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 : M, N and O are partners in a firm sharing profits in the ratio equally  Their Balance Sheet as at 31-3-2019 showed a debit balance of Profit & Loss A/c 90,000. From 1-4-2019 they will share profits 4:3:2. In the necessary journal entry to give effect to the above arrangement when M, N and O decided not to close the Profit & Loss Account:
 

Option 1: Dr. M by Rs 10,000; Cr. O by Rs 10,000

Option 2: Cr. M by Rs 10,000; Dr. O by Rs 10,000

Option 3: Dr. M by Rs 20,000; Cr. O by Rs 20,000

Option 4: Cr. M by Rs 20,000; Dr. O by Rs 20,000

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 : 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 : 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