Question 1 Not yet The profit or loss on realization is transferred to partners' capital accounts in their answered Marked out of 1.00 F Flag question Gaining ratio Profit sharing ratio Sacrificing ratio Retained earnings ratio Question 2 o it 40 ENG 14 14/01 home 7 8 9 O backspace Question 2 Not yet Assets are sold and realized, and liabilities are paid off in the case of: answered Marked out of 1.00 P Flag question Death of a partner Dissolution of a partnership Dissolution of the partnership firm Retirement of a partner Question 3 Question 6 Not yet answered Marked out of 1.00 Ms. Wisal and Ms. Sameera are partners in a firm sharing profits and losses in the ratio of 3:2. The goodwill of the firm is valued at OMR 20,000 and Mr. Aslam who is admitted to 1/4 share in its profits. He brings in OMR 5,000 as his share of goodwill. Goodwill already appeared in books at OMR 10,000 and there is no decision to retain it. What journal entry shall be recorded for writing off the existing amount of goodwill? P Flag question Dr Ms. Wisal A/C OMR 12,000 Dr. Ms. Sameera A/C OMR 8000 Cr goodwill A/c OMR 20,000 Dr Ms. Wisal NC OMR 6000 Dr. Ms. Sameera's A/C OMR 4000 Cr.Cash A/C OMR 10,000 None of the choices Dr Ms. Wisal A/C OMR 6,000 Dr. Ms. Sameera A/C OMR 4,000 Cr goodwill A/C OMR 10.000 Question 7 Question 7 Not yet At the time of retirement of a partner, if already goodwill appears in the books, it answered should be written off in: Marked out of 1.00 Flag question Retirement ratio New ratio Old ratio Admission ratio Question 8 Identify the correct statement: Not yet answered 1. Dissolution of partnership does not lead to dissolution of the firm Marked out of 1.00 II. Dissolution of firm leads to dissolution of partnership F Flag question Both the statements are correct Only statement is correct Both the statements are not correct Only statement il is correct Question 9 Question 9 The journal entry to transfer the profit on revaluation, to Revaluation account: Not yet answered Marked out of 1.00 Flag question Dr Realization A/c Cr Partners' Capital Accounts Dr Revaluation A/c Cr Partners' Capital Accounts Dr Revaluation A/c Cr Partners' Drawings Accounts Dr Realization A/c Cr Partners' liability Accounts Question 10 Not yet answered At the time of retirement of a partner, undistributed profit or loss of the old firm should be transferred to all partners' capital accounts in their Marked out of 1.00 Flag question Admission ratio Old profit sharing ratio New profit sharing ratio Retirement ratio Question 3 Which of the following accounting adjustments are necessary when a partner retires? Not yet answered Marked out of 1.00 Flag question Calculation of New profit-sharing ratio and gaining ratio. Revaluation of assets and liabilities Transfer of Undistributed Profit or loss All of the choices