Matching Type MCQs of Change in Profit Sharing Ratio class 12 Accountancy

Looking for important Matching Type MCQs of Change in profit sharing ratio chapter with solutions and answers of Accountancy class 12 CBSE, ISC and State Board.

Matching Type Multiple Choice Questions with answers of Change in Profit Sharing Ratio chapter of class 12 Accountancy

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Match the following:

Column – I	Column – I
A – Employees Provident Fund	i) – Accumulated Loss
B – Advertisement Expenditure	ii) – Statutory liability
C – Machinery Replacement Fund	iii) – Accumulated Profit
D – General Reserve	iv) – Accumulated depreciation

Options

a) A – iii), B – ii), C – i), D – iv)
b) A – iii), B – ii), C – iv), D – i)
c) A – ii), B – i), C – iv), D – iii)
d) A – i), B – ii), C- iv), D – iii)

Ans – c)

Match the following.

Column – I	Column – II
A – Unrecorded liability recorded	i) Credit Revaluation A/c
B – Increase in value of land	ii) Debit Revaluation A/c
C – Profit on revaluation	iii) Credit Partner’s Capital A/c
D – Loss on revaluation	iv) Debit Partner’s Capital A/c

Options

a) A – i), B – ii), C – iii), D – iv)
b) A – i), B – ii), C – iv), D – iii)
c) A – ii), B – i), C – iii), D – iv)
d) A – ii), B – i), C – iv), D – iii)

Ans -c)

Match the following in case of Change in Profit Sharing Ratio:

Column – I	Column – II
i) Ratio in which Partners share profit and losses before reconstitution of the firm	A – New Profit Sharing Ratio
ii) Ratio in which Partners surrender their share of profit in favour of other partner’s	B – Gaining Ratio
iii) Ratio in which all the partners share the future profit and losses	C – Sacrificing Ratio
iv) Ratio in which Partners acquire the share from other	D – Old Ratio

Options

a) i – D, ii – C, iii – A, iv – B
b) i – A, ii – B, iii – C, iv – D
c) i – B, ii – A, iii – D, iv – C
d) i – C, ii – B, iii – A, iv – D

Ans – a)

Match the following items:

Column – I	Column – II
i) Old Ratio – New Ratio	A – Gaining Ratio
ii) Goodwill	B – Fixed Asset
iii) General Reserve	C – Credit Balance
iv) New Ratio – Old Ratio	D – Sacrificing Ratio

Options

a) i – D, ii – B, iii – C, iv – A
b) i – A, ii – B, iii – C, iv – D
c) i – B, ii – A, iii – D, iv – C
d) i – C, ii – B, iii – A, iv – D

Ans – a)

In case of change in profit sharing ratio among existing partners:

Column – I	Column – II
i) General Reserve will be distributed in	A – Sacrificing/Gaining Ratio
ii) Advertisement Suspense will be debited to Partner’s Capital A/cs in	B – Old Ratio
iiii) Goodwill valued will be adjusted in	C – New Ratio

a) i – B, ii – B, iii – A
b) i – A, ii – A, iii – B

Ans – a)

Match the following items:

Column – I	Column – II
i) Revaluation A/c is opened	A – At the time of retirement
ii) Sacrificing Ratio	B – At the time of death
iii) Valuation of Goodwill	C – At the time of admission
	D – At the time of reconstitution of partnership firm

Options

a) i – D, ii – C, iii – D
b) i – A, ii – B, iii – C
c) i – B, ii – A, iii – D
d) i – C, ii – B, iii – A

Ans – a)