1.
A, B and C were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. C retired and his capital balance after adjustments regarding reserves, accumulated profits/losses and his share of gain on revaluation was Rs. 2,50,000. C was paid Rs. 3,22,000 including his share of goodwill. The amount credited to C’s capital account, on his retirement, for goodwill will be :
1 out of 10
2.
Srishti, Nitya and Anand were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Srishti retired from the firm selling her share of profits to Nitya and Anand in the ratio of 2 : 1. The new profit sharing ratio between Nitya and Anand will be:
2 out of 10
3.
Amla, Bimla and Kavita were partners sharing profits and losses in the ratio of 4 : 3 : 1. Bimla retires and gives her share of profit to Amla for Rs. 3,600 and to Kavita for Rs. 3,000. The gaining ratio of Amla and Kavita will be :
3 out of 10
4.
Saurabh, Shirin and Somesh are partners in a firm sharing profits and losses in the ratio of 3:2:1. Somesh retires and the new profit sharing ratio between Saurabh and Shirin is 3:2. The gaining ratio between Saurabh and Shirin will be :
4 out of 10
5.
Retirement of a partner is one of the modes of
5 out of 10
6.
The provisions related to retirement of a partner are contained in ......... of the Indian Partnership Act, 1932.
6 out of 10
7.
Retirement of a partner leads to ..... of remaining partners.
7 out of 10
8.
A, B and C are partners in a firm sharing profit in ratio of 2: 2: 1. The capital account of partners stood at Rs.50,000, Rs. 50,000 and Rs. 25,000, respectively. ‘B retires from the firm. Balance in reserve account stood at 10,000. If goodwill is valued at 20,000 and profit on revaluation is 9,000, then what will be the amount of loan account of B?
8 out of 10
9.
A, B and C share profits and losses of the firm equally. B retires from business and his share is purchased by A and C in the ratio of 2 : 3. New profit sharing ratio between A and C respectively would be :
9 out of 10
10.
Retiring partner is compensated for parting with the firm’s future profits in favour of remaining partners. The remaining partners contribute to such compensation amount in
10 out of 10
