Accounting for Partnership Firms-Reconstitution and Dissolution (CBSE (Central Board of Secondary Education- Board Exam) Class-12 Accountancy): Questions 4 - 13 of 60
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Question number: 4
» Accounting for Partnership Firms » Reconstitution and Dissolution » Change in the Profit Sharing Ratio
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State any two reasons for the preparation of ‘Revaluation Account’ on the admission of a partner.
Question number: 5
» Accounting for Partnership Firms » Reconstitution and Dissolution » Admission of a Partner
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State the two financial rights acquired by a new Partner?
Question number: 6
» Accounting for Partnership Firms » Reconstitution and Dissolution » Retirement and Death of a Partner
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State two differences between Revolution A/c and Memorandum Revolution A/c.
Question number: 7
» Accounting for Partnership Firms » Reconstitution and Dissolution » Admission of a Partner
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In case of admission of a partner, in which ratio profits or loss on revaluation of assets and reassessment of liabilities shall be divided?
Question number: 8
» Accounting for Partnership Firms » Reconstitution and Dissolution » Admission of a Partner
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“The gaining partner’s should compensate to sacrificing partner’s with the amount of gain. ” Journalise this statement.
Question number: 9
» Accounting for Partnership Firms » Reconstitution and Dissolution » Retirement and Death of a Partner
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What are the adjustments required on the retirement or death of a partner?
Question number: 10
» Accounting for Partnership Firms » Reconstitution and Dissolution » Retirement and Death of a Partner
Write in Brief
Give journal entry for recording deceased partner’s share in profit from the closure of last balance sheet till the date of his death.
Question number: 11
» Accounting for Partnership Firms » Reconstitution and Dissolution » Admission of a Partner
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Why is the General reserve distributed among the old Partners before a new Partner is admitted?
Question number: 12
» Accounting for Partnership Firms » Reconstitution and Dissolution » Change in the Profit Sharing Ratio
Write in Short
Distinguish between Sacrificing Ratio and Gaining Ratio.
Question number: 13
» Accounting for Partnership Firms » Reconstitution and Dissolution » Admission of a Partner
Write in Brief
What is meant by the sacrificing Ratio in case of admission of a Partner?