Test: New Profit Sharing and Sacrificing Ratio- Assertion & Reason Type Questions - Commerce MCQ
8 Questions MCQ Test - Test: New Profit Sharing and Sacrificing Ratio- Assertion & Reason Type Questions
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): When the profit sharing ratio changes, all the reserves are transferred to the Profit and Loss Appropriation Account.
Reason (R): The reserves are transferred in the old profit sharing ratio.
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): Ram and Rahim share profits in the ratio 2:3. They decide to change the profit sharing ratio and share the profits equally. Ram is the gaining partner.
Reason (R): Ratio of Ram is 1/10.
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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): The gaining partner transfers the amount of goodwill to the sacrificing partners in proportion.
Reason (R): The gaining ratio is the share of profit gained by a partner when there is a change in the profit sharing ratio.
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): At the time of change in profit sharing ratio, it is important to determine the sacrificing ratio and gaining ratio of partners.
Reason (R): The gaining partners compensate the sacrificing partners by paying them an appropriate amount of goodwill.
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): When a new partner is admitted it results in the restructuring of the firm.
Reason (R): When a new partner is added it leads to the change in profit sharing ratio.
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): Restructuring of the firm leads to the change in the profit sharing ratio.
Reason (R): A change in the profit sharing ratio among the existing partners results in a gain of additional share in the future profit for some partners while a loss of a part thereof for other partners.
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.
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): Dissolution of the partnership firm is also called restructuring of the partnership.
Reason (R): Restructuring of the firm leads to the change in profit sharing ratio and adjustment of goodwill.
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