Class XII

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
Unrecorded Legal charges will be:
  1. Debited to the Revaluation account
  2. Will be shown in Balance Sheet
  3. Credited to the partners account
  4. Credited to the Revaluation account
Why executor’s account is prepared
  1. As deceased partner not want to take
  2. As deceased partner is not directly entitled to it
  3. As deceased partner can’t receive his share
  4. Both As deceased partner is not directly entitled to it and As deceased partner not want to take
Gaining ratio is the ratio in which continuing partners have ______ the share from the outgoing partner
  1. Acquired and Sacrificed
  2. Both Acquired and Sacrificed
  3. Acquired
  4. Sacrificed
Goodwill Given in the old Balance Sheet will be:
  1. Distributed by Gainer partners
  2. Written off by the old partners
  3. Written off by the Sacrificing partners
  4. Credited to old Partners Capital accounts
Time Elapsed

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LKG - 12th

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