Question : In which condition a partnership firm is deemed to be dissolved?

Option 1: On admission of a partner

Option 2: On retirement of a partner

Option 3: On loss in partnership

Option 4: On expiry of the period of partnership

Question : Which of the following is not true with respect to Admission of a partner? 

Option 1: A new partner can be admitted if it is agreed in the partnership deed. 

Option 2: If all the partners agree, a new partner can be admitted.

Option 3: A new partner has to bring relatively higher capital as compared to the existing partners.

Option 4: A new partner gets right in the assets of the firm.

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 : 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 : On dissolution of a firm, firm's Balance Sheet total is Rs.77,000. On the assets side of the Balance Sheet items were shown preliminary expenses Rs.2,000; Profit & Loss Account (Debit) Balance Rs.4,000 and Cash Balance Rs.1,800. Loss on realisation was Rs.6,300. Total assets (including cash balance) realised will be

Option 1: 69,200

Option 2: 71,000

Option 3: 64,700

Option 4: 62,900