Admission and retirement

Partner may retire from the firm

• With the consent of all the partners

• In accordance with an express agreement by the partners

• Where the partnership at will by giving notice in writing to all the other partners of his intention to retire

• All of the bove

A person retire from the firm is known as:

• Incoming partner

• Retiring partner

• Active partner

• None of these

A partner may retire from the firm because of:

• Illness

• Old age

• Ill health

• All of the above

Gaining ratio =

• New ratio - Old ratio

• Old ratio - Gaining ratio

• Old ratio - New ratio

• None of these

Gaining Ratio is calculated at the time of

• Retirement of a partner.

• Admission of a new partner.

• Both

• None of these

At the time of retirement, it is necessary to -------------the assets and liability.

• Realize

• Revaluate

• Re create

• None of these

At the time of retirement of a partner, undistributed profit or loss of the old firm should be transferred to all partners’ capital accounts in their

• Old profit sharing ratio

• New ratio

• Gaining ratio

• None of these

General reserve, Reserve fund, contingency reserve etc., at the time of retirement of a partner, should be transferred to the capital accounts of all partners including retiring partner in the

• Old ratio

• New ratio

• Sacrificing ratio

• Gaining ratio

In case goodwill already appears in the books it should be written off in

• New ratio

• Old ratio

• Gaining ratio

• Sacrificing ratio

Which among the following are debited to the account of deceased partner?

• Drawings

• Interest on drawings

• Share of loss on the revaluation of assets and liabilities

• All of the above