In which of the following case the need for the valuation of goodwill in a firm may arise?
(I) Admission of new partner
(II) While sharing profit sharing ratio
(III) Retirement of partner
(IV) death of partner
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Incorrect
Question 2 of 25
2. Question
1 points
Category: Fundamentals of Accounting & Auditing
Retiring or outgoing partner-
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Question 3 of 25
3. Question
1 points
Category: Fundamentals of Accounting & Auditing
A partner may retire-
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Question 4 of 25
4. Question
1 points
Category: Fundamentals of Accounting & Auditing
Outgoing partner is compensated for parting with firm’s future profits in favour of remaining partners. In what ratio do the remaining partners contribute to such compensation amount?
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Question 5 of 25
5. Question
1 points
Category: Fundamentals of Accounting & Auditing
Gaining ratio=……minus…….
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Question 6 of 25
6. Question
1 points
Category: Fundamentals of Accounting & Auditing
The amount due to the retiring partner can be made by –
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Question 7 of 25
7. Question
1 points
Category: Fundamentals of Accounting & Auditing
At the time of retirement of partner reserve appearing in balance sheet is distributed to –
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Question 8 of 25
8. Question
1 points
Category: Fundamentals of Accounting & Auditing
Before a partner retires, reserves created out of profits or balances in profit and loss account must be transferred to the capital accounts of all the partners in –
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Question 9 of 25
9. Question
1 points
Category: Fundamentals of Accounting & Auditing
Claim of the retiring partners is payable in the following form.
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Incorrect
Question 10 of 25
10. Question
1 points
Category: Fundamentals of Accounting & Auditing
Balance in revaluation account is transferred to old partners in-
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Question 11 of 25
11. Question
1 points
Category: Fundamentals of Accounting & Auditing
Joint life policy is taken by the firm on the life(s) of –
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Question 12 of 25
12. Question
1 points
Category: Fundamentals of Accounting & Auditing
Increase in liability at the time of retirement of the partner is –
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Incorrect
Question 13 of 25
13. Question
1 points
Category: Fundamentals of Accounting & Auditing
At the time of retirement of a partner, firm gets ….. from the insurance company against the joint life policy taken jointly for all the partners.
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Question 14 of 25
14. Question
1 points
Category: Fundamentals of Accounting & Auditing
Decrease in liability at the time of retirement of partner is –
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Question 15 of 25
15. Question
1 points
Category: Fundamentals of Accounting & Auditing
Increase in assets at the time of retirement of partner is –
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Incorrect
Question 16 of 25
16. Question
1 points
Category: Fundamentals of Accounting & Auditing
Decrease in assets at the time of retirement of partners is –
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Incorrect
Question 17 of 25
17. Question
1 points
Category: Fundamentals of Accounting & Auditing
A, B & C partners in a firm sharing profits losses in the ratio of 4:3:2. B decided to retire from the firm. calculate the new profit sharing ratio of A & C if B gives his share to A &C in the original ratio of A & C.
Correct
Incorrect
Question 18 of 25
18. Question
1 points
Category: Fundamentals of Accounting & Auditing
A, B & C partners sharing profits losses in the ratio of 4:3:2. B decided to retire from the firm. calculate the new profit sharing ratio of A & C if B gives his share to A &C in equal proportion.
Correct
Incorrect
Question 19 of 25
19. Question
1 points
Category: Fundamentals of Accounting & Auditing
A, B & C partners sharing profits losses in the ratio of 3:2:1. C retires on a decided date and goodwill of the firm is to be valued at Rs 60,000. find the amount payable to retiring partner on account of goodwill.
Correct
Incorrect
Question 20 of 25
20. Question
1 points
Category: Fundamentals of Accounting & Auditing
A, B & C partners sharing profits losses in the ratio of 4:3:2. B decided to retire from the firm. calculate the new profit sharing ratio of A & C if B gives his share to A &C in ratio of 3:1.
Correct
Incorrect
Question 21 of 25
21. Question
1 points
Category: Fundamentals of Accounting & Auditing
A, B & C partners in a firm sharing profits losses in the ratio of 4:3:2. B decided to retire from the firm. calculate the new profit sharing ratio of A & C if B gives his share to A only.
Correct
Incorrect
Question 22 of 25
22. Question
1 points
Category: Fundamentals of Accounting & Auditing
A, B & C partners sharing profits losses in the ratio of 3:2:1. B decided to retire from the firm. partners A & C decided to take his share in 3:1 ratio. what is the new ratio of the partners of A & C?
Correct
Incorrect
Question 23 of 25
23. Question
1 points
Category: Fundamentals of Accounting & Auditing
A, B & C are sharing profits in 4:3:2 ratio. B retires.if A & C shares profit of B in 5:3, then find new profit sharing ratio
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Incorrect
Question 24 of 25
24. Question
1 points
Category: Fundamentals of Accounting & Auditing
A, B & C are partners sharing profits and losses in the ratio of 3:2:1. B retire from the firm. What is the gain ratio of the partners A and C?
Correct
Incorrect
Question 25 of 25
25. Question
1 points
Category: Fundamentals of Accounting & Auditing
A, B & C partners in a firm sharing profits losses in the ratio of 4:3:2. B decided to retire from the firm. B gives his share to A only. what is the gain ratio?
Correct
Incorrect
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