Q1: If a partner's new share and the share he/she gain from the retiring partner are 3/2 and 1/10, respectively, then his old share will be? b. 16/10 C. 3/2 a. 14/10 d. 1/10 Q2: Which of the following item is recorded in the debit side of capital account in fluctuating system of capital? b. Interest on capital d. Partner's salary C. Additional capital a. Drawings 03. Which of the following statement is valid in relation to sacrifice ratio? c. It is prepared at the time of retirement of a partner a. It is prepared at the time of death of a partner d. It is prepared at the time of dissolution of firm b. It is prepared at the time of admission of a partner 04: the time of retirement, the accumulated reserve is transferred to: a. All partner's capital account d. Accumulated reserve is not transferred to partner's capital account b. Only to the retiring partner' capital account c. Only to the partner who acquires the share of retiring partner's share. 05: In which of the following situations revaluation account is credited? C. Increase in the amount of liabilities d. Decrease in the amount of assets a. Decrease in the amount of liabilities b. When goodwill is revalued Q6: In which of the following circumstances the gaining ratio is calculated? b. At the time of revaluation of assets a. At the time of admission of a partner d. At the time of dissolution of partnership firm C. At the time of death of a partner 07. When the new partner brings his/her share of goodwill in cachbich of the following account is debited? d. Capital accounts of new partner a. Goodwill c. Capital accounts of partners b. Cash