Question : A, B and C are partners in a firm sharing profits in the ratio of equally  They decided to share profits 4:3:1 w.e.f. 1st April, 2019. On that date the Profit and Loss Account showed the credit balance of Rs 48,000. Instead of closing the Profit and Loss Account, it was decided to record an adjustment entry reflecting the change in profit sharing ratio. In the journal entry :
 

Option 1: Dr. A by Rs 2000; Dr. B by Rs 8000; Cr. C by Rs 10,000

Option 2: Cr. A by Rs 2000; Cr. B by Rs 8,000; Dr. C by Rs10,000

Option 3: Cr. A by Rs 8,000; Cr. B by Rs 2000; Dr. C by Rs10,000

Option 4: Dr. A by Rs 8,000; Dr. B by Rs 2,000; Cr. C by Rs10000

Question : R, B and L were partners sharing profits and losses in the ratio of 8:4:3. From 1st January 2019 they decided to share profits and losses in the ratio of 7:3:2. Goodwill is Rs 60,000 adjustment entry for goodwill:
 

Option 1: Cr. R by Rs 3,000; Dr. B by 1,000; Dr. L Rs 2,000

Option 2: Dr. R by Rs 3,000; Cr. B by Rs1,000; Cr. L by Rs 2000

Option 3: Cr. R by Rs 3,000; Dr. B by Rs2,000; Dr. L by Rs 1,000

Option 4: Dr. R by Rs 3,000; Cr. B by Rs2,000; Cr. L by Rs 1,000

Question : X, Y and Z were partners in a firm sharing profis in 2:3:5 ratio. They decided to share the future profits in 5:3:2. For this purpose the goodwill of the firm was valued at 12,00,000. In adjustment entry for the treatment of goodwill due to change in the profit sharing ratio :
 

Option 1: Cr. X by Rs 240000; Dr. Y by Rs 240000

Option 2: Cr. X by Rs 600000; Dr. Z by Rs 600000
 

Option 3: Cr. X by Rs 360000; Dr. Z by Rs 360000

Option 4: Dr. X by Rs 360000; Cr. Z by Rs 360000

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 : Due to the change in the profit sharing ratio, X sacrifices is 3/10 while Z’s Gain is 3/10. They decide to record the effect of the following without affecting the book  figure, by passing an adjustment entry 

General Reserve Cr   Rs 35,000

Profit and loss Cr        Rs 15,000

Advertisement suspense Dr Rs 20,000

The necessary adjustment entry will be 

Option 1: Dr Z and Cr X by Rs 9,000

Option 2: Dr X and Cr Y by Rs 9,000

Option 3: Dr X and Cr Y by Rs 18,000

Option 4: Dr Y and Cr X By Rs 9,000