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WorksheetsRetirement of a Partner
Total questions: 15
Worksheet time: 8mins
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
At the time of retirement of partner the amount of goodwill of retiring partner will be paid by the continuing partners in (a) ratio.
As per section 37 of the Indian partnership act 1932, in the absence of partnership deed, the retiring partner is entitled to interest @ (a) till the time amount due to him is not paid.
(a) account is prepared when amount payable to outgoing partner is paid in installments with interest.
In case of retirement of a partner, any one of continuing partner sacrifice his share then his capital will be (a) .
At the of retirement of a partner Provision for bad and doubtful debts appears in in balance sheet and all Debtors become good at the time of retirement , then provision for bad & doubtful debts will be (a) in revaluation account.
