Class XII Accountancy Change in PSR - Test Paper Part I - 2021
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1. In the case of downward revaluation of an asset, Revaluation Account is ___________. *
1 point
2. In case of upward revaluation of a liability, Revaluation Account is ___________. *
1 point
3. At the time of admission of a partner new profit-sharing ratio is used for sharing future ___________’ *
1 point
4. At the time of admission, if claim of Workmen Compensation is more than the Workmen Compensation Reserve, the amount of Workmen Compensation Reserve and the claim is transferred to ______________________ account. *
1 point
5. At the time of admission, if the book value and the market value of investment is same Investment Fluctuation Reserve is transferred to __________ account of the old partners in their ______________ ratio. *
1 point
6. For the distribution of revaluation profit in case firm is following Fixed Capital Accounts method is transferred to ________ accounts *
1 point
7. An amount previously written off as bad debt is promised to be paid by the debtor. The promised amount will not be credited to _________________ Account. *
1 point
8. The newly admitted partner brings his / her share of capital for which he will get _______ in firm. *
1 point
9. Balance sheet prepared after the new Partnership Deed, the assets and liabilities are shown at __________ if Revaluation Account is prepared. *
1 point
10 In valuation of Goodwill, the Weighted Average Profit Method is preferred over average method when profits are _____________. *
1 point
Multiple Choice Questions 1. Any change in the relationship of existing partners which results in an end of the existing agreement and enforces making of new agreement is called: *
1 point
2. The ratio in which a partner surrenders his share in favour of a partner is known as: *
1 point
3. The ratio in which a partner receives a rise in his share of profits is known as: *
1 point
4. Reserves and accumulated profits are transferred to partners ' capital accounts at the time of reconstitution in: *
1 point
5. Increase and decrease in the value of assets and liabilities are recorded through: *
1 point
6. In which of the following case, revaluation account is debited? *
1 point
7. In which of the following cases, revaluation account is credited? *
1 point
8. Partner's capital account is credited when there is *
1 point
9. Sacrificing ratio is the difference between : *
1 point
10. A and B are partners in a firm sharing profits in the ratio of 3 : 2. They decided to share future profits equally. Calculate A’s gain or sacrifice *
1 point
11. In case of change in profit-sharing ratio, the gaining partner must compensate the sacrificing partners by paying the proportional amount of *
1 point
12. In case of change in profit-sharing ratio, the accumulated profits are distributed to the partners in *
1 point
13 X, Y and Z are partners sharing profits and losses in the ratio of 5:3:2.They decide to share the future profits in the ratio of 3:2:1. Workmen compensation reserve appearing in the balance sheet on the date if no information is available for the same will be: *
1 point
14. A, B and C were are partners in a firm sharing profits in the ratio of 3:4:1. They decided to share profits equally w.e.f from 1 .4.2019. On that date the profit and loss account showed the credit balance of 96,000. instead of closing the profit and loss account, it was decided to record an adjustment entry reflecting the change in profit sharing ratio. In the journal entry: *
1 point
15. U V and W are partners sharing profits in the ration of 2:3:5. They also decide to change the Profit sharing ration to 5:3:2 and to  record the effect of the following revaluations and reassessments without affecting the book values of assets and liabilities by passing a single adjustment entry: The single adjustment entry will *
1 point
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16 X and Y shared profits and losses in the ratio of 3:2. With effect from 1st April 2019 they agreed to share profit equally. The Goodwill of the firm was valued at Rs. 60,000. The adjustment entry will be *
1 point
17 Sacrificing Ratio : *
1 point
18. X Y and Z are partners sharing profit and losses in the ratio of 5: 3 :2. From 1st April 2018 they decided to share profit and losses equally .The partnership Deed provide that in the event of any change in the profit sharing ratio the Goodwill should be valued at 2 years purchase of the average profit of the the preceding five years the profit and loss of the preceding years and 31st March, are Adjustment entry will be *
1 point
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19. A, B and C are sharing profits and losses in the ratio of 4: 3: 2, decided to share future profits and losses in the ratio of 2 :3: 4 with effect from 1st April, 2018. An extract of their Balance Sheet as at 31st March, 2020 is : Case -1 If there is no additional information. *
1 point
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Case 2. If the market value of investments is Rs. 2,00,000.   *
1 point
Case 3. If the market value of investments is Rs. 1,91,000. *
1 point
Case 4. If the market value of investments is Rs.2,18,000. *
1 point
Case 5. If the market value of investments is Rs.1,73,000. *
1 point
20. Match the following items *
1 point
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