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

X, Y and Z were partners sharing profits and losses equally. X died on 1st April 2019. Find out the share of X in the profit of 2019 based on the profit of 2018 which showed Rs. 36,000.

(a)

Rs. 1,000

(b)

Rs. 3,000

(c)

Rs. 12,000

(d)

Rs. 36,000

________ratio is calculated by taking out the difference between new profit sharing ratio and old profit sharing ratio

(a)

Gaining

(b)

Sacrifice

(c)

Old

(d)

New

X,Y,Z were partners sharing profits in the ratio of 5:3:2. Goodwill does not appear in books, but it is agreed to be worth Rs. 1,00,000. X retires from the firm and Y and Z decide to share future profits equally. X’s share of goodwill will be debited to Y’s and Z’s capital A/c’s in ratio ___________

(a)

1/2 : 1/2

(b)

2 : 3

(c)

3 : 2

(d)

None of these

A, B and C were partners sharing profits and losses in the ratio of 3 : 2 : 1. On 1^st April, B retired and the new profit sharing ratio between A and C decided to 3 : 2. On 31^st March there were reserves of firm Rs. 24,000. This reserve will be divided among partners as __________

(a)

A - Rs. 8000, B - Rs. 12,000, C - Rs. 4,000

(b)

A - Rs. 8000, B - Rs. 12,000, C - Rs. 4,000

(c)

A - Rs. 8000, B - Rs. 12,000, C - Rs. 4,000

(d)

A - Rs. 8000, B - Rs. 12,000, C - Rs. 4,000

If the goodwill is raised to the extent of retiring partners share _______ account is to be debited

(a)

Cash

(b)

Goodwill

(c)

All partner’s capital

(d)

Retiring partners capital

Kayal, Mala and Neela are partners sharing profits in the ratio of 2:2:1. Kayal retires and the new profit sharing ratio between nila and neela is 3:2. Calculate the gaining ratio.

(a)

2:1

(b)

1:2

(c)

1:1

(d)

3:1

When a partner withdraws his capital from the partnership firm, it is called _______of a partner

(a)

Admission

(b)

Death

(c)

Retirement

(d)

All of these

________ of partner will be paid off, before the settlement of partner’s capital.

(a)

Capital

(b)

Loan

(c)

Asset

(d)

None of these