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 : Distribution of 'profit and loss  (credit) 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 : A, B and C are partners in a firm sharing profits and losses in the ratio of 3: 2: 1. D is admitted as a new partner for 1/4 share in the profits of the firm, which he gets 1/8 from A, and 1/16 each from B and C. The total capital of the new firm after D's admission will be Rs. 2,40,000. D is required to bring in cash equal to 1/4 of the total capital of the new firm. The capitals of the old partners also have to be adjusted in proportion of their profit sharing ratio. The capitals of A, B and C after all adjustments in respect of goodwill and revaluation of assets and liabilities have been made are A Rs. 80,000 , B Rs. 30,000 and C Rs. 28,000 . Calculate the capitals of all the partners and record the necessary journal entries for doing adjustments in respect of capitals according to the agreement between the partners.

Option 1: A will bring Rs 10,000 , B brings Rs 35,000 and C withdrawn 3000

Option 2: A will bring Rs 10,000 and B withdrew Rs 35,000 and C bring Rs 3,000

Option 3: A bring Rs 10,000 and B withdrew Rs 35,000 and C withdrew Rs 3,000

Option 4: None of the above

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