Question 31 When do a firm decide to admit a partner? Not yet answered i. When there is shortage of funds in the firm Marked out of 1.00 ii. When there is administrative incapability P Flag question Both i and ii Only i Only il None of the choice Question 32 Question 33 Not yet answered Mr. Abdulla, Mr. Dawood and Mr. Nasar are partners in a firm sharing profits and losses in the ratio of 1/4, 1/8 and 10/16. If Mr. Dawood retires, the new profit-sharing ratio Marked out of 1.00 between Mr. Abdulla and Mr. Nasar will be: P Flag question 4,10 None of the listed choice 4.2 2:10 Question 34 Question 34 According to Turnover or Sales Basis method, the profit up to the date of death is Not yet answered estimated on the basis of: Marked out of 1.00 Flag question Current year sales Future year sales Credit sales Last year sales Question 35 Not yet Revaluation account is normally not credited with which of the following items: answered Marked out of 1.00 Flag question Increase in the value of assets Decrease in the amount of liabilities Decrease in the value of assets Unrecorded assets now recorded Question 36 Not yet In the absence of a partnership agreement, the profit between the partners is shared on the basis of: answered Marked out of 1.00 P Flag question Expenses incurred by them Losses incurred by them Capital contributed by them Drawings withdrawn by them Question 37 Which of the following statement is true to general partners Not yet . answered Marked out of 1.00 Flag question Limited liability None of the choices Infinite Unlimited laibility Question 38 Revaluation account is normally not debited with which of the following items: Not yet answered Marked out of 1.00 Flag question Unrecorded liabilities now recorded Increase in the amount of liabilities Decrease in the value of assets Increase in the value of assets