RETIREMENT OF PARTNER

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SYJC Objective Test - Retirement of Partner

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The Profit or Loss revaluation on Retirement of partner is shared by ___________ *

1 point

All the partners

The remaining partners

Only retiring partner

None of these

X,Y and Z are partners sharing profits in the ratio of 5:3:2. If Y retires then new ratio will be ________ *

1 point

5 : 2

5 : 3

3 : 2

1 : 1

Modi, Amit and Manmohan are partners sharing profits in the ratio of 1/2, 3/10 and 1/5 respectively. If Manmohan retires then new ratio will be ________ *

1 point

5 : 2

5 : 3

3 : 2

1 : 1

NM, Mithibai and KES are partners sharing profits in the ratio of 1/2, 3/10 and 1/5 respectively. NM retires and New ratio is 5:5 then Gain ratio will be ________ *

1 point

1: 1

2 : 3

3 : 2

None of the Above

Salman,Shahrukh and Amir are partners sharing profits in the ratio of 1/2, 1/3 and 1/6 respectively. If Shahrukh retires then new ratio will be ________ *

1 point

4 : 1

3 : 1

3 : 2

2 : 1

When goodwill is raised at its full value and it is written off ________ account is credited. *

1 point

Cash

Goodwill

All Partners’ Capital

Loan

Increase in the value of assets should be ______ to Profit and Loss Adjustment Account. *

1 point

Debited

Credited

Added

None of these

If the goodwill is raised to the extent of retiring partner’s share ______ account is to be debited. *

1 point

Cash

Goodwill

All Partners’ Capital

Retiring Partner’s Capital

The balance on the Capital A/c of retired partner is transferred to his ____________ Account *

1 point

Loan

Personal

Wife's Loan

Son's Loan

Revaluation A/c is ___________ Account *

1 point

Real

Nominal

Personal

None of the Above

Retiring partner's share of goodwill is __________ to continuing Partners Capital Accounts *

1 point

Credited

Debited

Added

Deducted

Gain Ratio = __________ Ratio less Old Ratio. *

1 point

New

Sacrifice

Equal

Capital

Retiring partner’s share in profit Upto the date of his retirement, will be debited to Profit and Loss Suspense Account. *

1 point

True

False

Profit on revaluation account is transferred to continuing partners’ capital account only. *

1 point

True

False

Revaluation account is also called as realisation Account *

1 point

True

False

When assets increase in value, revaluation is debited by the amount of difference *

1 point

True

False

The capital account of the retiring partner closes only when the full amount due to him is paid. *

1 point

True

False

Retiring partner is entitled to share in the goodwill of the firm *

1 point

True

False

On Retirement of a partner, partnership deed is not changed *

1 point

True

False

Credit Balance of Revaluation A/c means profit on Revaluation. *

1 point

True

False

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