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1.

Anand, Bahadur and Chander are partners. Sharing Profit equally On Chander’s retirement, his share is acquired by Anand and Bahadur in the ratio of `3:2`. The New Profit Sharing Ratio between Anand and Bahadur will be–A. `8:7`B. `4:5`C. `3:2`D. `2:3`

Answer» Correct Answer - B
Discussion
2.

Abhishek, Rajat and Vivek are partners sharing profits in the ratio of `5:3:2`. If Vivek retires, the New Profit Sharing Ratio between Abhishek and Rajat will be–A. `3:2`B. `5:3`C. `5:2`D. None of these

Answer» Correct Answer - B
Discussion
3.

In the absence of any information regarding the acquisition of share in profit of the retiring/deceased partner by the remaining partners, it is assumed that they will acquire his/her share:-A. Old Profit Sharing RatioB. New Profit Sharing RatioC. Equal RatioD. None of these

Answer» Correct Answer - A
Discussion
4.

Gobind, Hari and Pratap are partners. On retirement of Gobind, the goodwill already appears in the Balance Sheet at Rs. 24,000. The goodwill will be written-offA. by debiting all partners’ capital accounts in their old profit sharing ratio.B. by debiting remaining partners’ capital accounts in their new profit sharing ratio.C. by debiting retiring partners’ capital accounts from his share of goodwill.D. none of these.

Answer» Correct Answer - A
Discussion
5.

On retirement/death of a partner, the retiring/deceased partner’s capital account will be credited withA. his/her share of goodwill.B. goodwill of the firm.C. shares of goodwill of remaining partners.D. none of these.

Answer» Correct Answer - A
Discussion