Chapter 5: Retirement/Death of a Partner
1 / 50
Final payment to executor includes:
2 / 50
Death leads to:
3 / 50
Deceased partner’s goodwill is:
4 / 50
Profit till death is estimated using:
5 / 50
Interest on loan is:
6 / 50
Loan to executor is shown as:
7 / 50
Deceased partner’s capital is transferred to:
8 / 50
Executor represents:
9 / 50
Basis for profit calculation:
10 / 50
Share of profit till death is credited to:
11 / 50
Memorandum revaluation is used when:
12 / 50
Liabilities increase → effect:
13 / 50
Assets increase → effect:
14 / 50
Revaluation account is:
15 / 50
Accumulated losses are:
16 / 50
General reserve is:
17 / 50
Reserve is distributed in:
18 / 50
Loss on revaluation is:
19 / 50
Profit on revaluation is shared in:
20 / 50
Revaluation account records:
21 / 50
Goodwill is adjusted in:
22 / 50
Goodwill is recorded permanently when:
23 / 50
Goodwill adjustment entry:
24 / 50
Hidden goodwill arises when:
25 / 50
Goodwill is a:
26 / 50
Premium for goodwill is:
27 / 50
Goodwill is valued as per:
28 / 50
If goodwill already exists in books:
29 / 50
Retiring partner’s goodwill is borne by:
30 / 50
Goodwill is adjusted through:
31 / 50
Profit till death is calculated using:
32 / 50
Gaining ratio is used only at:
33 / 50
Sacrifice is opposite of:
34 / 50
Gaining ratio may be:
35 / 50
If no gain, goodwill adjustment is:
36 / 50
Gaining ratio is relevant for:
37 / 50
Old ratio = 4:3:1; one retires → remaining share equally. New ratio:
38 / 50
If new ratio not given, it is assumed:
39 / 50
Gaining partner compensates:
40 / 50
A & B share 3:2; B retires → A gets full share. Gaining ratio =
41 / 50
Executor account is prepared in case of:
42 / 50
Death of partner results in:
43 / 50
New ratio is used for:
44 / 50
Goodwill is compensated to:
45 / 50
Retirement affects:
46 / 50
Deceased partner’s share is paid to:
47 / 50
Retirement leads to:
48 / 50
Remaining partners acquire retiring partner’s share in:
49 / 50
Gaining ratio is calculated by:
50 / 50
Retirement of a partner results in:
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