Class 12 Exam > Class 12 Questions > Pinky and Chinky are partners in a firm. They...
Start Learning for Free
Pinky and Chinky are partners in a firm. They share their profits in 2 : 3 ratio. The accountant of the firm, finalised the profit and loss and capital account and presented the accounts to them. Pinky disagreed with accounts because Pinky’s capital account showed negative balance. Pinky is in doubt, this cannot happen. Give your opinion.
- a)Pinky is wrong
- b)Pinky is correct
- c)Accountant is defaulter
- d)None of these
Correct answer is option 'A'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Most Upvoted Answer
Pinky and Chinky are partners in a firm. They share their profits in 2...
Noticed that the accountant had made a mistake in calculating the profits. Pinky brought it to the attention of Chinky and they both decided to review the accounts together.
After a thorough review, they found out that the accountant had made an error in calculating the expenses, which resulted in an understatement of the profits. Pinky and Chinky corrected the mistake and recalculated the profits.
As a result of the correction, the profits increased by Rs. 20,000. Pinky and Chinky shared the profits in their agreed ratio of 2 : 3. Therefore, Pinky's share of the increased profits was Rs. 8,000 (2/5 x 20,000) and Chinky's share was Rs. 12,000 (3/5 x 20,000).
Pinky was glad that he had spotted the mistake and that they had reviewed the accounts together. It was a good reminder to always double-check the numbers and work together as partners to ensure the accuracy of the accounts.
After a thorough review, they found out that the accountant had made an error in calculating the expenses, which resulted in an understatement of the profits. Pinky and Chinky corrected the mistake and recalculated the profits.
As a result of the correction, the profits increased by Rs. 20,000. Pinky and Chinky shared the profits in their agreed ratio of 2 : 3. Therefore, Pinky's share of the increased profits was Rs. 8,000 (2/5 x 20,000) and Chinky's share was Rs. 12,000 (3/5 x 20,000).
Pinky was glad that he had spotted the mistake and that they had reviewed the accounts together. It was a good reminder to always double-check the numbers and work together as partners to ensure the accuracy of the accounts.
Free Test
FREE
| Start Free Test |
Community Answer
Pinky and Chinky are partners in a firm. They share their profits in 2...
Pinky is wrong because, if debit side of the partners’ capital account is more than its credit side, then it shows negative balance.
|
Explore Courses for Class 12 exam
|
|
Similar Class 12 Doubts
Pinky and Chinky are partners in a firm. They share their profits in 2 : 3 ratio. The accountant of the firm, finalised the profit and loss and capital account and presented the accounts to them. Pinky disagreed with accounts because Pinky’s capital account showed negative balance. Pinky is in doubt, this cannot happen. Give your opinion.a)Pinky is wrongb)Pinky is correctc)Accountant is defaulterd)None of theseCorrect answer is option 'A'. Can you explain this answer?
Question Description
Pinky and Chinky are partners in a firm. They share their profits in 2 : 3 ratio. The accountant of the firm, finalised the profit and loss and capital account and presented the accounts to them. Pinky disagreed with accounts because Pinky’s capital account showed negative balance. Pinky is in doubt, this cannot happen. Give your opinion.a)Pinky is wrongb)Pinky is correctc)Accountant is defaulterd)None of theseCorrect answer is option 'A'. Can you explain this answer? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about Pinky and Chinky are partners in a firm. They share their profits in 2 : 3 ratio. The accountant of the firm, finalised the profit and loss and capital account and presented the accounts to them. Pinky disagreed with accounts because Pinky’s capital account showed negative balance. Pinky is in doubt, this cannot happen. Give your opinion.a)Pinky is wrongb)Pinky is correctc)Accountant is defaulterd)None of theseCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Pinky and Chinky are partners in a firm. They share their profits in 2 : 3 ratio. The accountant of the firm, finalised the profit and loss and capital account and presented the accounts to them. Pinky disagreed with accounts because Pinky’s capital account showed negative balance. Pinky is in doubt, this cannot happen. Give your opinion.a)Pinky is wrongb)Pinky is correctc)Accountant is defaulterd)None of theseCorrect answer is option 'A'. Can you explain this answer?.
