Quiz on Accounts for Retirement of Partners

#1. Apte , bhate and chitale are sharing 1/2 ,3/10, 1/5 if apte retiers , their new ratio will be ……………

#2. the goodwill is raised to the extent of retiring partner share, …………………….. account is to be debited.

#3. X, Y and Z are partners sharing profits in the ratio 5 : 3 : 2, if Y retires then new ratio will be …………………….

#4. Retiring Partner’s Share of Goodwill is …………… to continuing Partners’ Capital a/c.

#5. The balance of the capital account of retired partner is transferred to his ……………. account if it is not paid.

#6. When only old profit sharing ratio is given, gaining ratio of remaining partners will be …………..

#7. Revaluation A/c is also known as …………… account.

#8. Gain ratio = ……………. Ratio less Old ratio.

#9. Increase or appreciation in the value of assets, should be …………………….. to profit and loss adjustment account.

#10. When goodwill is raised at its full value and it is written off, ………… account is to be credited.

#11. New Ratio = Old Ratio + ……………. Ratio

#12. Decrease in the values of assets should be ……………. to Profit and Loss adjustment account.

#13. The profit or loss from revaluation on retirement of partner is shared by ……………..

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