Question : Arrange the following steps in proper sequence in the context of the retirement of a partner, when total capital of new firm = Aggregate of Adjusted Capital of remaining partners.
I. Calculate New Capital of the remaining partners by dividing Total Capital of the new firm in their New Profit-sharing Ratio.
II. Find Surplus Capital/Deficit Capital of each continuing partner by comparing the New Capital with the Capital after Adjustments.
III. Calculate Total Capital of the new firm as follows.
IV. Calculate Adjusted Capitals of the remaining partners after adjustments.

Option 1: I,II,III,IV

Option 2: IV,III,I,II

Option 3: IV,III,II,I

Option 4: I,III,II,IV

Question : When the Retiring Partner is to be paid through amount brought by the remaining partners in a manner to make their capitals proportionate to their New Profit-sharing Ratio. Arrange the following steps in proper sequence
I. Calculate Adjusted Capital of remaining partners after adjustments.
II. Calculate Total Capital of the new firm as follows:

Aggregate of adjusted capital of remaining partners + Shortage of amount to be brought in by continuing partners to pay the retiring partner
III. Find Surplus Capital/Deficit Capital of each continuing partner by comparing New Capital with the Adjusted Old Capital
IV. Calculate New Capital of remaining partners by dividing Total Capital of the new firm in their New Profit-sharing Ratio.

Option 1: I,II,III,IV

Option 2: I,III,IV,II

Option 3: I,II,IV,III

Option 4: IV,III,II,I

Question : Arrange the following steps in proper sequence
When the Retiring Partner is to be paid through amount brought by the Remaining or Continuing partners in a manner to make their Capitals Proportionate to their New Profit-sharing Ratio and also leave a desired Cash Balance
1. Calculate Adjusted Capital of the remaining partners, i.e., after making adjustments for goodwill, reserves, accumulated profits/losses and gain or loss on revaluation
2. Calculate New Capital of each remaining partner as follows:
Total Capital of the New Firm) $\times$ New Profit Share.
3. Calculate Surplus Capital or Deficit Capital by comparing the New Capital and Adjusted Capital
4. Calculate Total Capital of the new firm as follows:
Aggregate of Adjusted Capital of Remaining Partners + Shortage of amount to be brought in by Remaining partners to pay the retiring partner (i.e., Amount payable to retiring partner - Existing Cash Balance) + Minimum Cash Balance Required

Option 1: I,II,III,IV

Option 2: I,II,IV,III

Option 3: I,III,II,IV

Option 4: None of the above

Question : Which of the following is not a type of balance of payments surplus or deficit?

Option 1: Trade surplus or deficit

Option 2: Current account surplus or deficit

Option 3: Capital account surplus or deficit

Option 4: Service account surplus or deficit

Question : When Present Adjusted Capital (after adjustments) is less than the Proportionate Capital: choose the correct journal entry.

Option 1: Cash A/c or Bank A/c ...Dr.
To Concerned Partner's Capital A/c

Option 2: Concerned Partner's Current A/c ...Dr.
To Concerned Partner's Capital A/c

Option 3: Either 1 or 2

Option 4: None of the above