Multiple Choice Questions on A and B were partners in a firm sharing profit or loss equally With effect from 1st April 2019 they........... for Common University Entrance Test (CUET) Preparation

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Multiple Choice Questions

A and B were partners in a firm sharing profit or loss equally With effect from 1st April 2019 they...........

Accountancy (CUET) Fundamentals of Partnership
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    . 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 :

    Gain 1/14
     

    Correct Answer

    Sacrifice 1/14

    Incorrect Answer

    Gain 4/7
     

    Incorrect Answer

    Sacrifice 3/7

    Incorrect Answer
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    Explanation:

    A's gain = New ratio - old ratio = 4/7 -1/2 = 8- 7/14 = 1/14

    By: NIHARIKA WALIA
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