X, Y, Z are equal partners in a firm. Z retires from the firm. The new profit-sharing ratio between X and Y is 1:The gaining ratio will be:
  • 3 : 2
  • 2 : 1
  • 4 : 1
  • Only Y gains by 1/3
X, Y, Z are partners sharing profits in the ratio of 3 : 4 :Y retires and X and Z share their profits in equal ratio. New ratio of X and Z will be :
  • 1 : 2
  • 2 : 1
  • 3 : 1
  • 1 : 1
A, B and C are partners. Their capitals are ₹ 1,00,000, ₹ 75,000 and ₹ 50,000 respectively. On C’s retirement his share is acquired by A and B in the ratio of 6 : 4 Gaining ratio will be :
  • 3 : 2
  • 2 : 2
  • 2 : 3
  • None of these
At the time of retirement of partner, firm gets from the insurance company against joint policy taken jointly for all the partners :
  • Policy Amount + Bonus
  • Surrender Value
  • Policy Amount
  • None of these
Gaining Ratio is :
  • New Ratio-sacrificing ratio
  • Old Ratio-sacrificing ratio
  • New ratio-old ratio
  • Old ratio-new ratio
Partnership Act provides that interest on amount of capital balance left by the retired partner be paid at:
  • 5%
  • 6%
  • Bank Rate
  • 8%
Heri, Roy and Prasad are partners and profit-sharing ratio is 3: 5:Roy now wants to retire and his share is taken by Prasad. Find the new ratio of Hari and Prasad:
  • 1 : 2
  • 2 : 1
  • 3 : 5
  • Equal
A, B and C are partners with profit-sharing ratio as 5 :3 :A retires. Find the gaining ratio :
  • 3 : 2
  • 5 : 3
  • 5 :2
  • None of these
Surrender value of an insurance policy means that value:
  • Which is received an death of a partner
  • Which is received when a policy matures
  • Which can be received before the due date of the policy
  • None of the above
P, Q and R are partners and share profit in the ratio of 5:3:R retires and surrenders 3/5th of his share in favour of P and 2/5th of the share to Q. Find new profit sharing ratio:
  • 7 : 3
  • 1 : 2
  • 31 : 19
  • None of these
Govind, Hari and Pratap are partners. On retirement of Govind, the goodwill already appears in the Balance Sheet at ₹ 24,The goodwill will be written off:
  • By debiting all Partners’ Capital Accounts in their old profit-sharing ratio
  • By debiting remaining Partners’ Capital Accounts in their new profit-sharing ratio
  • By debiting retiring Partner’s Capital Account from his share of goodwill
  • None of these
Goodwill is paid out of the retiring partner in :
  • Old Profit-sharing Ratio
  • Capital Ratio
  • Equal Ratio
  • None of these
On retirement of a partner, his share of goodwill is written off among continuing partners in there :
  • New Profit-sharing Ratio
  • New Capital Ratio
  • Gaining Ratio
  • None of these
On retirement of a partner, the retiring partner’s capital account will be credited with :
  • His/her share of goodwill
  • Goodwill of the firm
  • Shares of goodwill of remaining partners
  • None of these
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