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)
