Question : A, B and C are partners sharing profit and losses in the ratio 2: 3: 4. On 31st December 2022. A retired and B and C decided to share future profit in the ratio of 2: 1. The following balances appeared in the books on this date
Profit and loss (CR) 72,000
General reserve Rs 27,000
The correct journal entry for the above will be .........

Option 1: General reserve A/c.........Dr 27,000
Profit and loss A/c............Dr 72,000
To A's capital a/c 33,000
To B's capital a/c 33,000
To C's capital A/c 33,000

Option 2: General reserve A/c........Dr 27,000
Profit and loss A/c...........Dr 72,000
To A's capital a/c 22,000
To B's capital a/c 33,000
To C's capital A/c 44,000

Option 3: General reserve A/c........Dr 27,000
Profit and loss A/c..........Dr 72,000
To B's capital a/c 33,000
To C's capital A/c 66000

Option 4: None of the above

Question : A, B and C are equal partners in a firm whose books are closed on 31st March every year. If General Reserve of Rs. 40,000 at the time of retirement of partner B when 25% of the balance of General Reserve is to be transferred to Investments Fluctuation Reserve. Choose the correct option.

Option 1: General Reserve A/c ...Dr. 40,000
To A's Capital A/c 10,000
To B's Capital A/c 10,000
To C's Capital A/c 10,000
To Investments Fluctuation Reserve A/c 10,000

Option 2: General Reserve A/c ...Dr. 40,000
To A's Capital A/c 20,000
To B's Capital A/c 10,000
To C's Capital A/c 10,000

Option 3: General Reserve A/c ...Dr. 40,000
To A's Capital A/c 10,000
To C's Capital A/c 10,000
To Investments Fluctuation Reserve A/c 20,000

Option 4: None of the above

Question : Maanika, Bhari and Komal are partners sharing profits in the ratio of 6:4:1. Komal is guaranteed a minimum profit of Rs 2,00,000. The firm incurred a loss of Rs 2,20,000 for the year ended March 31st, 2018.
Choose an appropriate journal entry to be passed for deficiency.

Option 1: Maanika's capital a/c Dr 1,50,000
Bhari's capital a/c Dr 50,000
  To Komal's capital a/c 2,00,000

Option 2: Maanika's capital a/c Dr 2,00,000
To Komal's capital a/c 2,00,000.

Option 3: Komal's capital a/c Dr 4,00,000
To Maanika's capital a/c 2,40,000
To Bhari's capital a/c 1,60,000

Option 4: Maanika's capital a/c Dr 2,40,000
Bhari's capital a/c Dr 1,60,000
To Komal's capital a/c 4,00,000.

Question : Maanika, Bhari and Komal are partners sharing profits in the ratio of 6:4:1. Komal is guaranteed a minimum profit of Rs 2,00,000. The firm incurred a loss of Rs 2,20,000 for the year ended March 31st, 2018.
Choose an appropriate journal entry to be passed for deficiency.

Option 1: Maanika's capital a/c Dr 1,50,000
Bhari's capital a/c Dr 50,000
  To Komal's capital a/c 2,00,000

Option 2: Maanika's capital a/c Dr 2,00,000
To Komal's capital a/c 2,00,000.

Option 3: Komal's capital a/c Dr 4,00,000
To Maanika's capital a/c 2,40,000
To Bhari's capital a/c 1,60,000

Option 4: Maanika's capital a/c Dr 2,40,000
Bhari's capital a/c Dr 1,60,000
To Komal's capital a/c 4,00,000.

Question : Choose the incorrect journal entry. When Present Adjusted Capital (after adjustments) is more than the Proportionate Capital:

Option 1: Concerned Partner's Capital A/c ...Dr.
To Cash A/c or Bank A/c

Option 2: Concerned Partner's Capital A/c ...Dr.
To Concerned Partner's Current A/c

Option 3: Cash A/c or Bank A/c or Concerned Partner's Current A/c.....Dr
To Concerned Partner's Capital A/c .

Option 4: None of the above

Question : If retiring partner's Capital Account after adjustments shows 'Debit Balance', that much amount is receivable from the retiring partner. The entry is:

Option 1: Retiring Partner's Capital A/c ...Dr. [Due Amount]
To Cash/Bank a/c

Option 2: Cash/BankA/c ...Dr.
To Retiring Partner's Capital A/c

Option 3: Interest A/c Dr
To Retiring Partner's Loan A/c

Option 4: None of the above