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 detailing the remaining partners' acquisition of the retiring or deceased partner's share of profits. It is assumed that they'll acquire his or her shares in -

Option 1: Old Profit sharing ratio 

Option 2: New profit sharing ratio

Option 3: Equal Ratio

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

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.