Question : Assertion (A): Kiya  and Rhea  are equal partners. They admitted Priya as a partner and the profit sharing ratio was 2 2:1. The sacrificing ratio of Karan and Raman  is equal 

Reason (R): A change in the values of assets and liabilities is credited/debited to Revaluation Accoun 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.

Question : Given below are two statements, one labelled as Assertion (A) and the other labeled as Reason (R): 

Assertion (A): Revaluation A/c is prepared at the time of Admission of a partner.  

Reason (R): The profit or loss on the revaluation of assets and liabilities, on reconstitution of firm, is related to old partners in their old ratio. 

 In the context of the above two statements, which of the following is correct? 

Codes:

Option 1: Both (A) and (R) are correct and (R) is the correct Reason of (A). 

Option 2: Both (A) and (R) are correct but (R) is not the correct Reason of (A). 

Option 3: Only (R) is correct. 

Option 4: Both (A) and (R) are wrong. 

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.

Question : Assertion (A): Amit and Sumit were partners sharing profits and losses equally They admitted Vinod as a partner for 1/5th share Goodwill was valued at Rs 2,00,000 Amit and sumit will be compensated by Vinod paying goodwill off Rs 20,000 each.

Reason (R): Both Amit and Sumit have sacrificed equally. Since Vinod has taken 1/5th share from Ashish and Deepak in equal proportion, re, 1/10th share each he will compensate each by paying goodwill of Rs 10,000 being equal to 1/10th of Rs. 2,00,000

In the context of the 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.

Question : Assertion A:-  A and Z are partners sharing profit in the ratio of 3:2. They agree to new terms of the partnership, and both the partners will get interested in capital and also remuneration, goodwill will be valued and gaining partners will compensate the sacrificing partners.

Reason R:- The profit-sharing ratio of  A and Z has not changed. Hence, there is neither a gaining partner nor a sacrificing partner. Therefore, goodwill need not be valued.

In the context of the above two statements, which of the following is correct?

Option 1: Assertion A and Reason R are correct but the reason R is not the correct explanation of Assertion A

Option 2: Both Assertion A and Reason R are correct and Reason R is the correct explanation of Asseration A 

Option 3: Only Assertion A is correct

Option 4: Assertion A is not correct but the Reason R is correct.

Question : Given below are two statements, one labelled as Assertion (A) and the other labelled as Reason (R)

Assertion (A): On reconstitution of a firm, 'Interest on Drawings' sshown in P & L Appropriation A/c. 

Reason (R): On admission of a partner, 'Interest on Drawings' are charge against the profits. 

In the context of the above statements, which one of the following is correct?  

Codes: 

Option 1: (A) is correct, but (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.