Question : Gain/loss on revaluation at the time of change in profit sharing ratio of existing partners is shared by ______(i)_____ whereas in case of admission of a partner, it is shared by _____(ii)_____. 

Option 1: (i) Remaining Partners, (ii) All Partners. 

Option 2: (i) All Partners, (ii) Old partners. 

Option 3: (i) New Partner, (ii) All partner 

Option 4: (i) Sacrificing Partner, (ii) Incoming partner

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 : When goodwill existing in the books is written off at the time of admission of a partner it is transferred to Partners' Capital Accounts in their

Option 1: Old profit-sharing ratio

Option 2: New profit-sharing ratio

Option 3: Sacrificing ratio

Option 4: Gaining ratio

Question : In case of admission of a partner Sacrificing ratio is used to distribute ___________

Option 1: Premium of Goodwill 

Option 2: General Reserve 

Option 3: Profit and Loss Account (Credit Balance) 

Option 4: Both (2) and (3) 

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