Question : Assertion (A): Gita and Rita are equal partners. They admitted Pooja as a partner and their new profis sharing ratio was 5:3:2 . They revalued the assets and reassessed their liabilities. They did so because new partner should not be at an advantage or disadvantage
Reason (R): Assets and liabilities that exist before admission of Pooja are revalued/reassessed because increase in value of assets and decrease in value of liabilities and vice versa is for the period before admission of Pooja . If the change in values is accounted, Param will be at an advantage or disadvantage
In the context of above two statements, which of the following is correct?
Option 1: A) is correct, butt (R) is wrong.
Option 2: Both (A) and (R) are correct.
Option 3: (A) is wrong, but (R) is correct.
Option 4: Both (A) and (R) are wrong.
Correct Answer: Both (A) and (R) are correct.
Solution : Answer = Both (A) and (R) are correct.
The assertion (A) is correct because it highlights the equal treatment of partners during admission. The reason (R) is also correct as it explains the necessity of revaluing assets and reassessing liabilities to ensure fairness in profit sharing and prevent advantages or disadvantages for the new partner. Hence, the correct option is 2.
Question : Assertion (A):- Jasmeet and Reshem are equal partners. They admit Harmeet as a partner for 1/6th share in future profit. Their profit-sharing ratio after the admission of Harmeet is 3:2:1. As a result of this profit share of Reshem has not changed.
Reason (R): Profit share of last before and after the admission of Harmeet has not changed. Before admission of Harmeet, his profit share was is and after admission also it is 3/6.
In the context of the above two statements, which of the following is correct?
Option 1: (A) is correct, butt (R) is wrong.
Question : Revaluation of Assets at the time of admission of a partner shows a gain in its revaluation process. It indicates that their present value is (i) .........from their (ii)..........
Option 1: (i) Less (ii) Book value.
Option 2: (i) More (ii) Book Value.
Option 3: (i) Less (ii) Fixed Asset
Option 4: (i) More (ii) Current Asset
Question : Which of the following is not true with respect to Admission of a partner?
Option 1: A new partner can be admitted if it is agreed in the partnership deed.
Option 2: If all the partners agree, a new partner can be admitted.
Option 3: A new partner has to bring relatively higher capital as compared to the existing partners.
Option 4: A new partner gets right in the assets of the firm.
Question : Distribution of 'profit and loss (credit) at the time of change in profit sharing ratio of existing partners is shared by ______(i)_____ whereas in case of admission of a partner, it is shared by_____(ii)_____.
Option 1: (i) Remaining Partners, (ii) All Partners.
Option 2: (i) All Partners, (ii) Old partners.
Option 3: (i) New Partner, (ii) All partner
Option 4: (i) Sacrificing Partner, (ii) Incoming partner
Question : Gain/loss on revaluation at the time of change in profit sharing ratio of existing partners is shared by ______(i)_____ whereas in case of admission of a partner, it is shared by _____(ii)_____.
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