Retirement Quiz-1

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Retirement Quiz-1

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The purpose of preparation of revaluation account is: *

1 point

to find out gross profit

to find out net profit

to find out financial position

to find out results of revaluation of assets and liabilities

Match the following: *

3 points

Credited to all Partner's Capital Account

Goodwill account is credited

Debited to all partner's capital account

When existing goodwill is written off

Accumulated profits

Advertisement Suspense Account

Which of the following is debited to partners' capital account at the time of retirement of a partner? *

1 point

General Reserve

Profit on revaluation

Accumulated losses

Accumulated profits

On retirement of a partner, the continuing partners' capital accounts are debited with retiring partner's share of goodwill in *

1 point

old profit sharing ratio

gaining ratio

new profit sharing ratio

equal ratio

The gain of remaining partners is equal to *

1 point

their new share

their old share

New share - Old share

Old share - New share

At the time of retirement of a partner, Workmen Compensation Reserve after meeting the legal requirement is transferred to : *

1 point

Revaluation Account

All Partners' Capital Account

Sacrificing Partners' Capital Account

Old Partners' Capital Account

On retirement of a partner, reserves should be transferred to the capital account of *

1 point

retiring partner

remaining partner

all partners

all of these

On retirement of a partner, profit on revaluation of assets and liabilities should be credited to the capital accounts of *

1 point

retiring partner in the old ratio

all partners in the old ratio

remaining partners in new ratio

remaining partners in old ratio

On retirement of a partner increase in the value of assets is recorded in *

1 point

Revaluation Account

Cash Account

Old Partner's Capital Account

None of the above

Kareena, Karishma and Katrina have been sharing the profits in the ratio of 3 : 5: 7 respectively. Katrina retires and her share is taken over by Kareena and Karishma in the ratio of 3 : 2. The new ratio will be *

1 point

12 : 13

3 : 5

2 : 1

3 : 2

P, Q and R share profits in the ratio of 1/2, 3/10, and 1/5. R retires. The gaining ratio of P and Q will be: *

1 point

1 : 1

1 : 3

5 : 3

3 : 1

A, B and C are partners sharing profits and losses in the ratio of 4 : 3 : 1. A retires and his share is taken over by B and C in equal ratio. Calculate new profit sharing ratio of B and C. *

1 point

1 : 1

4 : 3

3 : 4

5 : 3

If at the retirement there is some unrecorded liability, it will be: *

1 point

debited to Revaluation Account

credited to Revaluation Account

transferred to old partners' capital account

transferred to all partners' capital account

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