If a partner takes over an asset of the firm, his capital account:

Related MCQs

• An incoming partner pays his share of goodwill in cash, and profit sharing ration of old partner is changed, Goodwill be distributed among old partners:
• If the remaining partner want to continue the business, after the retirement of a partner, a new partnership agreement:
• On the retirement of a partner any reserve being should be transferred to the capital account of:
• When an asset is acquired on hire purchase system, the asset account is debited with _______ of the assets in the books of the hire purchaser.
• An account operated to ascertain the loss or gain at the death of a partner is called:
• The loss or gain an account of revaluation at the time of retirement of a partner is shared by:
• When shares are forfeited, the share capital account is debited with ________ and the share forfeiture account is credited with __________.
• In the absence of an agreement, Interest on loan advanced by the partner to the firm is allowed at the rate of:
• At the time of admission of a new partner the firm is:
• Goodwill of the firm is valued Rs. 30000. C an incoming partner purchase ¼ share of total profit Goodwill be raised in the books.