In partnership, the 'Gaining Ratio' is calculated during: MCQ with Answer and Explanation

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In partnership, the 'Gaining Ratio' is calculated during:
A. Retirement or death of a partner
B. Admission of a partner
C. Dissolution of the firm
D. Change in profit sharing ratio
Answer: Option A
Solution (By JKExamLibrary)
The gaining ratio is the ratio in which the continuing partners acquire the share of the retiring or deceased partner.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Practice More Accountancy and Book Keeping Questions

Question #1 Report Error
The 'GST Annual Return' GSTR-9 is required for:
A. All registered persons
B. Regular taxpayers (not composition dealers, not ISD, etc.)
C. Composition dealers
D. Input service distributors
Discuss

Correct Answer: Option B

Explanation:
GSTR-9 is filed by normal taxpayers; composition taxpayers file GSTR-4 annually.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2 Report Error
Which of the following transactions will not affect the total of the Balance Sheet?
A. Payment to a creditor
B. Cash deposited into bank
C. Sale of goods on credit at a profit
D. Purchase of machinery on credit
Discuss

Correct Answer: Option B

Explanation:
Cash to bank is just a change in composition of assets; total assets unchanged. Other transactions change total assets/liabilities.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3 Report Error
The 'Consistency' concept means that:
A. Same accounting policies should be applied from one period to another
B. Accounting policies should be changed every year
C. Only cash basis should be used
D. Different methods can be used arbitrarily
Discuss

Correct Answer: Option A

Explanation:
Consistency ensures comparability; accounting policies should be consistently applied over time, changes only for valid reasons.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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