TextBook Solutions
- Cash balance shown in the Balance Sheet is shown on dissolution of firm in : (a) Realisation Account (b) Cash Account 2
- On taking responsibility of payment of a liability of ₹ 20,000 by a partner, the account credited will be : (c) Capital Account of the Partner 2
- Which of the following is not transferred to Realisatsion Account ? (d) All of the above 2
- On disolution of firm, loss calculated in realisation account is debited/credited to which account ? (b) Partners’ Capital Accounts 2
- Which of the following is transferred to Realisation Account ? (c) Amount realised on sale of assets 2
- When realisation expenses are paid by the firm on behalf of a partner, such expenses are debited to : (b) Partners’ Capital Account 2
- The retiring/deceased partner must be compensated in the form of premium (goodwill) for the share of (a) sacrificed 2
- At the time of retirement of a partner, account is prepared. (a) revaluation A/c (a) revaluation A/c 2
- At the time of retirement of a partner, goodwill will be credited in partner’s capital Account. (c) retiring 2
- Goodwill of the deceased partner will be debited in remaining partners’ capital Account in ratio. (d) gaining 2
- At the time of retirement of an existing partner, goodwill already shown in the books is written off in ratio. (a) old option a is correct 2
- After the death of an existing partner, shares of remaining partner will (a) increase 2
- At the time retirement of a partner, ratio is calculated: (a) old (b) sacrifice (c) gaining (d) All of these. (c) gaining correct option is c 2
- Gaining Ratio: (a) Old Ratio – New Ratio (b) New Ratio – Old Ratio (c) Old Ratio + Old Ratio (d) All of these. (b) New Ratio – Old Ratio 2
- On the death of a partner in a firm payments are made to; (a) Capital A/c (b) Executor’s A/c (c) Current A/c (d) Loan (b) Executor’s A/c 2
- In case of death of a partner, the whole amount standing to the credit of his capital account is transferred to : (c) His Executor’s Account 2
- The amount due to the deceased partner is paid to his………. (a) Father (b) Friend (c) Wife (d) Executors (d) Executors 2
- The old profit-sharing ratio among Rajender, Satish and Tejpal were 2 : 2 : 1. The new profit-sharing ratio (c) 1 : 1 the gaining ratio is 1 : 1 2
- A, B and C are partners in 3 : 4 : 2. B wants to retire from the firm. The profit on revaluation on that date was B) A ₹12,000; B ₹16,000; C ₹8,000 2
- How goodwill is recorded on the retirement of a partner? (A) Remaining Partner’s Capital A/cs Dr. (In Gaining Ratio) To Retiring Partner’s Capital A/c (with his share of goodwill) 1
- On the death of a partner, the amount due to him will be credited to C) His Executor’s Account 2
- On retirement of a partner, goodwill will be credited to the Capital Account of: (A) Retiring Partner 2
- What journal entry will be recorded for deceased partner’s share in profit from the (D) Profit and Loss Suspense A/c To Deceased Partner’s Capital A/c Dr. 1
- What journal entry will be recorded for writing off the goodwill already existing in Balance Sheet at the (B) All Partner’s Capital A/cs (including retiring) Dr. (in old ratio) To Goodwill A/c 1