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Free Online MCQs Questions of Class – 12 Accountancy Chapter-2 Change in Profit Sharing Ratio among the Existing Partners

Free Online MCQs Questions of CBSE Class 12 Accountancy Chapter-2 Change in Profit Sharing Ratio among the Existing Partners with Answers. Free Online MCQs Questions for Class 12 Accountancy with Answers was Prepared Based on Latest Exam Pattern. Students can solve NCERT Class 12 Accountancy Chapter-2 Change in Profit Sharing Ratio among the Existing Partners Multiple Choice Questions with Answers to know their preparation level on Success Roar Classes Website itself.

A partnership is a mutually decided agreement between two or more people to conduct business and share profit and losses in agreed ratios. These Profit sharing ratio is mutually decided by partners need to be change in case of change in situation. How these ratios are calculated? How we decide benefit or loss due to change in ratio. These MCQs are covering all above topics for better understanding of topic.

Free Online MCQs Questions of Class -12 Accountancy

Chapter-2 Change in Profit Sharing Ratio among the Existing Partners with Answers

  1. Sacrificing Ratio :
    (A) New Ratio – Old Ratio
    (B) Old Ratio – New Ratio
    (C) Old Ratio – Gaining Ratio
    (D) Gaining Ratio – Old Ratio
  2. Gaining Ratio :
    (A) New Ratio – Sacrificing Ratio
    (B) Old Ratio – Sacrificing Ratio
    (C) New Ratio – Old Ratio
    (D) Old Ratio – New Ratio
  3. A and B were partners in a firm sharing profit or loss equally. With effect from 1st April 2019 they agreed to share profits in the ratio of 4 : 3. Due to change in profit sharing ratio, A’s gain or sacrifice will be :
    (A) Gain 1/4
    (B) Sacrifice 1/14
    (C) Gain 4/7
    (D) Sacrifice 3/7
  4. A and B were partners in a firm sharing profit or loss equally. With effect from 1st April, 2019 they agreed to share profits in the ratio of 4 : 3. Due to change in profit sharing ratio, B’s gain or sacrifice will be :
    (A) Gain 1/14
    (B) Sacrifice 11/4
    (C) Gain 4/7
    (D) Sacrifice 3/7
  5. A and B were partners in a firm sharing profit or loss in the ratio of 3 : 5. With effect from 1st April, 2019, they agreed to share profits or losses equally. Due to change in profit sharing ratio, A’s gain or sacrifice will be :
    1. Gain 3/8
    2. 1/8
    3. 3/8
    4. 1/8
  6. A and B were partners in a firm sharing profits and losses in the ratio of 2 : 1. With effect from 1st January 2019 they agreed to share profits and losses equally. Individual partner’s gain or sacrifice due to change in the ratio will be :
    1. Gain by A 1/6, Sacrifice by B 1/6
    2. Sacrifice by A 1/6, Gain by B 1/6
    3. Gain by A 1/2, Sacrifice by B 1/2
    4. Sacrifice by A 1/2, Gain by B ½
  7. A and B share profits and losses in the ratio of 3 : 2. With effect from 1st . January, 2019, they agreed to share profits equally. Sacrificing ratio and Gaining Ratio will be :
    1. Sacrifice by A 1/10, Sacrifice by B 1/10
    2. Gain by A 1/10, Gain by B 1/10
    3. Sacrifice by A 1/10, Gain by B 1/10
    4. Gain by A 1/10, Sacrifice by B 1/10
  8. A and B were partners in a firm sharing profit or loss in the ratio of 3 : 1. With effect from Jan. 1, 2019 they agreed to share profit or loss in the ratio of 2 : 1. Due to change in profit-loss sharing ratio, B’s gain or sacrifice will be :
    1. 1/12
    2. Sacrifice 1/12
    3. Gain 1/3
    4. Sacrifice 1/3
  9. A, B and C were partners sharing profit or loss in the ratio of 7 : 3 : 2. From Jan. 1,2019 they decided to share profit or loss in the ratio of 8 : 4 : 3. Due to change in the profit-loss sharing ratio, B’s gain or sacrifice will be :
    1. Gain 1/60
    2. Sacrifice 1/60
    3. Gain 2/60
    4. Sacrifice 3/60
  10. A y and Z are partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. The partners decide to share future profits and losses in the ratio of 3:2:1. Each partner’s gain or sacrifice due to change in the ratio will be:
    1. X sacrifice 1/30, Y Gain 1/30, Z nil
    2. X Gain 1/30, Y Nil, Z sacrifice 1/30
    3. X Nil, Y sacrifice 1/30, Z Gain 1/30
    4. X Nil, Y Gain 1/30, Z sacrifice 1/30

MCQs Questions of CBSE Class 12 Accountancy Chapter-2 Change in Profit Sharing Ratio among the Existing Partners

Answer Key

  1. (B)  2. (C)  3. (A)  4. (B)  5. (B)  6. (B)  7. (C)  8. (A)  9. (A)  10 (D)

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