Question : Which of the following does not result in consideration of a firm?

Option 1: Dissolution of partnership firm

Option 2: Dissolution of partnership 

Option 3: Change  in profit sharing ratio of existing partners 

Option 4: Death of partners

Question : Choose which of the following statements is correct.

Option 1: Change in the profit-sharing ratio among the existing partners results in reconstitution of the firm.

Option 2: Change in Profit-sharing Ratio leads to dissolution of partnership and not of the firm.

Option 3: Both 1 and 2

Option 4: None of the above 

Question : At the time of reconstitution of the firm by way of change in profit sharing ratio/ admission of a partner/retirement of a partner/death of a partner, Gaining partners compensates the sacrificing partner by paying a proportionate amount of

Option 1: Goodwill

Option 2: Capital 

Option 3: Both 1 and 2

Option 4: Either 1 and 2

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 :

A firm is reconstituted in the event of:

Option 1:

change in the profit-sharing ratio among the existing partners.

Option 2: admission of a partner or partners.

Option 3: retirement of a partner and death of a partner 

Option 4: all of the above