Retirement and Death of a Partner

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On retirement of a partner, general reserve is transferred to the-----------------------------------------
1. Revaluation account
2. Capital account of the continuing partners
3. Capital account of all the partners
4. Memorandum revaluation account
A partner retires from the partnership firm on 30th June. He is liable for all the acts of the firm up to the------------------------------------
1. Date of his retirement
2. Date of his final settlement
3. End of the current accounting period
4. End of the previous accounting period
‘ A’ was a partner in a partnership firm. He died on 31st March 2019. The final amount due to him is ` 25,000 which is not paid immediately. It will be transferred to-----------------------
1. A’s capital account
2. A’s Executor loan account
3. A’s Executor account
4. A’s current account
At the time of retirement of a partner, determination of gaining ratio is required----------------------
1. To distribute accumulated profits and losses
2. None of these
3. To transfer revaluation profit or loss
4. To adjust goodwill
A, B and C are partners sharing profits in the ratio of 2:2:1. On retirement of B, goodwill of the firm was valued as ` 30,000. Find the contribution of A and C to compensate B:--------------------------------------------------
1. ` 10,000 and ` 20,000
2. ` 8,000 and ` 4,000
3. ` 15,000 and ` 15,000
4. ` 20,000 and ` 10,000
If the final amount due to a retiring partner is not paid immediately, it is transferred to-----------------------------------------------------
1. Retiring partner’s capital A/c
2. Bank A/c
3. Retiring partner’s loan A/c
4. Other partners’ capital A/c
A, B and C are partners sharing profits in the ratio of 4:2:3. C retires. The new profit sharing ratio between A and B will be----------------------------
1. 2:1
2. 4:3
3. 1:2
4. 3:4
On revaluation, the increase in liabilities leads to-------------------------------------
1. Profit
2. None of these
3. Gain
4. Loss
X, Y and Z were partners sharing profits and losses equally. X died on 1st April 2019. Find out the share of X in the profit of 2019 based on the profit of 2018 which showed ` 36,000----------------------------------------------
1. ` 1,000
2. ` 3,000
3. ` 12,000
4. ` 36,000
On retirement of a partner from a partnership firm, accumulated profits and losses are distributed to the partners in the------------------------------------------------------
1. Old profit sharing ratio
2. Gaining ratio
3. Sacrificing ratio
4. New profit sharing ratio