Class XII

If any asset is taken over by a partner at the time of his retirement, how will you record it?
  1. Cr. Side of his capital account
  2. Revaluation Account
  3. Dr. side of his capital account
  4. Balance Sheet
L, M and N are partners sharing profit and losses in the ratio of 25:15:9 . M retires. It is decided that the profit sharing ratio between remaining partner will be the same as existing between M and N after the retirement of L. Calculate Gaining ratio
  1. 45:75
  2. 45:80
  3. 55:75
  4. 40:75
When Retiring partners balance is treated as loan , in the absence of any information, he will get:
  1. Bank Rate (Fluctuating rate)
  2. Interest only 6% per annum
  3. Interest 7.5%
  4. Interest 10%
X, Y and Z are partners sharing profits in the ratio of 1/2, 2/5 and 1/10. What will be the new ratio of X and Y after the retirement of Z.
  1. 4:5
  2. 1:1
  3. 3:2
  4. 5:4
Gaining Ratio is Applicable for:
  1. Retiring partner’s share of goodwill only
  2. For the distribution of Reserves and profits
  3. For Revaluation
  4. For the Calculation of profit
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