Question : If the new partner brings the goodwill amount in cash and the goodwill account still has a balance, the goodwill account is wiped down among the previous partners in -

Option 1: The sacrificing ratio

Option 2: The old profit sharing ratio

Option 3: The new profit sharing ratio

Option 4: The gaining ratio

Question : When a new partner brings his share of goodwill in cash, the amount is debited to - 

Option 1: Capital A/c of the new partner

Option 2: Cash A/c

Option 3: Goodwill A/c

Option 4: Capital A/cs of the old partners

Question : The ratio in which a partner surrenders his share of profit in favour of partners is known as 

Option 1: Capital ratio

Option 2: Gaining ratio

Option 3: New profit sharing ratio 

Option 4: Sacrifice ratio 

Question : A, B and C are partners sharing profits in a ratio of 5:3:2. D is admitted and new profit sharing ratio is agreed at 1:2:2:1. Goodwill is valued at Rs 1,20,000. What entry will be passed if a goodwill account is to be raised and written off?

Option 1: Goodwill account debited with Rs 20,000 and crediting old partner capital account and in their old profit sharing ratio

Option 2: Debiting Goodwill account debiting Rs 1,20,000 and old partner's capital account crediting and In their new profit sharing ratio

Option 3: All partner's capital account debiting with Rs 1,20,000 and crediting goodwill account with Rs 1,20,000

Option 4: Both 2 and 3

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