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 : In the absence of any information regarding  the share in profit of retiring partners by the remaining partners, it is assumed that they will acquire his or her share in

Option 1: Old ratio

Option 2: New ratio

Option 3: Equally

Option 4: None of the above

Question : On the partner's passing, The remaining partner(s) who have benefited from the altered profit-sharing ratio should compensate the -

Option 1: Remaining partners (Who have sacrificed) as well as deceased partner

Option 2: Deceased partner only

Option 3: Remaining partners only (Who have sacrificed)

Option 4: None of the above

Question :

At the time of retirement of a partner, profit (gain) on revaluation will be credited to the Capital Accounts of

Option 1: retiring partner.

Option 2:

all partners in their old profit-sharing ratio.

Option 3:

the remaining partners in their old profit-sharing ratio.

Option 4:

the remaining partners in their new profit-sharing ratio.

Question : The retiring partner receives payment for giving up a portion of the company's future revenues in favour of the remaining partners. The remaining partners provide such compensation amount in the following ways -

Option 1: Gaining Ratio

Option 2: Sacrificing Ratio

Option 3: Capital Ratio

Option 4: Profit Sharing Ratio