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

Get 1 year subscription: Access detailed explanations (illustrated with images and videos) to 209 questions. Access all new questions we will add tracking exam-pattern and syllabus changes. View Sample Explanation or View Features.

Rs. 250.00 or

Question number: 4

» Accounting for Partnership Firms » Reconstitution and Dissolution » Change in the Profit Sharing Ratio

One Liner Question▾

Write in Brief

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

One Liner Question▾

Write in Brief

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

Short Answer Question▾

Write in Short

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

One Liner Question▾

Write in Brief

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

Short Answer Question▾

Write in Short

“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

Short Answer Question▾

Write in Short

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

One Liner Question▾

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

One Liner Question▾

Write in Brief

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

Short Answer Question▾

Write in Short

Distinguish between Sacrificing Ratio and Gaining Ratio.

Question number: 13

» Accounting for Partnership Firms » Reconstitution and Dissolution » Admission of a Partner

One Liner Question▾

Write in Brief

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

Sign In