Existing Profit and Loss Account in the books of the firm will be shared/borne by partners in the ratio: Option 1: 5 : 3 : 2 Option 2: Equal Ratio Option 3: 4 : 3 : 2 Option 4: Ratio of closing capital claims

The answer is '5 : 3 : 2'. View full solution:

CUET Accountancy - Existing Profit and Loss Account in the books of the firm will be shared/borne by partners in the ratio: | PYQs + Solutions

CUET Accountancy

Partnership

Easy

5 : 3 : 2

Equal Ratio

4 : 3 : 2

Ratio of closing capital claims

✅ Correct Option: 1

Related questions:

27 May Shift 1

Choose combination of statements that are true about dissolution-

(A) Dissolution of partnership can not take place without intervention of the court.

(B) Court can order a firm to be dissolved when a partner becomes insane.

(D) A partnership is dissolved when there is a death of a partner.

Choose the correct answer from the options given below:

2 June Shift 2

On dissolution of a firm, the amount of loan taken from partner by firm will be transferred to

20 July Shift 1

On the dissolution of the partnership firm the amount realised from sale of assets shall be applied in following order.

(a) Distributing the amount left among the partners in their profit sharing ratio

(b) Paying amount due to partner on account of loan advanced by him

(d) Paying partners' capital account balances

Choose the correct answer from the options given below :