TextBook Solutions
- At the time of retirement of a partner, profit on revaluation will be credited to : (B) Capital Accounts of all partners in the old profit sharing ratio. 1
- What treatment is made of accumulated profits and losses on the retirement of a partner? (A) Credited to all partner’s capital accounts in old ratio. 1
- A, Band Care three partners sharing profits and losses in the ratio of 4:3:2. D is admitted for 1/10 share (c) 4 : 3 : 2 : 1 2
- Share of goodwill brought by new partner in case is shared by old partners in : (a) Sacrificing Ratio 2
- Profit or Loss on Revaluation is borne by: (a) Old Partners (b) New Partners (c) All Partners (d) Only Two Partners (a) Old Partners 2
- At the time of admission of a new partners general reserve appearning in the old Balance Sheet is transferred (c) Old Partners’. Capital Accounts 2
- The amount of goodwill is paid by new partner : (a) for the payment of capital (b) for sharing the profit 2
- Gaining Ratio = __ (a) New Ratio – Old Ratio (b) Old Ratio – New Ratio (c) New Ratio + Old Ratio (a) New Ratio – Old Ratio 2
- Sacrifice Ratio = _ (a) New Ratio – Old Ratio (b) Old Ratio – New Ratio (c) New Ratio + Old Ratio (b) Old Ratio – New Ratio 2
- __ profit is excess of actual profits over normal profits. (a) Net (b) Average (c) Super (d) Appropriated (c) Super Super profit is excess of actual profits over normal profits. 1
- Value of reputation of the firm is: (a) Royalty (b) Assets (c) Goodwill (d) Patents (c) Goodwill 2
- Goodwill is an _ Assets. (a) fixed (b) intangible (c) current (d) fictitious (b) intangible 2
- When the new partner brings cash for goodwill, the amount is credited to: (c) Premium for Goodwill Account 2
- Any change in the relationship of existing partners which results at an end of the existing agreement (b) Reconstitution of partnership 2
- A and B are partners sharing profits in the ratio of 4 : 3. They admitted C as a new partner who gets 1/5th (C) 13 :15:7 2
- A and B are partners in a firm sharing profits and losses in the ratio of 2 : 3. C is admitted for 1/5 share (D) 1 : 3 : 1 2
- A and B are partners in a firm sharing profits and losses in the ratio of 3 : 2. A new partner C (B) 42 : 26 : 7 2
- A and B share profits in the ratio of 3 : 2. They agreed to admit C on the condition (C) 66 : 48 : 11 2
- A and B are partners sharing profits and losses in the ratio of 7 : 5. They agree to admit C, their manager, (A) 13 : 7 : 4 2
- B and N are partners in a firm sharing profits in the ratio of 3:2 (D) 26 : 19 : 15 2
- A and B share profits in the ratio of 2 : 1. C is admitted with 1/4 share in profits. C acquires 3/4 of his share from (B) 23 : 13 : 12 2
- X and Y are partners sharing profit in the ratio of 3 : 2. Z was admitted with 1/4 share in profits (B) 19 : 11 : 10 2
- liability of Partners is : (a) Limited (b) Unlimited (c) Determined by partnerships Account (d) None of these b) Unlimited 2
- The relation of partners with the firm is that of: (a) An owner (b) An Agent (c) An owner and an agent (d) Manager (c) An owner and an agent 2