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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
Define the term 'Goodwill' in the context of partnership.
💡 Hint: Think about what makes a business valuable aside from its physical assets.
Question 2
Easy
What is the purpose of the new profit-sharing ratio?
💡 Hint: Consider why it's necessary when a new partner flows into an existing partnership.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What does the sacrificing ratio indicate?
- The ratio of new profits
- How much old partners give up for a new partner
💡 Hint: Think about the change in ownership.
Question 2
True or False: Goodwill is a tangible asset.
- True
- False
💡 Hint: Recall what goodwill signifies in partnerships.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
In a partnership of four partners with shares 25%, 25%, 25%, and 25%, a new partner joins with a share of 20%. Calculate the new share ratios and determine the sacrificing ratio.
💡 Hint: Break down each partner’s old and new shares to find the sacrifices.
Question 2
A partner retires while a new partner is admitted. Discuss how to adjust goodwill and address outstanding liabilities.
💡 Hint: Consider the two-part impact during admission and retirement together.
Challenge and get performance evaluation