Question : Which of the following statements is true?

Option 1: Goodwill, if existing in the books, is written off by debiting all Partners (including Deceased Partner) Capital Accounts.

Option 2: Deceased Partner’s  Capital Account is credited with  his share in Goodwill as valued on the date of his death.

Option 3: Both 1 and 2

Option 4: Neither 1 Nor 2

Question : The sum owed to a partner upon his passing/death shall be credited to -

Option 1: Remaining partner’s Capital Accounts

Option 2: All partner’s Capital Accounts

Option 3: His Executor’s Account

Option 4: Governments’ Revenue Account

Question :

Which of the following statement is correct?

Option 1:

Goodwill at the time of retirement of a partner is credited to remaining Partners’ Capital Accounts in sacrificing ratio.

Option 2:

Goodwill at the time of retirement of a partner is credited to remaining Partners’ Capital Accounts in gaining ratio.

Option 3: Goodwill at the time of retirement of a partner is debited to remaining Partners' Capital Accounts in sacrificing ratio.

Option 4:

Goodwill at the time of retirement of a partner to the extent of retiring Partner's Share is debited to remaining Partners’ Capital Accounts in gaining ratio.

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 : 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.