12th Standard CBSE - Accountancy - Change in profit Sharing Ratio Among the Existing Partner

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Question - 1

 Which of the following is responsible for the Reconstitution of Partnership?

  • A Retirement of an existing partner
  • B Change in existing profit sharing ratio
  • C Death of a partner
  • D All of these

Question - 2

What is the meaning of change in the profit sharing ratio:

  • A In which all partner including the deceased partner executor partner share future profit and loss
  • B Purchase of shares of profit by one partner form another partner
  • C In which all partner including the retired partner share future profit and loss
  • D In which all partner including the new partner share future profit and loss

Question - 3

The circumstances when change in profit sharing ratio is needed:

  • A All of these
  • B When new partner admitted
  • C When existing partner’s decide
  • D When existing partner retires

Question - 4

On the reconstitution of a firm change in the value of assets is called ________

  • A Revaluation of assets
  • B Reassessment of assets
  • C Devaluation of assets
  • D Reassessment of liabilities

Question - 5

Any change in the relations of partners without affecting the existing of partnership firm is called ____

  • A Reassessment
  • B Retirement
  • C Revaluation
  • D Reconstitution

Question - 6

The partner whose share has increased as a result of change is called

  • A Sacrificing partner
  • B Sacrificing ratio
  • C Gaining partner
  • D Gaining ratio

Question - 7

What is gaining ratio:

  • A In which profit sharing ratio of sacrificing partners increase
  • B In which profit sharing ratio of sacrificing partners decrease
  • C In which profit sharing ratio of gaining partners increase
  • D In which profit sharing ratio of gaining partners decrease

Question - 8

How sacrificing ratio is calculated

  • A All of these
  • B Sacrificing ratio = Old ratio – Gaining ratio
  • C Sacrificing ratio = New ratio – Old ratio
  • D Sacrificing ratio = Old ratio – New ratio

Question - 9

Who is a sacrificing partner :

  • A Whose share has decrease as a result of change
  • B Whose share has increase as well as decrease as a result of change
  • C Whose share has does not get affected as a result of change
  • D Whose share has increase as a result of change

Question - 10

Reassessment of liabilities means :

  • A Only increase in the values of liabilities
  • B Change in the values of liabilities
  • C Change in the values of assets
  • D Only decrease in the values of liabilities
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