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

On revaluation, the increase in liabilities leads to

(a)

Gain

(b)

Loss

(c)

Profit

(d)

None of these

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, B and C are partners sharing profits in the ratio of 2:2:1. On retirement of B, goodwill of the firm was valued as Rs. 30,000. Find the contribution of A and C to compensate B:

(a)

Rs. 20,000 and Rs. 10,000

(b)

Rs. 8,000 and Rs. 4,000

(c)

Rs. 10,000 and Rs. 20,000

(d)

Rs. 15,000 and Rs. 15,000

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