Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A).c)Assertion (A) is true, but Reason (R) is false .d)Assertion (A) is false, but Reason (R) is true.Correct answer is option 'A'. Can you explain this answer?.
Directions : In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:Assertion (A): Norsang and Nyomit share profit and loss in the ratio of 1:2. They decide to change the profit sharing ratio to 2:3. The goodwill of the firm stood at ₹60,000. Norsang gave ₹2,000 to Nyomit as the share of goodwill.Reason (R): If the partners decide to change their profit sharing ratio, the gaining partner must compensate the sacrificing partner by way of payment to him as goodwill in the gaining ratio.a)Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A).b)Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A).c)Assertion (A) is true, but Reason (R) is false .d)Assertion (A) is false, but Reason (R) is true.Correct answer is option 'A'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Directions : In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:Assertion (A): Norsang and Nyomit share profit and loss in the ratio of 1:2. They decide to change the profit sharing ratio to 2:3. The goodwill of the firm stood at ₹60,000. Norsang gave ₹2,000 to Nyomit as the share of goodwill.Reason (R): If the partners decide to change their profit sharing ratio, the gaining partner must compensate the sacrificing partner by way of payment to him as goodwill in the gaining ratio.a)Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A).b)Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A).c)Assertion (A) is true, but Reason (R) is false .d)Assertion (A) is false, but Reason (R) is true.Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Directions : In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:Assertion (A): Norsang and Nyomit share profit and loss in the ratio of 1:2. They decide to change the profit sharing ratio to 2:3. The goodwill of the firm stood at ₹60,000. Norsang gave ₹2,000 to Nyomit as the share of goodwill.Reason (R): If the partners decide to change their profit sharing ratio, the gaining partner must compensate the sacrificing partner by way of payment to him as goodwill in the gaining ratio.a)Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A).b)Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A).c)Assertion (A) is true, but Reason (R) is false .d)Assertion (A) is false, but Reason (R) is true.Correct answer is option 'A'. Can you explain this answer?.
Solutions for Directions : In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:Assertion (A): Norsang and Nyomit share profit and loss in the ratio of 1:2. They decide to change the profit sharing ratio to 2:3. The goodwill of the firm stood at ₹60,000. Norsang gave ₹2,000 to Nyomit as the share of goodwill.Reason (R): If the partners decide to change their profit sharing ratio, the gaining partner must compensate the sacrificing partner by way of payment to him as goodwill in the gaining ratio.a)Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A).b)Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A).c)Assertion (A) is true, but Reason (R) is false .d)Assertion (A) is false, but Reason (R) is true.Correct answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for Commerce.
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Here you can find the meaning of Directions : In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:Assertion (A): Norsang and Nyomit share profit and loss in the ratio of 1:2. They decide to change the profit sharing ratio to 2:3. The goodwill of the firm stood at ₹60,000. Norsang gave ₹2,000 to Nyomit as the share of goodwill.Reason (R): If the partners decide to change their profit sharing ratio, the gaining partner must compensate the sacrificing partner by way of payment to him as goodwill in the gaining ratio.a)Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A).b)Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A).c)Assertion (A) is true, but Reason (R) is false .d)Assertion (A) is false, but Reason (R) is true.Correct answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Directions : In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:Assertion (A): Norsang and Nyomit share profit and loss in the ratio of 1:2. They decide to change the profit sharing ratio to 2:3. The goodwill of the firm stood at ₹60,000. Norsang gave ₹2,000 to Nyomit as the share of goodwill.Reason (R): If the partners decide to change their profit sharing ratio, the gaining partner must compensate the sacrificing partner by way of payment to him as goodwill in the gaining ratio.a)Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A).b)Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A).c)Assertion (A) is true, but Reason (R) is false .d)Assertion (A) is false, but Reason (R) is true.Correct answer is option 'A'. Can you explain this answer?, a detailed solution for Directions : In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:Assertion (A): Norsang and Nyomit share profit and loss in the ratio of 1:2. They decide to change the profit sharing ratio to 2:3. The goodwill of the firm stood at ₹60,000. Norsang gave ₹2,000 to Nyomit as the share of goodwill.Reason (R): If the partners decide to change their profit sharing ratio, the gaining partner must compensate the sacrificing partner by way of payment to him as goodwill in the gaining ratio.a)Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A).b)Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A).c)Assertion (A) is true, but Reason (R) is false .d)Assertion (A) is false, but Reason (R) is true.Correct answer is option 'A'. Can you explain this answer? has been provided alongside types of Directions : In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:Assertion (A): Norsang and Nyomit share profit and loss in the ratio of 1:2. They decide to change the profit sharing ratio to 2:3. The goodwill of the firm stood at ₹60,000. Norsang gave ₹2,000 to Nyomit as the share of goodwill.Reason (R): If the partners decide to change their profit sharing ratio, the gaining partner must compensate the sacrificing partner by way of payment to him as goodwill in the gaining ratio.a)Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A).b)Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A).c)Assertion (A) is true, but Reason (R) is false .d)Assertion (A) is false, but Reason (R) is true.Correct answer is option 'A'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Directions : In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:Assertion (A): Norsang and Nyomit share profit and loss in the ratio of 1:2. They decide to change the profit sharing ratio to 2:3. The goodwill of the firm stood at ₹60,000. Norsang gave ₹2,000 to Nyomit as the share of goodwill.Reason (R): If the partners decide to change their profit sharing ratio, the gaining partner must compensate the sacrificing partner by way of payment to him as goodwill in the gaining ratio.a)Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A).b)Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A).c)Assertion (A) is true, but Reason (R) is false .d)Assertion (A) is false, but Reason (R) is true.Correct answer is option 'A'. Can you explain this answer? tests, examples and also practice Commerce tests.
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