Chapter 5


আংশাদাৰী ব্য়ৱসায়ৰ হিচাপ : অংশীদাৰৰ

অৱসৰ গ্ৰহণ আৰু মৃত্য়ু

Partnershp Account : Retirement & Death Of Partner


1. Fill in the blanks with appropriate words from the bracket.

(i) A partner can retire from the business ______ the consent of all the other partners. (with/without)

Ans: With.


(ii) The ration in which the remaining partners are acquiring the share of the retiring partner is called ______ ratio. (sacrifice/gaining)

Ans: gaining.


(iii)  At the time of retirement, in the absence of any agreement, goodwill is to be  adjusted in the ______ ration. (old/new/gaining)

Ans: gaining.


(vi) At the time of retirement of a partner it is necessary to ______ assets and liabilities of the firm. (revalue/realise)

Ans: revalue.


(v) Upon retirement, adjustment for goodwill is made through the Partners ______ Account. (Capital/Drawings)

Ans: Capital.


(vi) Unless otherwise agreed, the retiring partner's share of profit will de taken over by all the partners in their ______ profit sharing ratio.(old/new)

Ans: old.


(vii) The profit or loss on revaluation of assets and liabilities is transferred to continuing partners in the ______ ratio. (new/old)

Ans: Old.


(viii) At the time of retirement, undrawn profits or retained earnings should be distributed amongst all the partners in their ______ ration.(Old/new)

Ans: Old.


(ix) Upon retirement, the purpose of revaluation is to convert the book values of the assets and liabilities into ______. (market value/historical cost)

Ans: Market value.


(x) The balance to the credit of retiring partner's capital account, if not paid in cash, must be transferred to ______ account. (Loan/Executor)

Ans: Loan.


(xi) The total amount due to a retiring partner is paid off in instalments when the amount is ______. (small/substantial)

Ans: Substantial.


(xii) the death of a partner will ______ the old partnership.(terminate/continue).

Ans: Terminate.


(xiii) When a partner dies, the combined share of the continuing partnes will ______. (increase/decrease).

Ans: Increase.


(xiv) In case of death of a partner the surviving partner can ______ the business in the usual manner. (continue/discontinue)

Ans: Continue.


(xv) Upon death, an adjustment of goodwill is ______. (required/not required)

Ans: Required.


(xvi) The accounting procedures on death of a partner are very similar to those that cover a partner's ______. (admission/retirement)

Ans: Retirement.


(xvii) A joint life policy is taken to make fund available for payment ______ the death of a partner. (before/after)

Ans: After.


(xviii) Amount due to deceased partner is generally transferred to his ______ account. (Loan/Executor)

Ans: Executor.


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