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Target Exam

CUET

Subject

-- Accountancy Part A

Chapter

Reconstitution of Partnership Firm: Retirement and Death

Question:

At the time of retirement of partner, the new share of each of the remaining partner will consist of.......... share in the firm plus the ..................... from the retiring /deceased partner.

Options:

Own share, Acquired share

Gained share, Acquired share

Sacrificed share, Acquired share

Own share, Sacrificed share

Correct Answer:

Own share, Acquired share

Explanation:

The correct answer is option 1- Own share, Acquired share.

New profit sharing ratio is the ratio in which the remaining partners will share future profits after the retirement or death of any partner. The new share of each of the remaining partner will consist of his own share in the firm plus the share acquired from the retiring /deceased partner.

CUET Questions