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Select the most appropriate answer from the alternative given below and rewrite the sentences.i. X, Y, and Z share profit as 1/2, 3/10, and 1/5 and Z have expired, the new profit ratio of X and Y will be _______respectively. (a) 5 : 8 (b) 5 : 3 (c) 2 : 1 (d) 5 : 2ii. The interest on drawings of a deceased partner is credited to _______(a) Profit and Loss-Adjustment A/c (b) Revaluation A/c (c) Capital A/c (d) Profit and Loss Suspense A/ciii. In the case of death of a partner, a _______ is opened for revaluation of the assets and liabilities. (a) Profit and Loss-Adjustment A/c (b) Profit and Loss A/c (c) Profit and Loss Suspense A/c (d) Executor’s Loan A/civ. A balance on the Deceased Partner’s Executor’s Loan Account is shown in the new Balance Sheet on _______side. (a) assets (b) credit (c) liabilities (d) none of these |
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Answer» i. (b) 5 : 3 ii. (d) Profit and Loss Suspense A/c iii. (a) Profit and Loss-Adjustment A/c iv. (c) liabilities |
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