Multiple Choice Questions on A B and C are partners sharing profits in the ratio of 3 4 5 B retires and the goodwill of the firm ........... for Commerce 12th Preparation

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Multiple Choice Questions

A B and C are partners sharing profits in the ratio of 3 4 5 B retires and the goodwill of the firm ...........

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    A, B and C are partners sharing profits in the ratio of 3 : 4 : 5. B retires and the goodwill of the firm is valued at Rs42,000. A and C decide to share profits in the ratio of 3 : 4. Journal entry will be :

    A’s Capital A/c Dr. 6,000 C’s Capital A/c Dr. 8,000 To B’s Capital A/c 14,000

    Incorrect Answer

    A’s Capital A/c Dr. 7,500 C’s Capital A/c Dr. 6,500 To B’s Capital A/c 14,000

    Correct Answer

    A’s Capital A/c Dr. 22,500 C’s Capital A/c Dr. 19,500 To B’s Capital A/c 42,000

    Incorrect Answer

    B’s Capital A/c Dr. 14,000 To Z’s Capital A/c 7,500 To C’s Capital A/c 6,500

    Incorrect Answer
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    Explanation:

    A’s Capital A/c Dr. 7,500 C’s Capital A/c Dr. 6,500 To B’s Capital A/c 14,000

    By: santosh
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