A, B and C are in partnership for several years and sharing profits and losses

Question

A, B and C are in partnership for several years and sharing profits and losses in the ratio 3 : 3 : 2

Options:

A . Dr Capital Account - C RM228 Cr Capital Account - A RM114Cr Capital Account - B RM114

B . Dr Current Account - C RM228 Cr Current Account - A RM114Cr Current Account - B RM114

C . Dr Capital Account - A RM114 Dr Capital Account - B RM114 Cr Capital Account - C RM228

D . Dr Current Account - A RM114 Dr Current Account - B RM114 Cr Current Account - C RM228

Answer: Option A

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Question 1. X and Y were equal partners....

Question 2. Revaluation A/c is a....

Question 3. 1....

Question 4. On revaluation the increase in the value of assets leads....

Question 5. If the old profit sharing ratio is more than the new profit sharing ratio of a partner the difference is called....

Question 6. The profit or loss on revaluation of assets and liabilities is transferred to the capital account of....

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Question 8. Which of the following statements is not true in relation to admission of a partner....

Question 9. Partnership firms in India are governed under the Partnership Act....

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