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

Share your love

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

Let’s Practice

Match the following:

Column – IColumn – I
A – Employees Provident Fundi) – Accumulated Loss
B – Advertisement Expenditureii) – Statutory liability
C – Machinery Replacement Fundiii) – Accumulated Profit
D – General Reserveiv) – 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 – IColumn – II
A – Unrecorded liability recordedi) Credit Revaluation A/c
B – Increase in value of landii) Debit Revaluation A/c
C – Profit on revaluationiii) Credit Partner’s Capital A/c
D – Loss on revaluationiv) 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 – IColumn – II
i) Ratio in which Partners share profit and losses before reconstitution of the firmA – New Profit Sharing Ratio
ii) Ratio in which Partners surrender their share of profit in favour of other partner’sB – Gaining Ratio
iii) Ratio in which all the partners share the future profit and lossesC – Sacrificing Ratio
iv) Ratio in which Partners acquire the share from otherD – 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 – IColumn – II
i) Old Ratio – New RatioA – Gaining Ratio
ii) GoodwillB – Fixed Asset
iii) General ReserveC – Credit Balance
iv) New Ratio – Old RatioD – 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 – IColumn – II
i) General Reserve will be distributed inA – Sacrificing/Gaining Ratio
ii) Advertisement Suspense will be debited to Partner’s Capital A/cs inB – Old Ratio
iiii) Goodwill valued will be adjusted inC – New Ratio

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

Ans – a)

Match the following items:

Column – IColumn – II
i) Revaluation A/c is openedA – At the time of retirement
ii) Sacrificing RatioB – At the time of death
iii) Valuation of GoodwillC – 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)

Share your love
Default image
Anurag Pathak

Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his youtube channel and can download the Android & ios app for free lectures.

Articles: 2276

Leave a Reply

Your email address will not be published.

close

Ad Blocker Detected!

Our Website is made possible by displaying online advertisements to our visitors. Please consider supporting us and remove the AD - Blocker to read this article.

Refresh