Question : Premium for goodwill brought by newly admitted partner should be:

Option 1: Credited to old partners capital account in their sacrificing ratio 

Option 2: Credited to all partners in new profit sharing ratio 

Option 3: Both 1 and 2 

Option 4: None of the above 

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 : 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 : At the time of  reconstruction of a partnership  due to admission of a new partner, the balance of the Workmen Compensation Reserve will be transferred to: 

Option 1: Old partners in the sacrificing ratio

Option 2: Old partners in their old profit sharing ratio

Option 3: Revaluation Account 

Option 4: All partners in the new profit sharing ratio 

Question : At the time of admission of a partner, the balance of the Investments Fluctuation
Reserve, after meeting the loss on revaluation of investments is transferred to _____________of __________in their_____________.

Option 1: All partners capital account and in their new profit sharing ratio

Option 2: Old partners capital account and in their sacrificing ratio

Option 3: Old partners capital account and in their old profit sharing ratio

Option 4: Only sacrificing partners capital account and their sacrificing ratio