Partnership

Accounting

Hard

common

Ritesh, Deven and Keshav are partners sharing profits in the ratio of 3:2:1. They decided to change their profit sharing ratio from 1st April 2026, to 5:3:2. On that date, they have Workmen Compensation Reserve ₹ 1,80,000 and General Reserve ₹ 1,35,000. They have decided not to distribute the General Reserve. Choose the correct statement from the following:

Deven's Capital Account is to be credited with ₹ 60,000 only.

Deven's Capital Account is to be credited by ₹ 60,000 and debited by ₹ 4,500.

Deven's Capital Account is to be credited with ₹ 60,000 and ₹ 4,500.

Keshav's Capital Account is to be credited with ₹ 30,000 and ₹ 4,500.

✅ Correct Option: 3

Workmen Compensation Reserve, with no claim given, is distributed in the old ratio $3:2:1$ : Deven gets $1{,}80{,}000 \times 2/6 = 60{,}000$ credit.

General Reserve is not distributed, so it is adjusted through gain and sacrifice. Old shares $15:10:5$ of $30$ ; new shares $15:9:6$ . Deven sacrifices $1/30$ , Keshav gains $1/30$ .

Deven is credited $1{,}35{,}000 \times 1/30 = 4{,}500$ .

2025: 29 May Shift 2

Identify which statement is FALSE-

2025: 29 May Shift 2

When drawings are made at the beginning of every month for the full year, interest on drawings is calculated for

2025: 16 May Shift 1

There is a need for valuation of goodwill under which of the following cases

(A) Admission of new partner

(B) Retirement of a partner

(D) Amalgamation of partnership firms.

Choose the correct answer from the options given below:

2025: 3 June Shift 1

Which of the following will lead to the Reconstitution of a partnership Firm?

(A) Admission of a new partner

(B) Change in the profit sharing ratio among the existing partners

(D) Death of a partner

Choose the correct answer from the options given below:

2026: 19 May Shift 1

Which of the following statements are true ?

(A) Under fixed capital method, capital and current accounts are prepared.

(B) If a partner withdrew in the beginning of each month, average period is 6.5 months taken for interest calculation.

(D) In the absence of partnership deed, profits are distributed in the capital ratio.

Choose the correct answer from the options given below:

2026: 6 June Shift 1

In fixed capital method, all adjustments for partner's drawings, salary, interest on capital, etc. are posted in the:

Solution

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