Doubtly
@Doubtly · Joined Feb 2021
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- 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
- 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