Question : Unless agreed otherwise, it is presumed that the continuing partners gain in their _____________and hence their ___________is the same as their old profit-sharing ratio.

Option 1: New ratio and gaining ratio

Option 2: Old ratio and gaining ratio

Option 3: Old ratio and sacrificing ratio

Option 4: None of the above

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 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 : 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