Class XII

New Ratio – Old Ratio = ?
  1. New ratio of continuing partners
  2. Sacrificing ratio
  3. Gain Ratio
  4. Both Sacrificing ratio and New ratio of continuing partners
M, N and H are partners without partnership deed. M wants to get retired. The profit on revaluation on the date was ` 12000.and other partners N and H want to share this in the new ratio 3:2. M wants this to be shared equally How this profit should be shared
  1. 8000 equally between each partner
  2. 6000 equally between each partner
  3. 4000 equally between each partner
  4. 3000 equally between each partner
Deceased partners share of profit is shown in
  1. Credit side of his capital account and in the B/S liability side
  2. Debit side of his capital account only
  3. Credit side of his capital account only
  4. Credit side of his capital account and in the B/S asset side
A partner may wish withdrawn from a firm for various reasons like old age, on health ground, misunderstanding with other partners. Such a situation is called:
  1. Death of a partner
  2. Dissolution of partnership firm
  3. Admission of a partner
  4. Retirement of a partner
L, M and N are partners sharing ratio 3:2:1. M died and N the son of M is of the opinion that the rightful owner of his father’s share of profit and the profit of the firm be shared between L and N equally. L does not agree to settle the dispute because there is partnership deed which is showing old profit sharing ratio 3:2:1.
  1. Distribute profit between L and N in the ratio of 1:11
  2. Distribute profit between L and N in the ratio of 3:2
  3. Distribute profit between L and N in the ratio of 3:1
  4. Distribute profit between L and N equally
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LKG - 12th

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