Commerce Exam > Commerce Tests > Test: Change In Profit Sharing Ratio - 2 - Commerce MCQ

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Test: Change In Profit Sharing Ratio - 2 - Question 1

________ ratio in which the partners share all the accumulated profits, reserves, losses and fictitious assets in case of reconstitution of partnership firm

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Test: Change In Profit Sharing Ratio - 2 - Question 2

Why do existing partners change their profit sharing ratio:

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Test: Change In Profit Sharing Ratio - 2 - Question 3

In case of change in profit sharing ratio among the existing partners who will compensate the existing partners:

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Test: Change In Profit Sharing Ratio - 2 - Question 4

The significance of calculating sacrificing ratio:

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Test: Change In Profit Sharing Ratio - 2 - Question 5

Goodwill of the firm is 30,000. Gain of A is 1/6 and Sacrifice of B is 1/6. How will be adjust goodwill?

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Test: Change In Profit Sharing Ratio - 2 - Question 6

X, Y and Z are sharing profits and losses in the ratio of 5:3:2. Who will be debited and who will be credited, when they have decided to share profits equally in future?

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Test: Change In Profit Sharing Ratio - 2 - Question 7

A, B and C are sharing profits and losses in the ratio 10:6:4 with effect from 01/04/2013 they decide to share profit and losses equally. Which partner has to sacrifice

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Test: Change In Profit Sharing Ratio - 2 - Question 8

Vinod and Pandey are partners sharing profits in the ratio of 7:3 respectively. On 1.4.2015 they have decided to change their profit sharing ratio to 6:4. Calculate sacrifice/gain of Vinod.

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Test: Change In Profit Sharing Ratio - 2 - Question 9

X, Y and Z are partners sharing profits in the ratio of 4:3:2. They admit a new partner M in the partnership firm for 1/3rd share in future profit. What will be the new ratio of all the partners?

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Test: Change In Profit Sharing Ratio - 2 - Question 10

VK, MK and JK are partners sharing profits equally. Now they have decided to share future profits in their capital ratio i.e. 5:3:2. Idenfity who two partners are sacrificing.

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Test: Change In Profit Sharing Ratio - 2 - Question 11

X, Y and Z are sharing profits in the ratio of 50%; 40% and 10% respectively. Now, they have decided to share future profits equally. Identify the gainer partner.

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Test: Change In Profit Sharing Ratio - 2 - Question 12

AK, BK and CK are sharing profits in the ratio of 2:1:1. They have decided to share future profits in the ratio of 3:2:1. Find out the gainer partner.

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Test: Change In Profit Sharing Ratio - 2 - Question 13

X, Y and Z are partners sharing profits in the ratio of 4:3:2. The partners have decided to share future profits in the ratio of 3:1:1. Find out the gainer partner.

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Test: Change In Profit Sharing Ratio - 2 - Question 14

P and Q are sharing profit and losses equally .With effects from current year they decided to share profits in the ratio of 4:3.Calculate individual partner’s gain and Sacrifice

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Test: Change In Profit Sharing Ratio - 2 - Question 15

A,B and C who are presently sharing profit and losses in the ratio of 5:3:2, decide to share future profits and losses in the ratio of 2:3:5 with effect from 1st April 2012.Balance sheet shown land building of 100000.What should be accounting g treatment if it decide it valued them at Rs.125000.By what amount revolution account should be credited in

Test: Change In Profit Sharing Ratio - 2 - Question 16

P, Q and R who are presently sharing profits and losses in the ratio 5:3:2 decide to share future profits and losses in the ratio of 2:3:5 with effect from 1st April 2012. Balance sheet show Plant & Machinery of Rs.200000 and Provision for depreciation of Plant & Machinery Rs.10000.By what amount revaluation account should be debited if it is decided that Provision for depreciation be increased to Rs.19000.

Test: Change In Profit Sharing Ratio - 2 - Question 17

X, Y and Z are partners sharing profits in the ratio of 8/14; 4/14 and 2/14. Profit and Loss account shows a loss of Rs.2,800. Now partners have decided to share future profits in the ratio of 4:2:2. Who is the gainer and with what amount?

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Test: Change In Profit Sharing Ratio - 2 - Question 18

Ram and Rohit shared profit and loss in the ratio of 3:2. With effect from 01/04/2012 they agreed to share profits equally. The goodwill of the firm was valued at 30000. Which partner account should be debited in this case for the adjustment

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Test: Change In Profit Sharing Ratio - 2 - Question 19

A, B and C are sharing profits and losses in the ratio 5:3:2 with effect from 01/04/2013 they decide to share profit and losses equally. Calculate B partner’s gain share

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Test: Change In Profit Sharing Ratio - 2 - Question 20

Geeta and Sita are partners in a firm sharing-profits in the ratio of 3 : 2. They decide to share future profits equally. For this purpose the goodwill of the firm has been valued at Rs. 50,000. Record necessary adjustment entry for the same.

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