When a partner leaves from a partnership firm, it is known as __________

(a)

Admission

(b)

Retirement

(c)

dissolution

(d)

death

The firm is reconstituted and other partners continue the partnership firm with a new __________

(a)

Contract

(b)

agreement

(c)

start business

(d)

none of these

A partner who retires from the firm is called an __________

(a)

Outgoing partner

(b)

admitted partner

(c)

death of a partner

(d)

none of these

The profit or loss arising therefrom is transferred to the capital accounts of all the partners in the _____________

(a)

New profit sharing ratio

(b)

Old profit sharing ratio

(c)

Gaining ratio

(d)

Sacrificing ratio

The settlement is to be done in the manner prescribed in the ___________

(a)

Partnership-at-will

(b)

Partnership deed

(c)

Both 'a' and 'b'

(d)

None of the above

In both types of policies, the insurance premium is paid by the _____________

(a)

Sole tradership

(b)

Partnership firm

(c)

Hindu undivided family

(d)

None of these

The policy amount received from the insurance company is used to settle the amount due to the __________

(a)

Increased partner

(b)

Deceased partner

(c)

Partnership at will

(d)

Partnership deed

At the time of retirement of partners, the existing partners stand to ____________

(a)

Gain

(b)

Loss

(c)

Income

(d)

None of these

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

(a)

Compulsory

(b)

Optional

(c)

Necessary

(d)

Not necessary

At the time to retirement Balance Sheet items like profit and loss account and General reserve must be transferred to ___________

(a)

Revaluation Alc

(b)

Partners capital A/c

(c)

Both 'a and 'b'

(d)

None of the above

If the goodwill account is raised for 50,000, the amount is debited to ____________

(a)

The capital accounts of partners

(b)

Goodwill account

(c)

Cash account

(d)

Loan account

A, B and C are sharing profits in the ratio of 2/5: 2/5:1/5. C retired, from business and his share was purchased equally by A and B. Then new profit sharing ratio shall be ____________

(a)

A-1/2 and B-1/2

(b)

A-3/S and 2/5

(c)

A-2/S and B-3/S

(d)

A-2/S and B-1/5

When the values of liabilities increases, it results in _____________

(a)

Profit

(b)

Loss

(c)

Income

(d)

Expenses

Gaining ratio will be calculated by ____________

(a)

New ratio minus old ratio

(b)

Old ratio minus new ratio

(c)

Old ratio minus sacrificing ratio

(d)

Old ratio minus new ratio

The section related to the retirement of partner in Indian partnership Act is _____________

(a)

30(a)

(b)

31(1)

(c)

21(c)

(d)

20(a)