Question : Which of the following statements is false?

Option 1: Employees' Provident Fund is an outside liability

Option 2: It is not an accumulated profit

Option 3: it is distributed among the partners

Option 4: None of the above

Question : At the time of admission of a partner, Employees Provident Fund is: 

Option 1: Distributed to partners in the old profit sharing ratio 

Option 2: Distributed to partners in the new profit sharing ratio 

Option 3: Adjusted through gaining ratio 

Option 4: Should be shown on the liabilities side of new firm Balance Sheet

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 : On dissolution of a partnership firm, profit or loss on realisation is distributed among the partners ________.

Option 1: In capital ratio

Option 2: In Profit sharing ratio

Option 3: Equally

Option 4: None of the above

Question : On dissolution of a partnership firm, profit or loss on realisation is distributed among the partners -

Option 1: In capital ratio

Option 2: In Profit sharing ratio

Option 3: Equally

Option 4: None of the above

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