Question : X, Y and Z were partners sharing profits and losses in the ratio of 4: 3: 2. Y retired on 1st April, 2020. On that date capitals of X, Y and Z after all adjustments stood at Rs. 19,650; Rs. 19,800 and Rs. 9,150 respectively. Total capital of the firm as newly constituted is fixed at Rs. 28,000 between X and Z in the proportion of 5/8th and 3/8th after passing entries in their accounts for adjustments. Amount to be paid or to be brought by the continuing partners is

Option 1: X debited by Rs 2,150, Z credited by Rs 1,350

Option 2: X credited by Rs 2,150 Z debited by Rs 1,350

Option 3: X debited by Rs 2,150 Z debited by Rs 1,350

Option 4: X credited Rs 2,150 and Y credited Rs 1,350

Question : X, Y and Z are partners sharing profits in the ratio of 5: 3: 7. X retired from the firm. Y and Z decided to share future profits in the ratio of 2: 3. The adjusted Capital Accounts of Y and Z showed a balance of Rs. 49,500 and Rs. 1,05,750 respectively. The total amount to be paid to X is Rs .1,35,750. This amount is to be paid by Y and Z in a manner that their capital becomes proportionate to their new profit-sharing ratio. The amount to be brought or to be paid to partners will be

Option 1: Y bring Rs 66,000 and Z bring Rs 68,000

Option 2: Y bring Rs 66,900 and Z bring Rs 68,850

Option 3: Y withdrew Rs 66,900 and Z bring Rs 68,850

Option 4: Y bring Rs 66,900 and Z withdrew Rs 68,850

Question : P, Q and R are equal partners with fixed capitals of Rs. 5,00,000, Rs. 4,00,000 and Rs. 3,00,000, respectively. After closing the accounts for the year ending 31st March 2019. It was discovered that interest on capital @ 7% instead of 9% p.a. In the adjustment entry.

Option 1: P will be credited by Rs. 2,000 and
Q will be debited by Rs. 2,000.

Option 2: P will be debited by Rs. 2,000 and
Q will be credited by Rs. 2,000

Option 3: P will be debited by Rs. 2,000 and
R will be credited by Rs. 2,000.

Option 4: P will Be credited By Rs. 2,000 and
R will Be debited by Rs. 2000

Question : A, B, C and D are partners sharing profits in the ratio of 1:4:3:2. D died on 15th December 2021 and the goodwill is valued at Rs.2,00,000. D's share of goodwill is to be adjusted into the capital accounts of A, B and C who decide to share future profits in the ratio of 4:3:3. Choose the correct journal entry.

Option 1: A debited by Rs 60,000 and debited B by Rs 20,000 and credited D by Rs 80,000

Option 2: Debited A by Rs 60,000 and credited B by Rs 20,000 and credited D by Rs 40,000

Option 3: Debited A by Rs 40,000 and B debited by Rs 40,000 and Credited D by Rs 80,000

Option 4: None of the above

Question : The firm of P, Q and R with profit sharing ratio of  3: 6:1, h.ad the balance in General Reserve Account amounting Rs. 90,000. S joined as a new partner and the new profit sharing ratio was decided to be 3 : 3 : 3 : 1. Partners decide to keep the General Reserve unchanged in the books of accounts. The effect will be:

Option 1: Q will be credited by Rs. 27,000

Option 2: R will be debited by Rs. 27,000

Option 3: P will be credited by Rs. 36.000 

Option 4: P will be debited by Rs. 36,000