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Class 12th accountancy notes

Class 12th accountancy notes

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🎉 Quiz Finished! 🎉 Thank you for participating. Keep learning, keep growing, and come back tomorrow for more questions! Free Premium PDFs: acadpills.com/premium Next quiz Tuesday at 20:00

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Q10/10: X, Y, and Z are partners sharing profits in 1/2, 1/3, and 1/6. Z retires. The new profit-sharing ratio of X and Y will be:
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Q9/10: The balance of the Revaluation Account on retirement of a partner is transferred to:
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Q8/10: At the time of a partner's death, profit till the date of death is transferred to:
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Q7/10: Amount due to a retiring partner, if not paid immediately, is transferred to:
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Q6/10: The ratio in which the continuing partners acquire the outgoing partner's share is called:
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Q5/10: At the time of retirement, the retiring partner's share of goodwill is credited to:
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Q4/10: If capitals of old partners are adjusted on the basis of new partner's capital, any shortfall is typically settled through:
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Q3/10: Assertion (A): Change in profit sharing ratio requires revaluation of assets and liabilities. Reason (R): Partners should not benefit or suffer due to past changes in asset values.
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Q2/10: A firm's goodwill is valued at Rs 1,20,000. C is admitted for 1/6th share. What is C's share of goodwill?
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Q1/10: A and B share profits in 2:1. C is admitted for 1/4th share, which he acquires wholly from A. What is the sacrificing ratio of A and B?
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✨ Quiz Time! ✨ Answer today's quiz questions and test your knowledge. Every question is a step toward exam success! FREE Premium PDFs Available Here: acadpills.com/premium Good luck!
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🎉 Quiz Finished! 🎉 Thank you for participating. Keep learning, keep growing, and come back tomorrow for more questions! Free Premium PDFs: acadpills.com/premium Next quiz Saturday at 20:00
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Q10/10: An unrecorded liability of Rs 5,000 is to be brought into books. The accounting entry involves:
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Q9/10: General Reserve appearing in the balance sheet at the time of admission is distributed among old partners in:
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Q8/10: If the new partner brings Rs 10,000 for goodwill and the old ratio is 1:1. A sacrifices 1/4th and B sacrifices 1/4th. How is goodwill distributed?
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Q7/10: Assertion (A): Any unrecorded asset is credited to the Revaluation Account. Reason (R): Increase in the value of assets is a gain for the firm.
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Q6/10: A and B are partners sharing profits in 3:2. C is admitted for 1/5th share. What is the new profit-sharing ratio?
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Q5/10: If the incoming partner does not bring his share of goodwill in cash, which account is debited?
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Q4/10: Goodwill brought in cash by a new partner is credited to:
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