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 were partners sharing profit and losses in the ratio of 7:3:2. From 1st April 2020 they decided to share profit and losses in the ratio of 8:4:3. Goodwill is Rs 2,40,000. In adjustment entry for goodwill 

Option 1:  Cr A by Rs 12,000, Dr B by Rs 4000 and Dr C by Rs 8,000

Option 2: Dr A by Rs 6000, Cr B by Rs 4000, Cr C by Rs 4000

Option 3: Cr A by Rs 12,000, Dr B by Rs 4000, Dr C by Rs 4,000

Option 4: Dr A by Rs 12,000, Cr B By Rs 8000 and Cr C by Rs 4,000

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 : 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 : X, Y and Z are partners in a firm in 3:2:1. Z is Guaranteed that he will get a minimum of Rs 20,000 as his share of Profit every year. The firm's profit was Rs 90,000 Partners will get.

Option 1: X Rs 40,000, Y Rs 30,000, Z Rs 20,000

Option 2: X Rs 42,500, Y Rs 27,500, Z Rs 20,000

Option 3: X Rs 45,000, Y Rs 30,000, Z Rs 15,000

Option 4: X Rs 42,000, Y Rs 28,000, Z Rs 20,000