Accounting for Partnership Firms-Reconstitution and Dissolution (CBSE Class-12 Accountancy): Questions 4 - 13 of 60

Question 1

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State any two reasons for the preparation of ‘Revaluation Account’ on the admission of a partner.

Question 2

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State the two financial rights acquired by a new Partner?

Question 3

Short Answer Question▾

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State two differences between Revolution A/c and Memorandum Revolution A/c.

Question 4

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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 5

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“The gaining partner’s should compensate to sacrificing partner’s with the amount of gain. ” Journalise this statement.

Question 6

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What are the adjustments required on the retirement or death of a partner?

Question 7

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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 8

One Liner Question▾

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Why is the General reserve distributed among the old Partners before a new Partner is admitted?

Question 9

Short Answer Question▾

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Distinguish between Sacrificing Ratio and Gaining Ratio.

Question 10

One Liner Question▾

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What is meant by the sacrificing Ratio in case of admission of a Partner?

Accounting for Partnership Firms-Reconstitution and Dissolution (CBSE Class-12 Accountancy): Questions 4 - 13 of 60

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Question number: 13

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