Gross profit ratio 13.2.2023

Net Assets = Total Assets -

When trial balance does not match – – – –A/c is opened.

Trial balance is a :

• (a) Statement

• (b) Account

• (c) Summary

• (d) Ledger

6.When the amount due to an outgoing partner is not paid immediately, then it is transferred to

• Capital A/c

• Loan A/c

• Cash A/c

• Revaluation A/c

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

• not necessary

• necessary

• optional

• None of the above

8.If the goodwill account is raised for Rs.30,000, the amount is debited to

• The capital accounts of partners

• Goodwill Account

• Cash Account

• Revaluation Account

2.Gaining Ratio’ means :

• Old Ratio – New Ratio

• New Ratio – Old Ratio

• Old Ratio – Sacrificing Ratio

• New Ratio – Sacrificing Ratio

4. At the time of retirement of a partner, profit on revaluation will be credited to :

• Capital Account of retiring partner

• Capital Accounts of all partners in the old profit sharing ratio.

• Capital Accounts of the remaining partners in their old profit sharing ratio

• Capital Accounts of the remaining partners in their new profit sharing ratio