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.

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 : What happens to accumulated earnings and losses when a partner retires?

Option 1: Debited to all partner’s capital accounts in old ratio.

Option 2: Credited to all partner’s capital accounts in old ratio.

Option 3: Credited to remaining partner’s capital accounts in new ratio.

Option 4: Credited to remaining partner’s capital accounts in gaining ratio.

Question : At the time of change in profit sharing ratio Sacrificing partner is ------ and gaining partner is ----- for the adjustment  of goodwill.

Option 1:  Credited, debited 

Option 2: Debited, credited 

Option 3: Debited, debited

Option 4: Credited, credited

Question :

An increase in the value of assets at the time of retirement of a partner is

Option 1: credited to Revaluation Account.

Option 2:

debited to Revaluation Account.

Option 3: debited to Profit and Loss Account.

Option 4:

debited to Profit and Loss Appropriation Account.