
Activity quizz
Authored by Agrima Agarwal
Other
12th Grade
Used 2+ times

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8 questions
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1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
If the firm has agreed to settle the retiring or deceased partner’s account by paying him a lump sum amount, then the amount paid to him in excess of what is due to him, based on the balance in his capital account after making necessary adjustments in respect of accumulated profits and losses and revaluation of assets and liabilities, etc., shall be treated as his share of goodwill. This Goodwill can be referred to
a. Hidden Goodwill
b. Investment
c. Combined Goodwill
d. Inherent Goodwill
2.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
On retirement/death of a partner, the retiring/deceased partner’s capital account will be credited with
a.Goodwill of the firm.
b.His/her share of goodwill.
c.Shares of goodwill of remaining partners.
d.Profit From Writing Off
Goodwill
3.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
The problem of calculating gaining ratio arises primarily when the ___of the continuing partners is specified
Gain ratio
New profit-sharing ratio
Sacrifice Ratio
Old Profit-sharing ratio
4.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Increase in the liability at the time of retirement Of a Partner
Credited to Partner’s capital account
Debited to Profit and loss
Credited to P&L Appropriation account
Debited to Revaluation account
5.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Accumulated profits are
(a) credited to continuing partners' Capital Accounts in their new profit-sharing ratio.
(b) credited to continuing partners' Capital Accounts in their old profit-sharing ratio.
c) credited to all the partners' Capital Accounts before reconstitution of the firm in their old profit-sharing ratio.
(d) debited to all the partners' Capital Accounts before reconstitution of the firm in their old profit-sharing ratio.
6.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Accumulated losses are
(a) debited to continuing partners' Capital Accounts in their new profit-sharing ratio.
(b) debited to continuing partners' Capital Accounts in their old profit-sharing ratio.
(c) debited to all the partners' Capital Accounts before reconstitution of the firm in their old profit-sharing ratio.
(d) credited to all the partners' Capital Accounts before reconstitution of the firm in their old profit-sharing ratio
7.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Assertion (A): Retirement of partner means partnership comes to an end and new partnership becomes operative.
Reason (R): Retirement of a partner is reconstitution of partnership and the firm continues.
(a) - Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A).
(b) - Assertion (A) and Reason (R) are correct but Reason (R) is not the correct explanation of Assertion (A)
(c) - Assertion (A) is correct but Reason (R) is not correct.
(d) - Assertion (A) is not correct but Reason (R) is correct.
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