At the time of retirement of a partner, calculation of new profit ratio is __________

(a)

Compulsory

(b)

Optional

(c)

Necessary

(d)

Not necessary

If the goodwill account is raised for 50,000, the amount is debited to ____________

(a)

The capital accounts of partners

(b)

Goodwill account

(c)

Cash account

(d)

Loan account

When the values of liabilities increases, it results in _____________

(a)

Profit

(b)

Loss

(c)

Income

(d)

Expenses

The section related to the retirement of partner in Indian partnership Act is _____________

(a)

30(a)

(b)

31(1)

(c)

21(c)

(d)

20(a)

O, P, and Q are partners sharing the profits in the ratio of 3:2: 1. If P retires the new profit ratio for O and Q will b ______________

(a)

3:2

(b)

3:1

(c)

2:1

(d)

1: 3