Retirement of a partner 1
Authored by Harsimran Kaur
Professional Development
12th Grade
Used 62+ times
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9 questions
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1.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
A partner can retire from the firm with the consent of all other partners only
True
False
2.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
Family member of the retiring partner becomes the new partner in the reconstituted form
True
False
3.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
Profit or loss on revaluation of assets at the time of retirement of a partner is a capital profit
True
False
4.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
The amount due to the retiring partner is always settled in cash
True
False
5.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
The firm is under obligation to pay an agreed rate of interest for the unpaid balance to the retiring partner
True
False
6.
FILL IN THE BLANKS QUESTION
1 min • 1 pt
The gain or loss shown by the revaluation account at the time of retirement of a partner is transferred to the capital account of all the partners in their (a) ratio.
7.
FILL IN THE BLANKS QUESTION
1 min • 1 pt
At the time of retirement, undistributed profits, losses and reserves are distributed among all the partners in their (a) profit sharing ratio.
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