Question :

 On the retirement of a partner, unrecorded liabilities are

Option 1: debited to Revaluation Account.

Option 2:

credited to Revaluation Account.

Option 3: credited to Partner's Capitai Aceount.

Option 4: debited to Profit and Loss.

Question :

At the time of retirement of a partner, profit (gain) on revaluation will be credited to the Capital Accounts of

Option 1: retiring partner.

Option 2:

all partners in their old profit-sharing ratio.

Option 3:

the remaining partners in their old profit-sharing ratio.

Option 4:

the remaining partners in their new profit-sharing ratio.

Question : Increases and decreases in the value of assets and liabilities are recorded through

Option 1: Profit and loss account 

Option 2: Profit and loss appropriation account 

Option 3: Partners capital account

Option 4: Revaluation account

Question :

Which of the following statement is correct?

Option 1:

Goodwill at the time of retirement of a partner is credited to remaining Partners’ Capital Accounts in sacrificing ratio.

Option 2:

Goodwill at the time of retirement of a partner is credited to remaining Partners’ Capital Accounts in gaining ratio.

Option 3: Goodwill at the time of retirement of a partner is debited to remaining Partners' Capital Accounts in sacrificing ratio.

Option 4:

Goodwill at the time of retirement of a partner to the extent of retiring Partner's Share is debited to remaining Partners’ Capital Accounts in gaining ratio.

Question :

Accumulated losses on the retirement of a partner are

Option 1:

credited to all Partners’ Capital Accounts in old profit-sharing ratio.

Option 2:

debited to all Partners’ Capital Accounts in the old profit-sharing ratio.

Option 3: credited to remaining Partners’ Capital Accounts in new profit-sharing ratio.

Option 4: credited to remaining Partners’ Capital Accounts in gaining ratio.