Question : Assertion (A): Zalim and Jelem are equal partners. They admit Pakiza into a partnership for 1/3rd of the profits. Reassessing the liabilities, it was found that sundry creditors of Rs 2,00,000 are not payable and there was an unrecorded liability of Customer Claims of Rs 2,00,000, which to the recorded. As a result of these adjustments, loss on revaluation will be nil

Reason R: Sundry Creditors reduced by Rs 2,00,000 and new lability of the same amount towards Customer Claims has arisen. As a result, there is neither gain profit nor loss on this account.
n the context of the above statement, 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): 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 : At the time of dissolution of a firm, Creditors are Rs.40,000, Partners' capital is Rs.2,00,000; Cash Balance is Rs.20,000, and other assets are realized Rs.2,00,000. Profit/Loss in the realization account will be

Option 1: 60,000 (Loss)

Option 2: 40,000 (Loss)

Option 3: 20,000 (Profit)

Option 4: 20,000 (Loss)

Question : At the time of dissolution of a firm, Creditors are Rs.40,000, Partners' capital is Rs.2,00,000; Cash Balance is Rs.20,000, and other assets are realized Rs.2,00,000. Profit/Loss in the realization account will be

Option 1: 60,000 (Loss)

Option 2: 40,000 (Loss)

Option 3: 20,000 (Profit)

Option 4: 20,000 (Loss)

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.