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Subjects
Class 12AccountancyReconstitution - Retirement or Death of a PartnerNew RatiosExpert
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What is the most common mistake in mixing new ratio and gaining ratio on retirement?

Answer and explanation

Correct answer: Using gaining ratio for future profits

Future profits are shared in new ratio. Gaining ratio is used only for extra share and goodwill adjustment.

Related tags

Common MistakeNew RatioGaining RatioNew RatiosReconstitution Retirement Or Death Of A PartnerAccountancyClass 12 Mcq
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10 more MCQs
  1. 1A, B and C share profits in (4:3:2). C retires. A and B will share future profits in (5:4). What is the gaining ratio?
  2. 2A, B and C share profits in (5:3:2). C retires. A and B will share future profits in (7:5). What is the gaining ratio?
  3. 3What does the new profit-sharing ratio of the remaining partners represent when a partner retires?
  4. 4A, B and C share profits in the ratio 3:2:1. C retires, and there is no new agreement. What is the new profit-sharing ratio of A and B?
  5. 5A, B and C share profits in the ratio 5:3:2. B dies, and A and C decide to continue sharing profits in their old ratio. What will be the new profit-sharing ratio of A and C?
  6. 6Among whom is the gaining ratio calculated when a partner retires?
  7. 7What is the general formula for a continuing partner’s gain on a partner’s retirement?
  8. 8A, B, and C share profits in the ratio 2:2:1. C retires, and A and B acquire C’s share equally. What is the new profit-sharing ratio of A and B?
  9. 9A, B and C share profits in the ratio 4:3:2. C retires, and A takes over C’s entire share. What will be the new profit-sharing ratio of A and B?
  10. 10A, B and C share profits in the ratio 3:3:2. When C retires, B takes over C’s entire share. What will be the new profit-sharing ratio of A and B?
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