• 1. 
    X, Y and Z are partners in a firm, they divided profit and loss in the ratio of 4:3:1. They decided to share profit In the ratio 5:4:3. X’s and Y’s sacrifices are :

  • \(\frac{2}{24}: \frac{1}{24}\)
  • \(\frac{1}{24}: \frac{3}{24}\)
  • \(\frac{2}{24}: \frac{3}{24}\)
  • None of these
  • 2. 
    On reconstitution of a partnership firm, recording of an unrecorded liability wil result in:

  • Gain to the existing partners
  • Loss to the existing partners
  • Neither gain nor loss to the existing partners
  • None of these
  • 3. 
    Increase In the value of assets on reconstitution of the partnership firm results into :

  • Gain to the existing partners
  • Loss to the existing partners
  • Neither gain nor loss to the existing partners
  • None of these
  • 4. 
    The balance of Revaluation Account is transferred to old Partner’s Capital Accounts in their:

  • Old Profit-sharing Ratio
  • New Profit-sharing Ratio
  • Equal Ratio
  • None of these
  • 5. 
    X and Y share profits in the ratio 2 :3. In future they have decided to share profits in equal ratio. Which partner will sacrifice in which ratio ?

  • X sacrifice 1/10
  • Y sacrifice 1/5
  • Y sacrifice 1/10
  • None of these
  • 6. 
    Change in the partnership agreement results in:

  • Reconstitution of Firm
  • Dissolution of Firm
  • Amalgamation of Firm
  • None of these
  • 7. 
    Change in the partnership agreement:

  • Changes the relationship among the partners
  • Results in end of partnership business
  • Dissolves the partnership firm
  • None of these
  • 8. 
    Excess of credit side over the debit side in Revalution Account is:

  • Profit
  • Loss
  • Receipt
  • Expense
  • 9. 
    A, B and C are partners in a firm, if D is admitted as a new partner:

  • Old firm is dissolved
  • Old firm and old partnership are dissolved
  • Old partnership is reconstituted
  • None of these
  • 10. 
    Recording of an unrecorded asset on the reconstltutlam of a partnership firm will be:

  • A gain to the existing partners
  • A loss to the existing partners
  • Neither a gain nor a loss to the existing partners
  • None of these
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