Chapter 4: Reconstitution of Partnership (Retirement of Partner) [Latest edition] Select the most appropriate alternative from those given below and rewrite the sentence.

Balbharati solutions for Book-keeping and Accountancy 12th Standard Hsc Maharashtra State Board 

Chapter 4: Reconstitution of Partnership (Retirement of Partner) [Latest edition]

 

Select the most appropriate alternative from those given below and rewrite the sentence.

 

The Profit or Loss from revaluation on the retirement of a partner is shared by ______.

 

The remaining partners

All the partners

Only retiring partner

Bank


Decrease in the value of assets should be __________to profit and Loss Adjustment Account.

 

Debited

Credited

Added

Equal

 

The balance of the capital account of retired partner is transferred to his _________ account if it is not paid.

 

Loan

Personal

Current

Son's


Gain ratio _______ Ratio less Old Ratio Gain Ratio _____ Ratio less Old Ratio.

 

New

Equal

Capital

Sacrifice


New Ratio = Old Ratio + _____ Ratio


Gain

Capital

Sacrifice

Current

 

Apte, Bhate and Chitale are sharing 1/2, 3/10, and 1/5 if Apte retire their new ratio will be ______ .

 

5: 2

3: 2

5: 3

2: 5

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