Question : A, B and C are partners sharing profits in the ratio of 3: 2: 1. On March 31, 2018, C died and a new profit-sharing ratio was agreed upon at 3: 1. They also decided to record the effect of the following without affecting their book values: 
General Reserve 1,00,000
Profit and  Loss Account 45,000
Advertisement Suspense Account 25,000
Adjustment entry will be 

Option 1: Debit A’s Capital A/c by Rs.30,000; Credit B’s Capital A/c by Rs.10,000 and C’s Capital A/c by Rs.20,000.

Option 2: Debit B’s Capital A/c by Rs.30,000; Credit A’s Capital A/c by Rs.10,000 and C’s Capital A/c by Rs.20,000.

Option 3: Debit A’s Capital A/c by Rs.20,000; Credit B’s Capital A/c by Rs.10,000 and C’s Capital A/c by Rs.10,000

Option 4: None of the above

Question : Puran  Store Ltd., an Unlisted Company, is to redeem 5000,8% Debentures of Rs. 100 each on 30th June 2020. It has a balance of Rs. 10,000 in Debentures Redemption Reserve. It decides to set aside the amount to Debentures Redemption Reserve on 31st March 2020 on which date it has

following Reserves and Surplus:   Rs.
Securities Premium Reserve 25,000
Capital reserve Rs 20,000
General Reserve 30,000; and
Surplus, i.e., Balance in Statement of Profit and Loss 30,000
Balance Rs. 40,000 can be set aside to Debentures Redemption Reserve from:

Option 1: Capital Reserve and General Reserve

Option 2:  Capital Reserve and Securities Premium Reserve

Option 3: General Reserve and Surplus, i.e., Balance in Statement of Profit and Loss

Option 4: Securities Premium Reserve and Surplus, i.e., Balance in Statement of Profit and Loss

Question : Hari and Kavi are partners sharing profits and losses in the ratio of 3: 2. They admit Ravi as a partner who contributes Rs. 30,000 as his capital for 1/5th share in the profits of the firm. It is decided that after Ravi's admission, the capitals of the Hari and Kavi will be adjusted on the basis of Ravi's share of capital in the business, and any surplus or deficiency to be adjusted through current accounts. Before any adjustments were made, the capitals of Hari and Kavi were: Rs. 59,000 and Rs. 35,000 respectively.
At the time of Ravi's admission :
(a) The firm's goodwill was valued at Rs. 40,000.
(b) General Reserve was Rs.25,000.
(c) Loss on revaluation of assets and liabilities was Rs.4,000.
CHOOSE: The correct Journal entry for surplus and shortage

Option 1: Crediting Hari's current account by Rs 4,400 and debiting Kavi's current account Rs 1,400

Option 2: Debiting Hari's current account by Rs 4,400 and crediting Kavi's current account Rs 1,400

Option 3: Debiting Hari's current account Rs 4,400 and debiting Kavis current account Rs 1,400

Option 4: Crediting Hari's Current account Rs 4,400 and Crediting Kavi's current account Rs 1,400

Question : Sindhu, Rahul and Kamlesh, who were sharing profits in the ratio of 3 : 3 : 4 respectively, as at 31st March, 2012 was as follows  balance of capital are Sindhu: 1,20,000   Rahul 1,00,000  Kamlesh: 80,000 Sindhu’s loan 20,000 (debit balance)

 General Reserve Rs 10,000
Sindhu died on 31st July 2012. The partnership deed provided for the following on the death of a partner :

(a) Goodwill of the firm be valued at two years’ purchase of average profits for the last three years which were Rs.80,000.
(b) Sindhu’s share of profit till the date of his death was to be calculated on the basis of sales. Sales for the year ended 31st March 2012 amounted to Rs.8,00,000 and from 1st April to 31st July 2012 Rs.3,00,000. The profit for the year ended 31st March 2012 was Rs.2,00,000.
(c) Interest on capital was to be provided @ 6% p.a.
Balance due to Sindhu’s Executor will be ------

Option 1: Rs 1,97,500

Option 2: Rs 1,75,900

Option 3: Rs 1,95,000

Option 4: None of the above

Question : P, Q and R are partners sharing profits and losses in the ratio of 3: 3: 2. Their respective capitals are in their profit-sharing proportions. On 1st April, 2019, the total capital of the firm and the balance of General Reserve are Rs. 80,000 and Rs. 20,000 respectively. During the year 2019-20, the firm made a profit of Rs. 28,000 before charging interest on capital @ 5%. The drawings of the partners are P-Rs. 8,000; Q-Rs. 7,000; and R-Rs. 5,000. On 31st March, 2020, their liabilities wereRs. 18,000.
On this date, they decided to dissolve the firm. The assets realised Rs. 1,08,600 and realisation expenses amounted to Rs. 1,800.
Question:
Profit/loss on realization are

Option 1: Loss Rs 19,200

Option 2: Profit Rs 19,200

Option 3: Loss Rs 1,920

Option 4: Profit Rs 1,920