Retirement of a Partner

Gain of Revaluation at the time of retirement is transferred to:

• All Partners

• Outgoing partner

• Remaining Partner

• Retiring Partner

Gaining ratio is calculated by

• Old ratio – new share

• Old share + acquired share

• New share – old share

• New share + old share

Gaining ratio is calculated at the time of

• Admission of a partner

• Retirement of a Partner

• Dissolution of a partnership firm

• (d) Both (a) and (c)

If Goodwill is appearing in the balance sheet , it will be Credited to

• Gaining partner

• Retiring partners

• All partners

• Remaining Partners’

If the retiring partner is not paid full amount due to him immediately on retirement, his balance is transferred to his

• Loan A/c

• Capital A/c

• Bank A/c

• Suspense A/c

A, B, C are partners sharing profit and losses in the ratio of 4:3:1: B retires and gives his share of profit to A Rs. 3,600 and C Rs. 4,500. What is the Gaining sharing ratio of A and C?

• 4:5

• 2:1

• 68:48

• (d) 4: 1

In which ratio Retiring partner is compensated by the continuing partner for his share of goodwill,in which ratio?

• Gaining ratio

• Sacrificing ratio

• Old ratio

• (d) New ratio

Revaluation account is prepared at the time of :

• Admission of partner

• Retirement of a partner

• Death of a partner

• Reconstitution of the firm

Revaluation account is prepare to calculate gain or loss at the time of

• Admission of partner

• Retirement of a partner

• Death of a partner

• All of a above

A, B and C are partners in a firm sharing profit and losses in 3:4:2 B retire from the firm. The profit on revaluation on that date was Rs. 72,000, New ratio between A and C is 5:3 Profit on revaluation will be distributed as:

• (a) A Rs. 32,000 B Rs. 24,000 C Rs. 16,000

• (b) A Rs. 24,000 B Rs. 32,000 C Rs. 16,000

• (c) A Rs. 45,000 C Rs. 27,000

• (d) A Rs. 47,250 C Rs. 24,750