Kayal, Mala and Neela are partners sharing profits in the ratio of 2:2:1. Kayal retires and the new profit sharing ratio between nila and neela is 3:2. Calculate the gaining ratio.

(a)

2:1

(b)

1:2

(c)

1:1

(d)

3:1

Goodwill may be ________ if all the partners are agreed, that it should not remain in the books

(a)

Share

(b)

Distribute

(c)

Written off

(d)

None of these

When a partner withdraws his capital from the partnership firm, it is called _______of a partner

(a)

Admission

(b)

Death

(c)

Retirement

(d)

All of these

All the accounts are settled among partners and creditors at the time of ________ of a business

(a)

Dissolution

(b)

Retirement

(c)

Admission

(d)

None of these

________ of partner will be paid off, before the settlement of partner’s capital.

(a)

Capital

(b)

Loan

(c)

Asset

(d)

None of these