Gaining ratio is equal to:
Gaining ratio is equal to:
new ratio – old ratio | |
old ratio – new ratio | |
new ratio + old ratio | |
old ratio + new ratio |
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Suppose A, B & C are partners, sharing profits in the ra
Suppose A, B & C are partners, sharing profits in the ratio of 1/2 , 3/10, 2/10 respectively. What will be the new ratio if B reties and his share is taken up by A and C in the ratio of 2 : 1:
5 : 7 | |
7 : 3 | |
5 : 3 | |
1 : 2 |
In case of retirement funds for repayment may be provided ou
In case of retirement funds for repayment may be provided out of:
borrowing by the firm | |
all of the above | |
firm’s own resources | |
additional funds may be bought in by continuing partners |
On retirement of a partner, the share of retiring partner is
On retirement of a partner, the share of retiring partner is taken by:
legal representatives of retiring partner | |
remaining partners | |
government | |
new partner |
On retirement of a partner in partnership it is necessary to
On retirement of a partner in partnership it is necessary to calculated:
revaluation of assets and liabilities | |
all of these | |
new profit sharing video | |
goodwill |
Retirement of a partner dissolves:
Retirement of a partner dissolves:
partnership | |
business | |
“b” & “c” | |
firm |
The interest of partner’s capital Account is to be credited
The interest of partner’s capital Account is to be credited to:
None of these | |
Profit & Loss Account | |
Partner’s capital Account | |
Interest Account |
Sacrifice ratio is equal to:
Sacrifice ratio is equal to:
old ratio - new ratio | |
old ratio + new ratio | |
new ratio – old ratio | |
new ratio + old ratio |
In the absence of an agreement, the share of new partner in
In the absence of an agreement, the share of new partner in partnership will be:
according to work | |
old ratio-new ratio | |
in the proportion of capital | |
none of the above |
On the admission of a new partner in partnership:
On the admission of a new partner in partnership:
“a” and “b” | |
none of the above | |
old firm has to be dissolved | |
old partnership has to be dissolved |
If the adjustment in the value of assets under taken at the
If the adjustment in the value of assets under taken at the time of admission of a partner shows a profit, if should be credited to the capital accounts of:
the old partners in their gaining ratio | |
all partners in their new profit sharing ratio | |
the old partners in the new profit sharing ratio | |
the old partners in their old profit sharing ratio |
On the admission of a new partner the increase in the value
On the admission of a new partner the increase in the value of assets is debited to:
profit and loss adjustment account | |
assets account | |
new partner capital account | |
old partners capital account |
If the incoming partner is to bring his share of goodwill in
If the incoming partner is to bring his share of goodwill in cash, and three exist any balance in goodwill account, then this goodwill is to be written off among old partners in:
gaining ratio | |
sacrificing ratio | |
new profit sharing ratio | |
old profit sharing ratio |
At the time of admission of a new partner, goodwill raised s
At the time of admission of a new partner, goodwill raised should be written off in:
sacrificing ratio | |
new profit sharing ratio | |
old profit sharing ratio | |
gaining ratio |
The share of profit to a new partner in the future profits w
The share of profit to a new partner in the future profits without any express agreement as to who will contribute to new partner’s share of profit is implied that old partners contribute:
equally | |
none of these | |
in their profit sharing ratio | |
in proportion of their capital |
Goodwill is valued when:
Goodwill is valued when:
loss is suffered | |
profit is earned | |
new partner is admitted | |
one year is completed |
Suppose the actual net profit of a business is Rs.7500, norm
Suppose the actual net profit of a business is Rs.7500, normal rate of return 10%, the net tangible assets Rs.50000, then the value of goodwill be:
Rs.5000 | |
Rs.35000 | |
Rs.25000 | |
Rs.15000 |
An ordinary partnership firm can have:
An ordinary partnership firm can have:
Both A & C | |
No more than 50 | |
No more than 20 partner’s | |
No less than 20 partner’s |
General reserve at the time of admission of new partner is t
General reserve at the time of admission of new partner is transferred to:
Adjustment Account | |
Profit & Loss Account | |
Partner’s capital Account | |
None of these |
A new partner may be admitted to a partnership with the cons
A new partner may be admitted to a partnership with the consent of:
Third of old partner | |
All the partner’s | |
None of these | |
Any one of partner |