Chapter 3: Change in Profit Sharing Ratio
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Final aim of change in PSR is:
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Memorandum revaluation account is:
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If partners agree not to revalue assets:
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Gain means:
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Sacrifice means:
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Purpose of revaluation:
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Capital accounts are:
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Revaluation account is:
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Goodwill adjustment ensures:
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If no agreement, reserves distributed in:
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Increase in liability →
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Decrease in asset →
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Decrease in liability →
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Increase in asset value →
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Hidden liability found →
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Loss on revaluation ₹6000, ratio 3:1 → A share:
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If no revaluation, assets:
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Total share always equals:
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B’s gain in above =
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A & B 4:1 → 3:2 → sacrifice of A?
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Gaining ratio used for:
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Old 3:2 → new 2:3 → sacrificing partner?
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Reserve ₹9,000, ratio 3:2 → B gets:
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Revaluation profit ₹20,000, ratio 2:1 → A gets:
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Goodwill ₹10,000, sacrifice ratio 1:1 → share =
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A gains, B sacrifices → compensation paid by:
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Old ratio 2:1, new 1:1 → sacrificing ratio?
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B: 2/5 → 1/2. Gain?
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A: 3/5 → 1/2. Sacrifice?
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A & B share 3:2, change to 1:1. Sacrifice of A?
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Revaluation loss is transferred to:
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Goodwill is:
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New ratio is used for:
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Old ratio is used for:
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Change in PSR means:
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Revaluation profit is transferred to:
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Hidden reserves are:
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Goodwill adjustment is done when:
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Profit sharing ratio changes due to:
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If partners gain, they compensate:
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Accumulated losses are:
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Reserves are distributed in:
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Revaluation account records:
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Goodwill is adjusted in:
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Change in PSR without admission means:
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If no partner sacrifices, goodwill is:
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Gaining ratio =
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Sacrificing ratio =
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Reconstitution occurs when:
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Change in profit sharing ratio among existing partners is called:
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