Question : Choose the correct journal entry If the due amount is paid to the retiring partner in lump sum on the date of retirement

Option 1: Retiring Partner's Capital A/c ...Dr. [Due Amount]
To Cash/BankA/c

Option 2: Cash/BankA/c ...Dr.
To Retiring Partner's Capital A/c

Option 3: Interest A/C........Dr
To Retiring Partner's Loan A/c

Option 4: None of the above

Question : Upon partner retirement,Goodwill will be credited to the capital account of -

Option 1: Remaining partners

Option 2: Retiring Partner 

Option 3: All partners 

Option 4: None of the above

Question : A partnership firm is compulsorily dissolved:

Option 1: When the business of the firm is declared illegal

Option 2: When a partner of the firm dies

Option 3: When a partner of the firm becomes insolvent

Option 4: When a partner transfers his share to some other person without the consent of other partners

Question : A partnership firm is compulsorily dissolved:

Option 1: When the business of the firm is declared illegal

Option 2: When a partner of the firm dies

Option 3: When a partner of the firm becomes insolvent

Option 4: When a partner transfers his share to some other person without the consent of other partners

Question : If retiring partner's Capital Account after adjustments shows 'Debit Balance', that much amount is receivable from the retiring partner. The entry is:

Option 1: Retiring Partner's Capital A/c ...Dr. [Due Amount]
To Cash/Bank a/c

Option 2: Cash/BankA/c ...Dr.
To Retiring Partner's Capital A/c

Option 3: Interest A/c Dr
To Retiring Partner's Loan A/c

Option 4: None of the above