WorksheetsRetirement and Death of a Partner
Total questions: 10
Worksheet time: 5mins
At the time of retirement of a partner, if Goodwill appears in the balance sheet it must be written off among all the partners in ................... Ratio
the old profit sharing ratio
The new profit sharing ratio
The new profit sharing ratio
in equal ratio
In the event of death of a partner, the amount of general reserve is transferred partners capital accounts in
New profit sharing ratio
Old profit sharing ratio
in Capital ratio
in equal ratio
On the death of a partner,credit balance of profit and loss account appearing in the balance sheet should be credited to the capital account of
All partners including the deceased partner in their profit sharing ratio
The remaining partners in the the new profit sharing ratio
neither the deceased partner nor the remaining partners
None
A ,B and C are partners sharing profits in the ratio 2:2:1 . C retired.The new profit sharing ratio between A and B will be
2:1
1:1
3:1
According to the section 37 of the Indian Partnership Act the interest payable to the deceased partner on the amount left by him will be
6% per annum
10% per annum
Bank rate
No interest
The share of goodwill of the retiring partner is debited to the remaining partner in which ratio
Capital ratio
New ratio
Gaining ratio
Gaining ratio equal ratio
P ,Q, R and S were partners sharing profits in the ratio of 2:3:5:2. S retires and his share is acquired by Q and R in the ratio of 3:2. Calculate new ratio and gaining ratio.
N.R 10:21:29 G.R 3:2
NR. 10:23:24 G.R 3:2
NR 22:31:20 G R 6:6
NONE
Name the accounts which is open to the credit the share of profits of deceased partners,till the time of his death to his capital account
(a)
State two basis for determination of profit from the date of last balance sheet to the date of death or retirement
(a)
Gaining ratio is calculated by
Old ratio – new share
Old share + acquired share
New share + old share
