Retirement and Death of a Partner-Test 4

At the time of retirement of a partner, any profit on revaluation of assets and liabilities will be credited to

On the retirement of a partner, where the goodwill amount is credited to the accounts of

At the time of retirement of a partner, the whole goodwill amount is credited to

On a partner’s retirement, the profit on the adjustment in the value of assets should be credited to the Capital A/c’s of the

A retiring partner continues to be liable for obligation incurred after his retirement

Upon the retirement of a partner, the decrease in the value of liability is credited to

If the goodwill raised at the time of retirement of a partner is to be written off, then the capital accounts of the remaining partners are debited in

Identify the effect of the following transaction on the Revaluation account:

The amount of life policy received on the death of  a partner

Identify the effect of the following transaction on the Revaluation account :

Decrease in the value of creditors on the retirement of a partner

Identify the effect of the following transaction on the Revaluation account :

Balance of general reserve on retirement of a partner

Identify the effect of the following transaction on the Revaluation account :

The assets are recorded upwards on the retirement of a partner

Identify the effect of the following transaction on the Revaluation account :

Creditors balance on the retirement of a partner

Identify the effect of the following transaction on the Revaluation account :

An unrecorded asset on the retirement of a partner

A retiring partner continues to be liable for obligation incurred after his retirement

At the time of retirement of a partner, the profit/loss on revaluation shall  be credited to the capital accounts of

The gaining ratio is calculated at the time of

The deceased partner’s share of profit from the date of the previous balance sheet to the date of the partner’s death is calculated

In case of retirement of a partner, the partner’s loan account would be shown

New profit sharing ratio is calculated at the time of

The balance of general reserve is to be transferred to the capital accounts of the partners in

The amount received from the insurance company on the joint life policy of the partners in excess of its surrender value is credited to the capital accounts of the partners

Profit on revaluation of assets and liabilities at the time of retirement of a partner will be credited to

The Balance in joint life policy reserve account should be transferred to

The balance of joint life policy A/c of the partners would represent

On the death of a partner, the amount of joint life policy should be credited to the capital accounts of

The joint life policy account received on the death of a partner is credited to the

In partnership, aim of a joint life policy is to

What is the aim of a joint life policy in a partnership ?

All accumulated losses are transferred to the capital accounts of the partners in

In case the assets and liabilities are to appear at their original values in the balance sheet after the retirement of a partner, then the balance of the first part of the memorandum revaluation account is transferred to the capital accounts of the partners in