Question : In the absence of an express agreement as to who will contribute to new partners’ share of profi t, it is implied that the old partners will contribute :

Option 1: In the ratio of their capitals

Option 2: In their old profit sharing ratio

Option 3: In the gaining ratio

Option 4: Equally

Question : Which of the following statements is incorrect?

Option 1: New Profit-sharing Ratio among remaining or continuing partners is same as their Old Profit-sharing Ratio.

Option 2: Gaining Ratio of remaining or continuing partners is same as their Old Profit-sharing Ratio.

Option 3: Gaining ratio is the ratio in which the remaining partners take the outgoing (retired or deceased) partner's share.

Option 4: None of the above

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.

Question : In the event of change in profit-sharing ratio, profit and loss (Dr) existing in the Balance Sheet is transferred to Capital Accounts of partners in their

Option 1: Sacrificing ratio

Option 2: gaining ratio

Option 3: old profit-sharing ratio

Option 4: new profit-sharing ratio

Question : In the event of change in profit-sharing ratio, profit and loss (credit balance) existing in the Balance Sheet is transferred to Capital Accounts of partners in their

Option 1: Sacrificing ratio

Option 2: Gaining ratio

Option 3: Old profit-sharing ratio

Option 4: New profit-sharing ratio

Question : Existing Old Profit Share plus Acquired Profit Share is_____________.

Option 1: Old ratio

Option 2: New profit sharing ratio

Option 3: Gaining ratio

Option 4: None of the above