Class XII

When partners decide to record the net effect of revaluation of assets and liabilities , a single adjusting entry involving the ____________ of gaining partners’ and sacrificing partner is passed
  1. Capital/current Account
  2. Balance sheet
  3. Profit and /loss account
  4. Revaluation account
Any change in the relations of partners without affecting the existing of partnership firm is called ____
  1. Reassessment
  2. Revaluation
  3. Reconstitution
  4. Retirement
Re-assessment of liabilities means:
  1. Only increase in the values of liabilities
  2. Change in the values of liabilities
  3. Change in the values of assets
  4. Only decrease in the values of liabilities
The reserves and accumulated profits and losses are transferred to Partner’s capital account in their _____ ratio
  1. New
  2. Old
  3. Sacrificing
  4. Gaining
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?
  1. Y Rs.300
  2. Z Rs.300
  3. X Rs.300
  4. Z and X Rs.150 each
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