Question : Due to the change in the profit sharing ratio, X sacrifices is 3/10 while Z’s Gain is 3/10. They decide to record the effect of the following without affecting the book  figure, by passing an adjustment entry 

General Reserve Cr   Rs 35,000

Profit and loss Cr        Rs 15,000

Advertisement suspense Dr Rs 20,000

The necessary adjustment entry will be 

 

Option 1: Dr Z and Cr X by Rs 9,000

Option 2: Dr X and Cr Y by Rs 9,000

Option 3: Dr X and Cr Y by Rs 18,000

Option 4: Dr Y and Cr X By Rs 9,000

Question : X, Y and Z were partners in a firm sharing profis in 2:3:5 ratio. They decided to share the future profits in 5:3:2. For this purpose the goodwill of the firm was valued at 12,00,000. In adjustment entry for the treatment of goodwill due to change in the profit sharing ratio

Question : A, B and C were partners sharing profit and losses in the ratio of 7:3:2. From 1st April 2020 they decided to share profit and losses in the ratio of 8:4:3. Goodwill is Rs 2,40,000. In adjustment entry for goodwill 

Question : A, B and C are partners in a firm sharing profits in the ratio of equally  They decided to share profits 4:3:1 w.e.f. 1st April, 2019. On that date the Profit and Loss Account showed the credit balance of Rs 48,000. Instead of closing the Profit and Loss Account, it was

Question : Aman and Varun are partners sharing profits in the ratio of equally. Their Balance Sheet showed a balance of Rs 62,000 in the General Reserve Account and a debit balance of 20,000 in the Profit and Loss Account. They now decided to share the future profits 4:3.

Question : A, B and C are partner sharing profits in the ratio of equally On 1-4-2020 they decided to share the profits 2:4:6. On the date there was a credit balance of  Rs 1,00,000 in their Profit and Loss Account and a balance of  Rs 2,00,000 in General Reserve Account.