Question : When the Retiring Partner is to be paid through amount brought by the remaining partners in a manner to make their capitals proportionate to their New Profit-sharing Ratio. Arrange the following steps in proper sequence
I. Calculate Adjusted Capital of remaining partners after adjustments.
II. Calculate Total Capital of the new firm as follows:

Aggregate of adjusted capital of remaining partners + Shortage of amount to be brought in by continuing partners to pay the retiring partner
III. Find Surplus Capital/Deficit Capital of each continuing partner by comparing New Capital with the Adjusted Old Capital
IV. Calculate New Capital of remaining partners by dividing Total Capital of the new firm in their New Profit-sharing Ratio.

Option 1: I,II,III,IV

Option 2: I,III,IV,II

Option 3: I,II,IV,III

Option 4: IV,III,II,I

Question : Arrange the following steps in proper sequence
When the Retiring Partner is to be paid through amount brought by the Remaining or Continuing partners in a manner to make their Capitals Proportionate to their New Profit-sharing Ratio and also leave a desired Cash Balance
1. Calculate Adjusted Capital of the remaining partners, i.e., after making adjustments for goodwill, reserves, accumulated profits/losses and gain or loss on revaluation
2. Calculate New Capital of each remaining partner as follows:
Total Capital of the New Firm) $\times$ New Profit Share.
3. Calculate Surplus Capital or Deficit Capital by comparing the New Capital and Adjusted Capital
4. Calculate Total Capital of the new firm as follows:
Aggregate of Adjusted Capital of Remaining Partners + Shortage of amount to be brought in by Remaining partners to pay the retiring partner (i.e., Amount payable to retiring partner - Existing Cash Balance) + Minimum Cash Balance Required

Option 1: I,II,III,IV

Option 2: I,II,IV,III

Option 3: I,III,II,IV

Option 4: None of the above

Question : Which of the following statement is in correct with respect of adjustment of capitals?

Option 1: Ascertain Adjusted Capital of remaining partners (after all adjustments).

Option 2: Calculate Proportionate Capital of remaining partners on the basis of total capital of the new firm and new profit-sharing ratio

Option 3: Find Surplus Capital/Deficit Capital of each continuing partner by comparing Proportionate Capital and Present Adjusted Capital.
Surplus Capital: When Present Adjusted Capital is more than the proportionate Capital.
Deficit Capital: When Present Adjusted Capital is less than the Proportionate Capital.

Option 4: All of the above

Question : Identify the correct order for calculating goodwill under Capitalisation of Average Profit Method:
(i) Calculate capitalised value of the firm
(ii) Ascertain the value of net assets, on the date of valuation of goodwill
(iii) Calculate average profit earned
(iv) Find the difference between capitalised value of the firm and net assets

Option 1: (i), (ii), (iii), (iv)

Option 2: (ii), (iii), (iv), (i)

Option 3: (iii), (i), (ii), (iv)

Option 4: (iv), (iii), (ii), (i)

Question : Directions: Which of the given responses would be the meaningful order of the following?
(i) Infant
(ii) Senility
(iii) Adulthood
(iv) Adolescent
(v) Childhood

Option 1: (v), (iv), (iii), (ii), (i)

Option 2: (iii), (iv), (ii), (i), (v)

Option 3: (ii), (iii), (iv), (v), (i)

Option 4: (i), (v), (iv), (iii), (ii)