Question : At the time of admission of a new partner:

Option 1: Old partnership is dissolved 

Option 2: Old firm are dissolved 

Option 3: Both 1 and 2 

Option 4: None of the above 

Question : At the time of admission of a partner, Employees Provident Fund is: 

Option 1: Distributed to partners in the old profit sharing ratio 

Option 2: Distributed to partners in the new profit sharing ratio 

Option 3: Adjusted through gaining ratio 

Option 4: Should be shown on the liabilities side of new firm Balance Sheet

Question : On retirement of a partner,

Option 1: Goodwill is brought up to new value and recorded as assets

Option 2: Goodwill is brought up to new value and then written off

Option 3: Goodwill is adjusted between partners through capital account

Option 4: Goodwill is raised to extent of retiring partner's share

Question : At the time of  reconstruction of a partnership  due to admission of a new partner, the balance of the Workmen Compensation Reserve will be transferred to: 

Option 1: Old partners in the sacrificing ratio

Option 2: Old partners in their old profit sharing ratio

Option 3: Revaluation Account 

Option 4: All partners in the new profit sharing ratio 

Question : Upon partner retirement,Goodwill will be credited to the capital account of -

Option 1: Remaining partners

Option 2: Retiring Partner 

Option 3: All partners 

Option 4: None of the above