Class XII

Which of the following is shown in the debit side of partners’ capital account?
  1. Loss on revaluation
  2. Profit on revaluation
  3. Profit and Loss Account (Cr.balance)
  4. P/L Appropriation Account (Profit)
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.
  1. BK is the gainer partner
  2. CK is the gainer partner
  3. AK is the gainer partner
  4. Both AK is the gainer partner and CK is the gainer partner
Suman and Poonam were partners in a firm sharing profits in the ratio of 3:2. From 1st March 2015 they decided to change it to the 3:1. Find out the gainer partner and sacrificing partner?
  1. No one is gainer
  2. Both partners are gainer
  3. Poonam is gainer
  4. Suman is gainer
Revaluation of assets on the reconstitution of partnership is necessary because their present value may be different from their _____
  1. Market Value
  2. Place Value
  3. Net Value
  4. Book Value
Creditors given in the balance sheet Rs.40,000. It is given in the adjustment that one creditor of Rs.8,000 was settled at Rs.5,000. What amount of creditors is to be shown in the new balance sheet?
  1. 35,000
  2. 32,000
  3. 37,000
  4. 45,000
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