16. Gurjit, Ajit and Kuljit were partners sharing profits in the ratio of 2: 2: 1. They decided to share future profits in the ratio of 7: 5: 3. with effect from 1st April 2024. Their Balance Sheet as on that date showed a balance of ₹30,000 in Advertisement suspense account. Amount, that will be debited/credited to the Capital accounts of Malika, Ajit and Kuljit if they do not want to change the balance of Advertisement suspense account in Balance Sheet, would be:
a) Gurjit’s Capital Dr. ₹12,000; Ajit’s Capital Dr. ₹12,000 and Kuljit’s Capital Dr. ₹6,000 respectively.
b) Debit ₹10,000 each to all partners’ Capital Accounts.
c) Debit Gurjit's Capital A/c and Credit Ajit’s Capital A/c by ₹2,000 each.
d) Debit Ajit’s Capital A/c and Credit Gurjit’s Capital A/c by ₹2,000.
17. Anita, Sunita and Minka are partners in a firm sharing profits and losses in the ratio of 3:3:2. From 1st April 2024, they decided to share profits and losses in the ratio of 3:2:1. On that date their Balance Sheet showed a Contingency Reserve of ₹1,92, 000. They decided to show Contingency Reserve in the new Balance Sheet. The correct accounting treatment for the above is:
a) Sunita’s capital account will be debited by ₹24,000 and Anita and Minka's capital account will be credited by ₹8,000 and ₹16,000 respectively.
b) Minka’s capital account will be debited by ₹24,000 and Anita and Sunita's capital account will be credited by ₹8,000 and ₹16,000 respectively.
c) Sunita and Minka’s capital account will be debited by ₹8,000 and ₹16,000 respectively and Anita's capital account will be credited by ₹24,000.
d) Anita’s capital account will be debited by ₹24,000 and Sunita and Minka's capital account will be credited by ₹8,000 and ₹16,000 respectively.
Question: 18 and 19 are based on the following text:
Text - X, Y and Z who are sharing profits in the ratio of 5:3:2, decide to share profits in the ratio of 2:3:5 with effect from 1st April 2024 Workmen Compensation Reserve appears at ₹1,20,000 in the Balance Sheet as at 31st March 2024.
18. Workmen Compensation Claim estimated at ₹1,50,000 is shown as:
a) Liability side of the Balance Sheet ₹1,50,000
b) Credited to Partners Capital A/c ₹1,20,000
c) Debited to Revaluation A/c ₹1,50,000
d) Credited to Revaluation A/c ₹1,20,000
19. Workmen Compensation Claim estimated at ₹80,000 is shown as:
a) Credited to Revaluation A/c ₹1,20,000
b) Shown on Liability side of the Balance Sheet ₹1,20,000
c) Debited to Revaluation A/c ₹80,000
d) Workmen’s Compensation claim ₹80,000 shown in the liabilities side of the Balance Sheet & Remaining ₹ 40,000 Credited to Partners’ Capital A/c
20. Assets are revalued, and liabilities are reassessed at the time of change in profit sharing ratio so that:
a) assets and liabilities are shown at their present values
b) no partner is put to an advantage or disadvantage
c) sacrificing partner is partly compensated
d) assets and liabilities are shown at their market value.
More questions will be added from time to time.
Class 12 Accountancy MCQs Reconstitution of Partnership Firm
Answers:
- d) ₹ 18,000, ₹ 18,000 and ₹ 9,000
- d) ₹ 22,500
- c) Debited to Partners' Capital Accounts in Old Profit-sharing Ratio
- c) Reconstitution of partnership
- c) Old profit-sharing ratio
- d) 1/10 (sacrifice)
- a) Dr. Anu and Cr. Tanu by ₹ 20,000
- c) Distributed among the partners in old profit-sharing ratio
- b) Cr. Anjana by ₹2,000; Cr. Bindu by 8,000; Dr. Cindy by ₹10,000
- d) ₹ 22,500, ₹ 22,500 and Nil
- b) Credit A’s Capital A/c by ₹6,000 and B’s Capital A/c by ₹9,000 and Balance showed a balance Workmen’s Compensation Claim at the liabilities side ₹25,000.
- c) ₹80,000
- b) 7 : 5 : 4
- c) Credit Aman’s Capital A/c by ₹20,000, Boman’s Capital A/c by ₹15,000 and Chaman’s Capital A/c by ₹10,000.
- b) Red’s Capital A/c Dr. ₹36,000, Green’s Capital A/c Dr. ₹54,000, To Blue’s Capital A/c ₹90,000
- c) Debit Gurjit's Capital A/c and Credit Ajit’s Capital A/c by ₹2,000 each.
- d) Anita’s capital account will be debited by ₹24,000 and Sunita and Minka's capital account will be credited by ₹8,000 and ₹16,000 respectively.
- a) Liability side of the Balance Sheet ₹1,50,000
- d) Workmen’s Compensation claim ₹80,000 shown in the liabilities side of the Balance Sheet & Remaining ₹ 40,000 Credited to Partners’ Capital A/c
- b) no partner is put to an advantage or disadvantage