Pinky and Chinky are partners in a firm. They share their profits in 2 : 3 ratio. The accountant of the firm, finalised the profit and loss and capital account and presented the accounts to them. Pinky disagreed with accounts because Pinky’s capital account showed negative balance. Pinky is in doubt, this cannot happen. Give your opinion.a)Pinky is wrongb)Pinky is correctc)Accountant is defaulterd)None of theseCorrect answer is option 'A'. Can you explain this answer? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about Pinky and Chinky are partners in a firm. They share their profits in 2 : 3 ratio. The accountant of the firm, finalised the profit and loss and capital account and presented the accounts to them. Pinky disagreed with accounts because Pinky’s capital account showed negative balance. Pinky is in doubt, this cannot happen. Give your opinion.a)Pinky is wrongb)Pinky is correctc)Accountant is defaulterd)None of theseCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Pinky and Chinky are partners in a firm. They share their profits in 2 : 3 ratio. The accountant of the firm, finalised the profit and loss and capital account and presented the accounts to them. Pinky disagreed with accounts because Pinky’s capital account showed negative balance. Pinky is in doubt, this cannot happen. Give your opinion.a)Pinky is wrongb)Pinky is correctc)Accountant is defaulterd)None of theseCorrect answer is option 'A'. Can you explain this answer?.
Solutions for Pinky and Chinky are partners in a firm. They share their profits in 2 : 3 ratio. The accountant of the firm, finalised the profit and loss and capital account and presented the accounts to them. Pinky disagreed with accounts because Pinky’s capital account showed negative balance. Pinky is in doubt, this cannot happen. Give your opinion.a)Pinky is wrongb)Pinky is correctc)Accountant is defaulterd)None of theseCorrect answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for Class 12.
Download more important topics, notes, lectures and mock test series for Class 12 Exam by signing up for free.
Here you can find the meaning of Pinky and Chinky are partners in a firm. They share their profits in 2 : 3 ratio. The accountant of the firm, finalised the profit and loss and capital account and presented the accounts to them. Pinky disagreed with accounts because Pinky’s capital account showed negative balance. Pinky is in doubt, this cannot happen. Give your opinion.a)Pinky is wrongb)Pinky is correctc)Accountant is defaulterd)None of theseCorrect answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Pinky and Chinky are partners in a firm. They share their profits in 2 : 3 ratio. The accountant of the firm, finalised the profit and loss and capital account and presented the accounts to them. Pinky disagreed with accounts because Pinky’s capital account showed negative balance. Pinky is in doubt, this cannot happen. Give your opinion.a)Pinky is wrongb)Pinky is correctc)Accountant is defaulterd)None of theseCorrect answer is option 'A'. Can you explain this answer?, a detailed solution for Pinky and Chinky are partners in a firm. They share their profits in 2 : 3 ratio. The accountant of the firm, finalised the profit and loss and capital account and presented the accounts to them. Pinky disagreed with accounts because Pinky’s capital account showed negative balance. Pinky is in doubt, this cannot happen. Give your opinion.a)Pinky is wrongb)Pinky is correctc)Accountant is defaulterd)None of theseCorrect answer is option 'A'. Can you explain this answer? has been provided alongside types of Pinky and Chinky are partners in a firm. They share their profits in 2 : 3 ratio. The accountant of the firm, finalised the profit and loss and capital account and presented the accounts to them. Pinky disagreed with accounts because Pinky’s capital account showed negative balance. Pinky is in doubt, this cannot happen. Give your opinion.a)Pinky is wrongb)Pinky is correctc)Accountant is defaulterd)None of theseCorrect answer is option 'A'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Pinky and Chinky are partners in a firm. They share their profits in 2 : 3 ratio. The accountant of the firm, finalised the profit and loss and capital account and presented the accounts to them. Pinky disagreed with accounts because Pinky’s capital account showed negative balance. Pinky is in doubt, this cannot happen. Give your opinion.a)Pinky is wrongb)Pinky is correctc)Accountant is defaulterd)None of theseCorrect answer is option 'A'. Can you explain this answer? tests, examples and also practice Class 12 tests.
|
|
Explore Courses for Class 12 exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup