Quiz on Accounts for Retirement of Partners
#1. Decrease in the values of assets should be ……………. to Profit and Loss adjustment account.
#2. New Ratio = Old Ratio + ……………. Ratio
#3. Gain ratio = ……………. Ratio less Old ratio.
#4. When goodwill is raised at its full value and it is written off, ………… account is to be credited.
#5. Increase or appreciation in the value of assets, should be …………………….. to profit and loss adjustment account.
#6. Revaluation A/c is also known as …………… account.
#7. X, Y and Z are partners sharing profits in the ratio 5 : 3 : 2, if Y retires then new ratio will be …………………….
#8. When only old profit sharing ratio is given, gaining ratio of remaining partners will be …………..
#9. The profit or loss from revaluation on retirement of partner is shared by ……………..
#10. Apte , bhate and chitale are sharing 1/2 ,3/10, 1/5 if apte retiers , their new ratio will be ……………
#11. The balance of the capital account of retired partner is transferred to his ……………. account if it is not paid.
#12. the goodwill is raised to the extent of retiring partner share, …………………….. account is to be debited.
#13. Retiring Partner’s Share of Goodwill is …………… to continuing Partners’ Capital a/c.
Results
