Question : A, B and C are equal partners in a firm whose books are closed on 31st March every year. If General Reserve of Rs. 40,000 at the time of retirement of partner B when 25% of the balance of General Reserve is to be transferred to Investments Fluctuation Reserve. Choose the correct option.

Option 1: General Reserve A/c ...Dr. 40,000
To A's Capital A/c 10,000
To B's Capital A/c 10,000
To C's Capital A/c 10,000
To Investments Fluctuation Reserve A/c 10,000

Option 2: General Reserve A/c ...Dr. 40,000
To A's Capital A/c 20,000
To B's Capital A/c 10,000
To C's Capital A/c 10,000

Option 3: General Reserve A/c ...Dr. 40,000
To A's Capital A/c 10,000
To C's Capital A/c 10,000
To Investments Fluctuation Reserve A/c 20,000

Option 4: None of the above

Question : A, B and C are partner sharing profits in the ratio of equally On 1-4-2020 they decided to share the profits 2:4:6. On the date there was a credit balance of  Rs 1,00,000 in their Profit and Loss Account and a balance of  Rs 2,00,000 in General Reserve Account. Instead of closing the General Reserve Account and Profit and Loss Account, it is decided to record an adjustment entry for the same. In the necessary adjustment entry to give effect to the above arrangement:
 

Option 1: Dr A by Rs 50,000; Cr. B by Rs 50,000

Option 2: Cr. A by Rs 50,000; Dr B by Rs 50,000

Option 3: Dr A by Rs 50,000; Cr. C by Rs 50,000

Option 4: Cr. A by Rs 50,000; Dr C by Rs 50,000

Question : Aman and Varun are partners sharing profits in the ratio of equally. Their Balance Sheet showed a balance of Rs 62,000 in the General Reserve Account and a debit balance of 20,000 in the Profit and Loss Account. They now decided to share the future profits 4:3. Instead of closing the General Reserve Account and Profit and Loss Account, it is decided to pass an adjustment entry for the same. In adjustment entry :
 

Option 1: Dr. Aman by Rs 3,000; Cr. Varun  by Rs 3,000

Option 2: Dr. Aman by Rs 5,000; Cr. Varun  by Rs 5,000

Option 3: Cr. Aman by Rs 5,000; Dr. Varun by Rs 5,000

Option 4: Cr. Aman by Rs 3,000; Dr. Varun by Rs 3,000

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