A partner retires from the partnership firm on 30^th June. He is liable for all the acts of the firm up to the

(a)

End of the current accounting period

(b)

End of the previous accounting period

(c)

Date of his retirement

(d)

Date of his final settlement

On retirement of a partner from a partnership firm, accumulated profits and losses are distributed to the partners in the

(a)

New profit sharing ratio

(b)

Old profit sharing ratio

(c)

Gaining ratio

(d)

Sacrificing ratio

If the final amount due to a retiring partner is not paid immediately, it is transferred to

(a)

Bank A/c

(b)

Retiring partner’s capital A/c

(c)

Retiring partner’s loan A/c

(d)

Other partners’ capital A/c

A partner who retires from the firm is called an __________

(a)

Outgoing partner

(b)

admitted partner

(c)

death of a partner

(d)

none of these

Profits and losses of previous years which are not distributed to the partners are known as ___________

(a)

Accumulated profit and losses

(b)

general reserve

(c)

Reserve fund

(d)

workmen compensation fund

The profit or loss arising therefrom is transferred to the capital accounts of all the partners in the _____________

(a)

New profit sharing ratio

(b)

Old profit sharing ratio

(c)

Gaining ratio

(d)

Sacrificing ratio

The settlement is to be done in the manner prescribed in the ___________

(a)

Partnership-at-will

(b)

Partnership deed

(c)

Both 'a' and 'b'

(d)

None of the above

In both types of policies, the insurance premium is paid by the _____________

(a)

Sole tradership

(b)

Partnership firm

(c)

Hindu undivided family

(d)

None of these

The policy amount received from the insurance company is used to settle the amount due to the __________

(a)

Increased partner

(b)

Deceased partner

(c)

Partnership at will

(d)

Partnership deed

At the time of retirement of partners, the existing partners stand to ____________

(a)

Gain

(b)

Loss

(c)

Income

(d)

None of these