1.
The profit or loss revaluation on retirement of partner are shared by _______
a. all the partners
b.
the remaining partners
c.
only retiring partner
d.
none of these
2.
X, Y and Z are partners sharing profits in the ratio of 5: 3: 2 , if Y retires
then new ratio will be ____________
a. 5:2
b.
5:3
c.
3:2
d.
1:1
3.
When goodwill is raised at its full value and its is written off
_______________ account is to be credited.
a.
cash
b. goodwill
c.
all partners capital account
d.
loan
4.
Increase in the value of assets should be _______________ to profit and loss
adjustment account.
a.
debited
b. credited
c.
added
d.
none of these
5.
If the goodwill is raised to the extent of retiring partners share
_____________ account is to be debited.
a.
cash
b. goodwill
c.
all partners capital account
d.
retiring partner's capital.
