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Chabi and Tanya were partners sharing Profit and Losses in 3 : 2 with affect from 1st April 2021, they decided to share future profits equally.

Answer the following questions:

i. On that date, following journal entry was passed by the firm:

Which of the following balance was existing in the books of the firm on the date of reconstitution?

(a) Contingency Reserve ₹ 3,00,000

(b) Profit and Loss (Dr.) Balance ₹ 3,00,000 

(c) Profit and Loss (Cr.) Balance ₹ 3,00,000 

(d) Advertisement Suspense Account ₹ 2,00,000

ii. On that date, following journal entry was passed by the firm:

Which of the following balance was existing in the books of the firm on the date of reconstitution?

a) Contingency Reserve ₹ 3,00,000

b) Goodwill ₹ 3,00,000 

c) Profit and Loss (Cr.) Balance ₹ 3,00,000 

d) Advertisement Suspense Account ₹ 2,00,000

iii. On that date, following journal entry was passed by the firm:

Which of the following balance was existing in the books of the firm on the date of reconstitution?

a. Contingency Reserve ₹ 3,00,000 

b. Gain on Revaluation ₹3,00,000 

c. Profit and Loss (Cr.) Balance ₹ 3,00,000 

d. Advertisement Suspense Account ₹ 2,00,000

iv. Tanya is a ___________. 

a) New partner 

b) Sacrificing partner 

c) Gaining partner 

d) Neither gaining nor sacrificing

1 Answer

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Best answer

i. (b) Profit and Loss (Dr.) Balance ₹ 3,00,000

ii. b) Goodwill ₹ 3,00,000

iii. b. Gain on Revaluation ₹3,00,000

iv. c) Gaining partner d) Neither gaining no

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